CStone Pharmaceuticals, Pfizer finalize a $200 million share sale deal

By Akshay Kedari  | Date: 2020-10-12

CStone Pharmaceuticals, Pfizer finalize a $200 million share sale deal

Chinese biotechnology company, CStone Pharmaceuticals has recently announced that it has completed the Share Subscription Agreement with Pfizer Inc. for its newly issued shares worth US$200 million. The move furthers the biotech’s multifaceted strategic collaboration with Pfizer which it had announced back in September 2020.

Reportedly, Hong Kong’s Listing Committee Of The Stock Exchange had given a green light for the listing of 115,928,803 additional shares bought at a price of HK$13.37 per share by Pfizer. With this purchase, Pfizer now owns almost a 9.90 percent stake in CStone Pharmaceuticals.

According to reliable sources, CStone’s Share Subscription Agreement comes as a part of the strategic collaboration framework with Pfizer to accelerate its commercial, financial and strategic objectives as it moves to become a fully integrated biopharma firm.

After the completion of this agreement, Pfizer will have an exclusive license to commercialize CStone’s sugemalimab, one of its core late-stage assets in China and an anti-PD-L1 monoclonal antibody. Additionally, Pfizer and CStone would also be able to collaborate on the commercialization and development of additional oncology assets within the Greater China region.

Both the companies will have the option to pursue a selected basis joint in-licensing deal for supplementary oncology assets in the local market. Sources close to the matter cite that Goldman Sachs will act as CStone’s financial advisor, helping it to handle all the necessary transactions. As for legal advisors, Cooley will be representing CStone, and Clifford Chance will be representing Pfizer.

Speaking on the development, Pierre Gaudreault, Acting President, Pfizer China biopharmaceuticals group, said that this partnership builds on its longstanding history with CStone where Pfizer helped the Chinese biotech to develop a potential best-in-class PD-L1 therapy, which Pfizer will commercialize after receiving the required approval.

Besides, this new deal also strengthens its collaboration with a promising pharmaceutical firm that has remarkable clinical development capabilities.

Source Credit: http://www.cstonepharma.com/en/html/news/2470.html

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Google Fi confirms data breach, leaking millions of customer’s data

Google Fi confirms data breach, leaking millions of customer’s data

By Akshay Kedari

Google Fi, Google's cell network operator, has reportedly revealed a data breach, which is most likely related to the T-recent Mobile's security disaster, which allowed hackers to leak millions of customers' personal information. The p...

European semiconductor giant ASML forecasts a sales surge for 2023

European semiconductor giant ASML forecasts a sales surge for 2023

By Akshay Kedari

Dutch semiconductor company ASML has reportedly forecast a revenue jump for the year 2023 as the global semiconductor industry anticipates a reacceleration of growth during the second half of this year. According to the firm, its net sales  f...

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

By Akshay Kedari

Following this funding, Interfor's long-term debt will hold a weighted average interest of 5.30% Interfor registered a Net Debt to the Invested Capital ratio of nearly 10% as of October 31, 2022 Interfor Corporation, one of the world...

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

By Akshay Kedari

Leading real estate services and investment company, ESR Group Limited, has recently announced that its exclusively-owned subsidiary, ARA and the Export-Import Bank of China have inked a breakthrough collaboration in a deal worth USD 1 billion infras...

Circularise nabs $11M to bring circular economy to industrial supply chains

Circularise nabs $11M to bring circular economy to industrial supply chains

By Akshay Kedari

Leading software platform, Circularise recently announced that it has raised $11.3 million (€11 million) in funding as part of its Series A round in a bid to advance its mission to bring a circular economy to industrial supply chains. The fun...