Core Viewpoint - The recent licensing agreement between Sangfor Biopharma and Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707 has sparked significant trading activity in the biopharmaceutical sector, highlighting the growing interest in innovative cancer therapies [2][3]. Group 1: Licensing Agreement Details - Sangfor Biopharma and its affiliates granted Pfizer exclusive global rights (excluding mainland China) for the development, production, and commercialization of SSGJ-707, with Pfizer making an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [2]. - The agreement sets a new record for upfront payments for domestic innovative drug licensing, surpassing the previous record of $800 million held by Baitai Tianheng for its bispecific ADC drug [2]. - The asset ownership distribution in the agreement is 30% for Sangfor Biopharma and 70% for Shenyang Sangfor [2]. Group 2: Clinical Development Status - SSGJ-707 has received breakthrough therapy designation from the National Medical Products Administration for the treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) with PD-L1 expression [3]. - The drug is currently in Phase III clinical trials for monotherapy in NSCLC and Phase II trials for combination therapy with chemotherapy, as well as for metastatic colorectal cancer and advanced gynecological tumors [3]. - The PD-1/VEGF bispecific antibody is seen as a potential game-changer in the competitive PD-1/L1 treatment landscape, with clinical data suggesting it may outperform existing therapies [3]. Group 3: Market Impact and Future Prospects - The transaction is expected to accelerate the global development and commercialization of SSGJ-707, enhancing its market accessibility and recognition [4]. - The acquisition of other PD-1/VEGF bispecific antibodies by multinational companies, such as BioNTech's acquisition of Pumice Biotech for up to $950 million, indicates a growing trend in the market [4]. - The licensing of LM-299 by Lixin Pharma to Merck for an upfront payment of $588 million and potential milestone payments of $2.7 billion further illustrates the increasing interest and investment in PD-1/VEGF bispecific antibodies [4].