On Wednesday, in a statement, CStone Pharmaceuticals stated, a unit of Pfizer Inc has agreed to acquire a 9.9% stake in it for $200 million (HK$1.55 billion). With the news reaching the market the shares of the Hong Kong-listed biopharmaceutical firm surged by 39.6% to HK$12.98 – its highest since October 2, 2019.
Cstone’s stock is on track for a fourth straight session of gains, marking its best gains since it got listed in February 2019.
In a statement Shanghai-based CStone said, the deal will allow it to focus on product development and strengthen its ability to commercialize CS1001 – an anti-PD-L1 monoclonal antibody.
Pfizer Corporation has agreed to purchase 115.93 million new shares of China-based CStone at HK$13.37 apiece, representing 43.8% premium over the closing price of HK$9.30 on Tuesday.
CStone, which focuses on immuno-oncology medicines, said it had granted a Pfizer unit an exclusive license to commercialize CS1001 in mainland China.