Guang Zhou Ri Bao·2025-05-21 19:23Group 1 - The core point of the news is that the company Sanofi Guojian has signed a licensing agreement with Pfizer for the exclusive development, production, and commercialization of the 707 project, which targets both PD-1 and VEGF [1] - Pfizer will pay an upfront fee of $1.25 billion, which sets a new record for upfront payments for domestic innovative drugs going abroad, and the total potential payments could reach up to $4.8 billion [1] - The agreement signifies recognition of the R&D capabilities of domestic innovative drug companies by top international pharmaceutical firms, marking a milestone for domestic pharmaceutical companies in entering the global market [1] Group 2 - The 707 project is a bispecific antibody product that requires internal decision-making processes and regulatory approvals before implementation, indicating some uncertainty in the execution [1] - The domestic pharmaceutical industry has seen significant growth in recent years, supported by domestic pharmaceutical policies and capital market financing policies for innovative drug R&D [1] - Over 25 domestic Class 1 innovative drugs have been approved for listing on the Sci-Tech Innovation Board, and more than 10 innovative drug companies have granted overseas rights to foreign companies through licensing agreements [2]