- Pfizer (NYSE:PFE) subsidiaries will make a $200M equity investment in CStone Pharmaceuticals (OTCPK: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.