Chinese biotech firm secures US$6 billion Pfizer deal for cancer drug
Chinese drug maker 3SBio has licensed its new cancer drug to US pharmaceutical giant Pfizer in the largest deal ever for China's biotech industry, underscoring the strong commercial Sino-US ties despite geopolitical headwinds.
Based in Shenyang, capital of northeastern Liaoning province, 3SBio will receive a US$1.25 billion upfront payment for licensing its cancer drug SSGJ-707 exclusively to Pfizer, which will manufacture and commercialise the drug outside mainland China, the companies announced on Tuesday.
The size of Pfizer's upfront payment sets a record for Chinese drug licensing deals, Shanghai-based data provider PharmCube wrote in a blog post on Tuesday.
3SBio could receive additional payments of up to US$4.8 billion if certain development, regulatory and commercial milestones are met. The Chinese firm would also be entitled to tiered double-digit royalties on drug sales.
As part of the deal, Pfizer is investing US$100 million in equity in 3SBio, according to the companies.
06:10
China's new cancer drug gets US approval at huge price mark-up
China's new cancer drug gets US approval at huge price mark-up
3SBio was established in 1993 by Lou Dan, a former director at a local military medical research institute in Shenyang, with an initial focus on interferons, a type of protein that helps the immune system defend against certain infections and diseases.
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