Pfizer Inc. has secured an exclusive global licensing agreement with 3SBio, Inc., a leading Chinese biopharma, for SSGJ-707, a bispecific antibody targeting PD-1 and VEGF. The deal, announced today, grants Pfizer rights to develop, manufacture, and commercialize the drug worldwide, excluding China, with an option to expand into the Chinese market.

SSGJ-707, currently in clinical trials in China for non-small cell lung cancer, metastatic colorectal cancer, and gynecological tumors, has shown promising early efficacy and safety data in a cutting-edge class of cancer therapies.

Under the agreement, 3SBio will receive a $1.25 billion upfront payment, with potential milestone payments reaching up to $4.8 billion tied to development, regulatory, and commercial successes. The Chinese firm is also set to earn tiered double-digit royalties on global sales if SSGJ-707 gains approval. As part of the deal, Pfizer will make a $100 million equity investment in 3SBio upon closing, expected in the third quarter, pending regulatory and shareholder approvals.

Pfizer is gearing up to manufacture the drug substance at its Sanford, North Carolina facility, with drug product production slated for McPherson, Kansas. Meanwhile, 3SBio plans to launch a Phase 3 study in China in 2025, signaling robust momentum for the drug’s development. This strategic partnership positions Pfizer to bolster its oncology portfolio with a next-generation therapy, while 3SBio gains a powerful global ally to amplify its innovation on the world stage.