Bristol-Myers Squibb Co. will pay BioNTech SE as much as $11.1 billion to license a next-generation cancer drug, as competition intensifies in an area of oncology that seeks to harness the immune system to attack tumors.

The German biotech will receive $1.5 billion upfront and $2 billion in installments through 2028, the companies said Monday. BioNTech will also be eligible for as much as $7.6 billion in milestone payments, and the partners will split development and manufacturing costs and profits equally.

It’s the latest in a slew of deals as pharmaceutical companies battle for a share of a market currently led by Merck & Co.’s Keytruda, the world’s best-selling drug. Global sales of immuno-oncology treatments could reach $60 billion a year by 2027, according to Bloomberg Intelligence.

UnitedHealth Group Inc. shareholders approved a pay package for Chief Executive Officer Stephen Hemsley that includes a $60 million stock option award.

The advisory vote is a sign of shareholders’ confidence in Hemsley, the chairman and returning CEO who helped shape UnitedHealth for decades. He reclaimed the top job last month as the health giant faces multiple crises that cut its market value by more than half since its November peak. In addition to the $60 million award that vests in three years, Hemsley will get a $1 million annual salary.

The company’s shares were little changed at 11:49 a.m. on Monday in New York. They had fallen 40% this year through Friday’s close.

— Compiled by Bloomberg