CStone Pharmaceuticals Announces Successful Sale of US$200 Million Equity to Pfizer

Pharma.com, Oct. 13 (Xinhua) -- Cornerstone Pharmaceuticals announced today that a share subscription agreement signed between Pfizer's subsidiaries and its subsidiaries has been completed, and Pfizer has successfully subscribed for a new stake in Cornerstone Pharmaceuticals with a total price of approximately US$200 million (approximately HK$1.55 billion).
also marks the official entry into force of the multi-directional strategic cooperation announced by the two sides on September 30, 2020.
Pfizer's 115,928,803 shares, which were subscribed for at about HK$13.37 per share, were approved for listing by the Listing Committee of the Stock Exchange of Hong Kong.
Pfizer bought about 9.9 per cent of Keystone Pharmaceuticals' total share value issued after the rights issue.
equity subscription is part of the strategic cooperation framework between Cornerstone Pharmaceuticals and Pfizer, which will further transform Keystone Pharmaceuticals into a fully capable biopharmaceutical company by achieving its strategic, commercial and financial objectives.
the completion of the equity subscription also allows the two sides to continue to advance a series of initiatives within the framework of the partnership: Pfizer's exclusive commercial rights to Shugli's single-resistance at Chinese mainland.
Schugli monoantigen is a PD-L1 monoclonal antibody developed by Keystone Pharmaceuticals, a core tumor product in the late stage of development.
and Pfizer will work together to develop and commercialize other cancer products in Greater China.
Andersk Pharmaceuticals and Pfizer can also selectively jointly introduce other cancer products in Greater China.
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