Press Release

CStone Completes $200 Million Share Sale to Pfizer, Launches Strategic Collaboration

October 29, 2020

Shanghai – October 29, 2020 – Cooley advised biopharmaceutical company CStone Pharmaceuticals, whose securities trade on the Hong Kong Stock Exchange, on its $200 million investment by a Pfizer affiliate, which kicks off a multifaceted strategic collaboration between the companies. Michael Yu and Patrick Loofbourrow led the Cooley team advising CStone on the share subscription agreement, under which Pfizer purchased 115,928,803 additional shares, representing a 9.9% stake. Kate Hillier, Alison Freeman-Gleason and Christina Zhang led the Cooley team advising CStone on the strategic collaboration with Pfizer. 

CStone is focused on developing and commercializing innovative immuno-oncology and precision medicines to address the unmet medical needs of cancer patients in China and worldwide. The share subscription is part of a strategic collaboration framework with Pfizer to address oncological needs in China and build on its vision to becoming a globally recognized leading Chinese biopharmaceutical company by bringing innovative oncology therapies to cancer patients worldwide. 

Under the terms of the companies’ collaboration agreement, Pfizer has exclusive license to commercialize sugemalimab, one of CStone’s core late-stage assets, in mainland China; CStone and Pfizer will partner on the development and commercialization of additional oncology assets in the Greater China market; and the companies may purse joint in-licensing arrangements for additional oncology assets for the Greater China market. 

Established in 2015, CStone has built an oncology-focused pipeline of 15 drug candidates, including five late-stage candidates at pivotal trials or registration stages.

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