Pfizer has signed a worldwide licensing agreement, excluding China, with biopharmaceutical company 3SBio to develop, manufacture and commercialise bispecific antibody targeting programmed cell death protein 1 (PD-1) and vascular endothelial growth factor (VEGF), SSGJ-707.
3SBio, along with its subsidiaries Shenyang Sunshine Pharmaceutical and 3S Guojian Pharmaceutical (Shanghai), will grant Pfizer exclusive global rights to SSGJ-707 outside of China.
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Pfizer retains the option for commercialisation rights within China.
Pfizer will pay 3SBio $1.25bn upfront could earn up to $4.8bn in milestone payments, subject to the achievement of specific development, regulatory and commercial targets.
3SBio is also set to receive tiered double-digit royalties on future sales of SSGJ-707, contingent upon regulatory approval.
The transaction will be finalised in the third quarter of 2025, pending customary closing conditions, including necessary regulatory approvals and the endorsement of 3SBio shareholders.
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By GlobalDataPfizer will invest $100m in 3SBio under a securities subscription agreement between the two entities.
Pfizer plans to produce the drug substance for the antibody in the US state of North Carolina and the drug product in McPherson, Kansas.
SSGJ-707 is currently undergoing trials in China for non-small cell lung cancer, gynaecological tumours and metastatic colorectal cancer.
3SBio is preparing to initiate the first Phase III trial in the country in 2025.
Following the announcement of this agreement, 3SBio’s shares saw a significant increase of 35% in Hong Kong’s market, bringing the company’s valuation to $6bn, as reported by Reuters.
In March 2025, Pfizer completed the divestiture of its remaining stake in Haleon, amounting to 7.3% of the issued share capital, for £2.55bn ($3.3bn). This marked the end of a multi-year separation from GSK’s former Consumer Healthcare business, which now operates independently as Haleon.
