Cancer drug developer CytRx Corp. on Tuesday said that it sold three drug candidates that have the potential for treating genetic diseases as part of an initiative to monetize non-core assets.

The West Los Angeles company did not disclose the size of an upfront payment made by the Danish company Orphazyme ApS. However, CytRx said the deal would be worth as much as $120 million if all development and commercialization milestones are met. Copenhagen-based Orphazyme has venture backing from Novo A/S and Sunstone Capital.

The three drug candidates have gone through either early or mid-stage clinical trials.

“This could be a game-changing transaction for CytRx with an ultimate potential value that exceeds our current market capitalization,” Chief Executive Officer Steven A. Kriegsman said in a statement. “It illustrates our exceptional execution of a strategy to acquire assets and add value, in this case through multiple clinical and preclinical trials, then monetize them to support our focus on oncology.”

CytRx has six clinical trials underway and one additional clinical trial planned with cancer drug candidates.

Shares closed up 4 cents, or 5 percent, to 85 cents on the Nasdaq.