The American pharmaceutical giant Pfizer Inc. has entered into a strategic agreement with the Chinese company 3SBio, having received a license for a promising cancer drug – SSGJ-707.
The press service said that Pfizer will immediately pay $1.25 billion in advance for the right to develop and commercialize the drug, and the total amount of the potential deal, including bonuses and investments, could reach $6.05 billion.
The drug is currently undergoing clinical trials in China to treat non-small cell lung cancer, metastatic colorectal cancer, and gynecological tumors.
3SBio is expected to launch a Phase III trial in China in 2025. If successful, the company will receive an additional $4.8 billion in bonus payments and a share of future profits.
The deal announcement caused 3SBio shares to rise by 36.4% on the Hong Kong Stock Exchange on Tuesday.