Pfizer Buys Rights to PD-1 & VEGF Inhibitor From China Biotech

Group 1 - Pfizer announced the in-licensing of global development and commercialization rights, excluding China, for SSGJ-707, a bispecific antibody targeting PD-1 and VEGF, from Chinese biotech 3SBio [1][2] - SSGJ-707 is currently being developed in China for non-small cell lung cancer (NSCLC), metastatic colorectal cancer, and gynecological tumors, with the first phase III study expected to begin this year [1][2] - The deal includes an upfront payment of $1.25 billion to 3SBio, milestone payments of up to $4.8 billion, and tiered double-digit royalties on sales if SSGJ-707 is approved [2] Group 2 - Pfizer's stock has declined 10.2% so far this year, compared to a 4.0% decrease for the industry [3] - Summit Therapeutics is also developing a dual PD-1 and VEGF inhibitor, ivonescimab, which has shown positive data in a phase III study and is believed to have the potential to replace Merck's Keytruda as the next standard of care for NSCLC [5][6]