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October 13, 2020updated 23 Nov 2021 12:05pm

Pfizer completes $200m investment in CStone

CStone Pharmaceuticals has completed the previously announced share subscription agreement through which a Pfizer affiliate subscribed for newly issued CStone shares at around $200m.

CStone Pharmaceuticals has completed the previously announced share subscription agreement through which a Pfizer affiliate subscribed for newly issued CStone shares at around $200m.

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In September, CStone entered a multifaceted strategic partnership with Pfizer to develop and commercialise late-stage oncology therapies in China.

Hong Kong’s Listing Committee of the Stock Exchange  approved the listing of 115,928,803 additional shares subscribed by Pfizer at around HK$13.37 ($1.725) per share.

Pfizer now owns almost 9.9% of stake in CStone.

The deal will extend financing to develop and commercialise CStone’s sugemalimab, an investigational anti-PD-L1 monoclonal antibody for high-incidence cancers, including lung, gastric and oesophageal cancers, among others.

Sugemalimab imitates the natural G-type immunoglobulin 4 (IgG4) human antibody and thereby reduces immunogenicity and toxicity risks in patients.

The drug has completed a Phase I dose-escalation study in China and demonstrated antitumor activity in multiple tumour types in the Phase Ia and Ib trials.

As part of the agreement, Pfizer will get an exclusive licence to commercialise the drug candidate in mainland China.

The companies will develop and commercialise additional oncology assets in the Greater China market.

They may also pursue on a selected basis joint in-licensing set up for these assets.

At the time of signing the agreement, Pfizer Biopharmaceuticals Group China acting president Pierre Gaudreault said: “This collaboration with CStone builds on that history by helping to develop a potential best-in-class PD-L1 treatment that we can commercialise upon approval.”

Clifford Chance was the legal advisor for Pfizer. Goldman Sachs acted as financial advisor for CStone while Cooley LLP served as legal advisor.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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