On May 20, 2025, 3SBio Inc. (01530.HK) announced that it, together with its subsidiaries, Shenyang Sunshine Pharmaceutical Co., Ltd. and Sunshine Guojian Pharmaceutical (Shanghai) Co., Ltd., had entered into an agreement with Pfizer Inc. to grant Pfizer exclusive rights to develop, manufacture, and commercialize 3SBio's self-developed breakthrough bispecific antibody SSGJ-707 targeting PD-1 and VEGF worldwide (excluding Mainland China). 3SBio and Shenyang Sunshine will retain the rights to develop, manufacture, and commercialize SSGJ-707 in Mainland China and will grant Pfizer an option to commercialize SSGJ-707 in Mainland China based on the financial terms to be agreed upon. 3SBio will receive an upfront payment of USD 1.25 billion and is eligible to receive up to USD 4.8 billion milestone payments in development, regulatory approval and sales. All of the above payments are non-refundable and non-deductible. In addition, 3SBio will receive tiered double-digit percentage royalties based on net sales in the licensed territory. Furthermore, Pfizer will subscribe for USD 100 million worth of ordinary shares of 3SBio on the effective date of the agreement. The transaction will become effective upon obtaining the necessary regulatory approvals and satisfying other customary conditions.
SSGJ-707 is a bispecific antibody targeting PD-1 and VEGF, developed by 3SBio based on the CLF2 patent platform. It can simultaneously inhibit both PD-1 and VEGF. Phase II clinical interim analysis data show that SSGJ-707 has achieved excellent objective response rate (ORR) and disease control rate (DCR) in the treatment of patients with non-small cell lung cancer (NSCLC). Whether used as monotherapy or in combination with chemotherapy, it has demonstrated significant anti-tumor activity and good safety, with the potential to be best-in-class. In April of this year, SSGJ-707 was granted Breakthrough Therapy Designation by the National Medical Products Administration for the first-line treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) that is positive for PD-L1 expression. Previously, SSGJ-707 had already obtained IND approval from the FDA. In addition to NSCLC, clinical studies of SSGJ-707 for the treatment of colorectal cancer, gynecological tumors, and other fields are also ongoing. This collaboration is an important milestone in 3SBio's journey towards internationalization. It not only proves that the excellent clinical efficacy of SSGJ-707 has been recognized by international top-tier companies but also validates the international competitiveness of the company's independent innovation and R&D system. It significantly enhances the 3SBio's global influence in the field of oncology treatment and strongly advances its internationalization process. At the same time, this collaboration will also bring strong financial returns to 3SBio, helping to upgrade the company's R&D system and enabling 3SBio to better integrate into the global biopharmaceutical industry value chain.
In this transaction, Morgan Stanley Asia Limited acted as the financial advisor to 3SBio and Han Kun acted as 3SBio's legal advisor. The Han Kun team was led by Zhu Min, with support from a diverse legal team comprised of Jing (Gilbert) Shen, Shipo (Angus) Xie, Ying Li, Liming Yuan, Ping Xu, Tao Li, Jiankun (Rio) Li, Juan (Flora) Sun, Linjun Chen, Ying Huang, Shuhan Luo, Yifan (Ivan) Ding, Jianan Liu, together with local counsel in the United States.. The Han Kun team was deeply involved in all key stages of the transaction, including deal structure design and revision and negotiation of the agreement. With expertise across compliance, tax, antitrust, and intellectual property protection, the Han Kun team delivered comprehensive legal support to the clients, demonstrating Han Kun's outstanding capabilities in handling complex cross-border licensing transactions in the life sciences and healthcare sector.
About 3SBio Inc.
3SBio is a leading bio-pharmaceutical company integrating research and development (R&D), manufacturing and commercialization, with a focus on improving the life quality of patients with high-quality medicines to benefit human health. At present, the Company owns more than 100 national invention patents and has launched more than 40 products into the market, covering several therapeutic areas such as nephrology, oncology, autoimmune diseases, ophthalmology and dermatology. The Company owns four R&D centers of the National Engineering Research Center of Antibody Medicine and dual platforms for biopharmaceutical and chemical medicine. The Company has a pipeline of 30 products under R&D, and also owns four production bases and four CDMO bases. In the future, 3SBio will continue to uphold the concept of "Care for Life, Cherish Life, Create Life" to foster a world-leading biopharmaceutical company in China. Please visit www.3sbio.com for additional information.
Han Kun's Life Sciences and Healthcare Practice
Han Kun is widely recognized and well-known for its practice in life sciences and healthcare. In relevant practice areas, we have been continuously ranked as a first-tier law firm by authoritative legal ranking agencies, including Chambers and Partners, The Legal 500, China Business Law Journal, Asialaw Profiles, etc. Han Kun is committed to providing clients with comprehensive legal services in life sciences and healthcare sector, including private equity and venture capital, mergers and acquisitions, onshore and offshore capital market, pharmaceutical license in/out and asset sale/purchase transactions, intellectual property, data protection, compliance and regulatory, and dispute resolution. Han Kun has a dedicated life sciences and healthcare team led by multiple partners and comprised of tens of specialist attorneys. Our partners on the team all have served a broad range of both domestic and foreign clients and developed a deep understanding of industry regulatory requirements and commercial course of dealings. Our associates on the team are graduates from top law schools both in China and abroad, all fluent in Chinese and English and equipped with excellent legal writing skills. Han Kun is well aware of the importance of professional legal services for life sciences and healthcare companies, especially those facing complex legal issues and therefore requiring special legal support. Clients value our teamwork as we fully leverage the expertise and experience of our professionals, all experts in their respective fields. Our goal is always to provide clients with thorough and practical solutions and high-quality legal services.
