CStone Pharma (02616) to cooperate with Pfizer

   CStone Pharmaceuticals (02616) said it has entered into a share subscription agreement with Pfizer Corporation. Pfizer Corporation has conditionally agreed to subscribe for the subscription shares at the subscription price of approximately HK$13.37 per share.
  The subscription shares represent 9.9% of the issued share capital of the company as enlarged. The gross proceeds will be approximately US$200 million, which will be used for the funding of the development activities under the collaboration agreement.
  The group has also entered into a collaboration agreement with Pfizer Investment. The Group and Pfizer Investment have agreed to enter into a strategic collaboration primarily in relation to (i) the CS1001 collaboration, whereby the group has agreed to grant Pfizer Investment an exclusive licence to commercialize CS1001, an anti-PD-L1 monoclonal antibody of the company, in the PRC; the additional asset collaboration, whereby the parties have agreed to collaborate on the development and commercialization of the additional assets in the collaborative territory; and (iii) the in-licensed asset collaboration, whereby the parties have agreed to collaborate to jointly acquire or in-license the in-licensed assets and develop and commercialize such in-licensed assets in the collaborative territory.