As China’s CStone preps for launches, Pfizer buys equity stake and local rights to PD-L1 program

A deal giving Pfizer local rights to CStone’s PD-L1 inhibitor will add at least $200 million to the Suzhou-based biotech’s balance sheet as it prepares for a series of drug approvals, while taking advantage of the pharma’s commercial infrastructure in China ahead of the checkpoint inhibitor’s launch.

The arrangement also provides CStone Pharmaceuticals Co. Ltd. (HKEX:2616) with access to later-stage oncology programs from Pfizer Inc. (NYSE:PFE). The partners may co-develop in Greater China assets from Pfizer’s post-proof-of-concept oncology pipeline, or may jointly develop in-licensed products from third parties...