Pfizer to buy 9.9% of CStone for $200 million, eyes collaboration

FILE PHOTO: A sign is pictured outside Pfizer Headquarters in the Manhattan borough of New York City, New York, U.S., July 22, 2020. REUTERS/Carlo Allegri

HONG KONG (Reuters) – CStone Pharmaceuticals said on Wednesday a unit of Pfizer Inc PFE.N had agreed to buy a 9.9% stake for HK$1.55 billion ($200 million), as the Hong Kong-listed biopharmaceutical firm seeks to improve the commercialisation of its products.

CStone said the deal would allow it to focus on product development and strengthen its ability to commercialise CS1001 – an anti-PD-L1 monoclonal antibody.

Pfizer Corporation had agreed to buy 115.93 million new shares of China-based CStone at HK$13.37 apiece, representing 43.8% premium over the closing price of HK$9.30 on Tuesday.

CStone, which focuses on immuno-oncology medicines, said it had granted a Pfizer unit an exclusive licence to commercialise CS1001 in China.

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