Pfizer, 3SBio Finalize Record Cancer Drug Deal

Pfizer has signed a landmark licensing deal with China's 3SBio, securing exclusive rights outside China to develop and commercialize SSGJ-707, a bispecific antibody cancer drug in clinical trials for several tumor types. The agreement involves a $1.25 billion upfront payment and up to $4.8 billion in milestone payments, plus tiered double-digit royalties on future sales, and includes a $100 million equity investment by Pfizer pending regulatory and shareholder approvals, with closure expected in the third quarter. Pfizer plans to manufacture the drug substance in North Carolina and the drug product in Kansas, while 3SBio will retain rights in China and intends to begin Phase 3 trials there in 2025. The deal also gives Pfizer an option to commercialize the drug in China. Notably, this is the largest upfront payment for a China licensing agreement to date. Analysts see the collaboration as a strong example of global biotech partnership, with little anticipated geopolitical risk.