AstraZeneca, which has a pre-existing collaboration with CSPC, announced earlier this year plans to invest $2.5 billion in China.
"This strategic research collaboration underscores our commitment to innovation to tackle chronic diseases which impact over two billion people globally," said AstraZeneca executive vice president Sharon Barr.
AstraZeneca aims to develop a research and development centre of up to 1,700 people in the country.
CSPC will carry out the research in Shijiazhuang, using "their AI-driven, dual-engine efficient drug discovery platform", the firm said.
AstraZeneca said the agreement will see CSPC receive an upfront payment of $110 million, plus up to $1.62 billion in "potential development milestone payments" and up to a further $3.6 billion in sales milestone payments, along with annual sales-based royalties.
The multinational will also be able to exercise options for exclusive licences to develop and commercialise worldwide candidates identified under the deal.
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