PFE - Pfizer CStone ink deal for oncology assets in China

Pfizer (PFE) subsidiaries will make a $200M equity investment in CStone Pharmaceuticals (CSPHF) for the development and commercialization of latter's sugemalimab (CS1001, PD-L1 antibody) in mainland China. Pfizer obtains exclusive commercialization rights to sugemalimab in mainland China, while CStone continues to lead clinical development and regulatory strategy for five selected indications.CStone to receive up to $280M in milestone payments for sugemalimab and additional tiered royalties.Pfizer will invest $200M, consisting of 115,928,803 CStone shares at a price of $1.725/share (~HK$13.37/share). As a result, PFE will hold a 9.90% stake in CStone.Both the companies may pursue on a selected basis joint in-licensing arrangements for additional oncology assets for the Greater China market. CStone will host a live webcast at 11:00am (Hong Kong time) on September 30.

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Pfizer, CStone ink deal for oncology assets in China