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China’s biopharma industry is celebrating a milestone moment after striking a giant licensing deal for one of its experimental cancer treatments. Multinational drug giant Pfizer (PFE.US) has agreed to hand over an initial $1.25 billion (9 billion yuan) and up to $4.8 billion in milestone payments for international rights to the antibody drug candidate developed by China’s 3SBio Inc. (01530.HK).
The blockbuster payment marks the Chinese drug sector’s biggest overseas licensing deal to date, underscoring its growing role in developing transformative, targeted treatments for a range of cancers, often in partnership with big names in global pharma.
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