ByRussell Flannery,
Senior Contributor.
In its latest agreement with a China partner, Pfizer said on Tuesday it had entered into a global collaboration and license agreement with YaoPharma, a subsidiary of Shanghai Fosun Pharmaceutical, for the development, manufacturing and commercialization of a drug for chronic weight management. (See detailed announcement here.)
YaoPharma will receive an upfront payment of $150 million and is eligible to receive payments associated with certain development, regulatory and commercial milestones up to $1.935 billion, as well as tiered royalties on sales, if approved, the announcement said.
Pfizer, which has nearly four decades of history doing business in China and boasts a presence in more than 300 cities there, upped its stake in the country this year under an agreement with Shenyang-headquartered 3SBio aimed at cancer medicines. Under the pact announced in July, 3SBio was to receive a payment of $1.25 billion, and the American drug giant would also buy $100 million of 3SBio shares.
