Pfizer's Cancer Drug Partner Mulls Sale: Report

Pfizer's Cancer Drug Partner Mulls Sale: Report
  • Bloomberg reports that Pfizer Inc's PFE cancer drug partner CStone Pharmaceuticals CSPHF in China is considering strategic options, including a sale.
  • The report added that the Chinese firm backed by WuXi AppTec Co is working with Goldman Sachs Group Inc GS to help pan out potential bidders.
  • WuXi AppTec is the largest shareholder in CStone with a 24.7% stake, according to the data compiled by Bloomberg. Pfizer has around a 10% stake in the company.
  • In June, the Pfizer-CStone partnered Cejemly (sugemalimab) got an expanded approval in China for unresectable stage 3 non-small cell lung cancer (NSCLC) that hasn't progressed following chemoradiotherapy. 
  • The drug was initially approved in December for use alongside chemotherapy in newly diagnosed metastatic NSCLC.
  • Pfizer had signed on to help develop and lead the marketing of Cejemly in China in 2020. The deal saw the pharma giant make a $200 million equity investment 
  • Bloomberg noted that CStone shares were suspended two months ago after an investigation into an investment suggested breached listing rules.
  • Price Action: PFE shares are trading lower by 0.39% at $51.19 on the last check Friday.

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