Abraxis BioScience Inc. said on Thursday that it has signed agreements with ProMetic Life Sciences Inc. to develop and commercialize four of the Canadian biotech’s products that target underserved medical conditions.

The deal represents market opportunities potentially exceeding $600 million in annual revenue for Los Angeles-based Abraxis, the company said. The transaction includes an initial $7 million strategic investment in Montréal-based ProMetic, with the potential of optional investments of up to $25 million.

Abraxis, which makes the breast cancer drug Abraxane, will get access to Montréal-based ProMetic’s proprietary protein biopharmaceuticals to commercialize. Abraxis will fund all development costs to regulatory approval. The first product is expected to reach commercial stage by 2011.

The licensed products will be manufactured by ProMetic and commercialized by Abraxis. The worldwide commercialization agreement excludes China and Taiwan.

“The strategic fit between our two companies has resulted in an agreement that makes key resources available to ProMetic while providing Abraxis with access to leading protein technologies and products with excellent market potential,” said Abraxis Chief Executive Patrick Soon-Shiong in a statement.

Shares of Abraxis closed up 34 cents, or less than 1 percent, to $73.30 on the Nasdaq.