Pfizer Inc. has announced an exclusive licensing agreement with 3SBio Inc. (01530.HK), a prominent Chinese biopharmaceutical company, for the global development and commercialization of SSGJ-707—excluding China. SSGJ-707 is a bispecific antibody targeting PD-1 and VEGF, currently in clinical trials in China for treating non-small cell lung cancer, metastatic colorectal cancer, and gynecological tumors. Early trial data has indicated encouraging efficacy and safety for the drug, placing it among a promising class of cancer treatments. 3SBio intends to initiate its first Phase 3 trial in China in 2025.
Under the terms of the agreement, 3SBio, along with its subsidiaries Shenyang Sunshine Pharmaceutical Co., Ltd. and 3S Guojian Pharmaceutical (Shanghai) Co., Ltd., will grant Pfizer an exclusive license to develop, manufacture, and commercialize SSGJ-707 globally, outside of China. The deal also includes an option for Pfizer to obtain commercialization rights within China in the future.
As part of the arrangement, Pfizer will make an upfront payment of $1.25 billion to 3SBio. In addition, 3SBio is eligible for up to $4.8 billion in milestone payments linked to clinical, regulatory, and commercial achievements. The company will also receive tiered, double-digit royalties on future sales of SSGJ-707, pending approval.
The transaction is expected to be finalized in the third quarter of 2025, subject to customary regulatory and shareholder approvals. Following the close, Pfizer will also make a $100 million equity investment in 3SBio, in accordance with a negotiated securities subscription agreement between the two firms.
Pfizer plans to produce the drug substance for SSGJ-707 at its facility in Sanford, North Carolina, and the drug product at its McPherson, Kansas, site, strengthening its manufacturing footprint for innovative oncology therapies.