Jan 13 (Reuters) - AbbVie ( ABBV ) has obtained the

option to license a new blood cancer drug candidate from Simcere

Pharmaceutical's ( SMHGF ) unit for markets outside China, in a

deal valued at up to $1.06 billion, the companies said on

Monday.

The U.S. drugmaker will make upfront and milestone payments,

and pay royalties on sales outside China, while it would receive

royalties on sales within China.

The drug candidate, SIM0500, is currently undergoing

early-stage clinical trials in both China and the U.S. in

patients with relapsed or refractory multiple myeloma, a type of

blood cancer.

AbbVie ( ABBV ) has been focusing on expanding its pipeline since its

blockbuster arthritis drug, Humira, lost patent protection last

year.

The firm has bought neuroscience drug developer Cerevel

Therapeutics, cancer drug developer ImmunoGen and Alzheimer's

therapy developer Aliada in 2024 through deals worth over $20

billion in total.