Chinese biopharmaceutical company 3SBio has reached a milestone agreement with US giant Pfizer, licensing its PD-1/VEGF bispecific antibody drug, SSGJ-707, in a deal worth more than USD6 billion.
Pharmaceutical giant Pfizer will pay an upfront fee of USD1.25 billion and commit to up to USD4.8 billion in development and sales milestone payments, setting records for both the upfront payment and total transaction value in China’s innovative drug licensing history.
Additionally, Pfizer will pay tiered royalties in the double-digit percentage range based on sales in licensed regions and will subscribe to USD100 million worth of 3SBio’s ordinary shares on the agreement’s effective date.
Zhu Min, a partner at Han Kun Law Offices, led the transaction team advising 3SBio.
Notably, 3SBio retains the rights to develop, manufacture and commercialise the drug in mainland China, while Pfizer may secure priority commercialisation rights in the region through additional payments.
SSGJ-707 has demonstrated significant efficacy in phase II clinical trials for non-small cell lung cancer and has received a breakthrough therapy designation from China’s National Medical Products Administration as well as Investigational New Drug approval from the USFDA. The drug is also being studied in multiple cancer types, positioning it as a potential best-in-class therapy.
Headquartered in Shenyang, 3SBio has demonstrated forward-looking global ambitions. It is the first Chinese biopharmaceutical company to list on the Nasdaq in 2007, before privatising and relisting on the Hong Kong Stock Exchange in 2015, five years ahead of the wave of Chinese pharma companies’ Hong Kong listings.
China’s innovative drug global expansion trend, which gained momentum during the past two years, continues to surge in 2025.
In January, Suzhou-headquartered GeneQuantum Healthcare entered a USD13 billion collaboration with Biohaven and Korea’s AimedBio.
In March, Zhuhai-based United Laboratories licensed its GLP-1/GIP/glucagon triple receptor agonist to Novo Nordisk for a USD200 million upfront payment. Also in March, Hengrui Pharmaceuticals, which listed in Hong Kong in 23 May, struck a licensing deal with Merck & Co for its Lp(a) inhibitor.
