Pfizer signs licensing deal worth about $6 billion with China's 3SBio for cancer drug
U.S. drugmaker
Pfizer
said on Monday it has signed a licensing agreement worth about $6 billion with Chinese
biopharmaceutical
company
3SBio
Inc for the development, manufacturing and commercialization of a drug which could be used to treat certain types of cancer and tumors.
Pfizer
stated that the drug candidate, which is being evaluated for
non-small cell lung cancer
, metastatic colorectal cancer and gynecological tumors, is currently undergoing multiple
clinical trials
in China. 3SBio plans to initiate the first
Phase III trial
in China this year.
3SBio said separately that the drug has received clearance from the
U.S. Food and Drug Administration
for its Investigational New Drug application.
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Under the agreement, 3SBio and its subsidiaries will grant Pfizer a global license, excluding China, for the drug SSGJ-707, with an option for Pfizer to obtain commercialization rights in China.
Pfizer plans to manufacture the drug substance for SSGJ-707 in Sanford, North Carolina, and the drug product in McPherson, Kansas.
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The company said it also plans to make a $100 million equity investment in 3SBio after the transaction close, which is expected to happen in the third quarter.
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