Pfizer Licenses 3SBio Cancer Drug for Record $1.2 Billion

Pfizer will pay $1.25 billion upfront to license an experimental cancer drug out of China, in a deal that underscores multinational drugmakers’ growing enthusiasm for Chinese biotech innovation.

The deal grants Pfizer rights to develop and commercialize a drug from Shenyang-based 3SBio Inc. currently in clinical testing for multiple tumor types, according to a press release. In addition to the upfront payment — which sets a new record for China licensing deals — 3SBio is eligible for up to $4.8 billion in downstream fees if the drug hits all milestones.