South Korean cell therapy developer GC Cell Corp. said Tuesday that it has signed the company's first licensing agreement with India-based Rivaara Immune to develop its liver cancer treatment.

Under the agreement, Rivaara Immune has obtained the exclusive right to develop and commercialize Immuncell-LC, immunotherapy for liver cancer, in India.

In return, GC Cell is entitled to receive an undisclosed upfront payment, as well as payments for the achievement of commercial milestones, in addition to royalties in accordance with the sales.

Moreover, GC Cell will receive a partial stake of Rivaara Immune and exclusive rights to supply media that is essential for the production of Immuncell-LC.

It marks the first time for GC Cell, an integrated corporation created through the merger of Green Cross Labcell and Green Cross Cell, to ink such a deal.

GC Cell and Immuncell-LC "will cooperate in a win-win strategic partnership, and are also closely discussing with a number of partners in China and other countries in the Middle East," Park Dae-woo, CEO of GC Cell, said in a statement.

Syd Daftary, director of Rivaara Immune, said, "Rivaara Immune is pleased to partner with GC Cell ... with this partnership we will be among the first, to bring to the Indian market, customized solutions to cater to the unmet needs of the liver cancer sufferers."

Rivaara Immune -- created by Indian health care giant Bharat Daftary in 2019 -- aims to be the leading provider of cell therapy. The company plans to seek authorization of Immuncell-LC with Indian authorities.

The number of cancer patients in India is more than 1.3 million, and the country's liver cancer market is 2.3 times larger than that of South Korea. The five-year liver cancer survival rate is 4 percent in India, compared with 37 percent in South Korea. (Yonhap)