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Pfizer's cancer drug partner mulls sale

Benzinga Real-time News ·  Jul 16, 2022 00:23

  • Bloomberg reports that $Pfizer(PFE.US)$ cancer drug partner $CSTONE PHARMACEUTICALS(CSPHF.US)$ in China is considering strategic options, including a sale.

  • The report added that the Chinese firm backed by WuXi AppTec Co is working with $Goldman Sachs(GS.US)$ 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.

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