Chinese biotech firm secures US$6 billion Pfizer deal for cancer drug

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Chinese biotech firm secures US$6 billion Pfizer deal for cancer drug - SCMP

Quick Summary:

Pfizer will produce the drug, which targets lung and colorectal cancers, in the US and take a US$100 million stake in China’s 3SBio.

As part of the deal, Pfizer is investing US$100 million in equity in 3SBio, according to the companies.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.

The Chinese firm would also be entitled to tiered double-digit royalties on drug sales.