三生国健(688336.SH)：辉瑞在某网站上登记PD-1/VEGF双抗PF-08634404(SSGJ-707)的两项全球III期临床试验其最终付款尚存在不确定性

Core Insights - Sanofi has granted Pfizer exclusive rights for the development, production, and commercialization of the dual-specific antibody product targeting PD-1 and VEGF, known as project 707 [1] Licensing Agreement - The licensing agreement will officially take effect on July 24, 2025 [1] - All payments made by Pfizer to the licensors will be distributed between the company and Shenyang Sanofi [1] Clinical Trials - Pfizer has registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on ClinicalTrials.gov as of October 30, 2025 [1] Payment Uncertainty - The milestone payments outlined in the licensing agreement are contingent upon meeting specific conditions, leading to uncertainty regarding final payments [1]