4连板三生国健：与辉瑞就707项目达成合作 许可方实际收取的销售里程碑款项和特许权使用费存在不确定性

Core Viewpoint - Sangfor Biopharma (三生国健) has announced a collaboration with Pfizer for the development of project 707, a bispecific antibody targeting both PD-1 and VEGF, with potential uncertainties regarding milestone payments and royalties based on sales performance [1] Group 1 - Sangfor Biopharma's stock has experienced significant volatility, with a cumulative price deviation exceeding 30% over two trading days and 100% over four trading days, indicating abnormal trading activity [1] - The collaboration grants Pfizer exclusive rights to develop, produce, and commercialize the 707 project in regions outside mainland China for both human and veterinary applications [1] - The payment of milestone payments and royalties is contingent upon achieving specified sales targets, introducing uncertainty regarding the actual amounts received by the licensing parties [1] Group 2 - The sales performance of the licensed product may be influenced by various factors, including drug demand, market competition, and sales channels, contributing to the uncertainty surrounding the financial outcomes of the collaboration [1]