BUZZ-HK-listed 3SBio hits 7-year peak on Pfizer licensing deal

Reuters

05-20

BUZZ-HK-listed 3SBio hits 7-year peak on Pfizer licensing deal

** Shares of Chinese biopharmaceutical products developer 3SBio Inc 1530.HK jump as much as 51.7% to HK$22, highest since June 2018

** Set for biggest one-day pct rise since listing in 2015; top pct gainer on Hang Seng Biotech Index .HSHKBIO and healthcare index .HSCIH, which are up 2.7% and 2.6%

** Pfizer FE.N has signed a $6 billion licensing agreement with 3SBio Inc for development, manufacturing and commercialization of a drug that could be used to treat certain types of cancer and tumors

** 3SBio and its subsidiaries will grant Pfizer a global license, excluding China, for the drug SSGJ-707, with an option for Pfizer to obtain commercialization rights in China

** Pfizer to also make a $100 million investment in 3SBio after transaction close, expected in Q3

** 3SBio's unit Sunshine Guojian Pharmaceutical 688336.SS jumps 20% to 39.37 yuan, highest since August 2020

** Hang Seng Index .HSI rises 1%

** YTD, 3SBio stock up 217.8%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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