- Share sale brings into effect strategic collaboration agreement

CStone Pharmaceuticals ("CStone", HKEX: 2616) announced today the completion of 
the Share Subscription Agreement through which an affiliate of Pfizer Inc. 
("Pfizer", NYSE: PFE) subscribed for newly issued CStone shares at 
approximately US$200 million (equivalent to approximately HK$1.55 billion), 
bringing into effect the multifaceted strategic collaboration that the 
companies announced on September 30, 2020. 

The Listing Committee of the Stock Exchange of Hong Kong approved the listing 
of 115,928,803 additional shares subscribed by Pfizer at a price of 
approximately HK$13.37 per share. The shares represent approximately 9.90 
percent of the issued share capital of CStone as enlarged by the allotment and 
issue of the shares.

CStone entered into the share subscription as part of a strategic collaboration 
framework with Pfizer to advance its strategic, commercial and financial 
objectives as it transitions into a fully integrated biopharma company. 
Completion of the share subscription allows the companies to proceed with the 
initiatives envisioned as part of this framework:

-CStone has agreed to grant Pfizer an exclusive license to commercialize 
sugemalimab, an anti-PD-L1 monoclonal antibody and one of CStone's core 
late-stage assets, in mainland China
 
-CStone and Pfizer will collaborate on the development and commercialization of 
additional oncology assets in the Greater China market

-CStone and Pfizer may pursue on a selected basis joint in-licensing 
arrangements for additional oncology assets for the Greater China market

About CStone 
CStone is a biopharmaceutical company focused on developing and commercializing 
innovative immuno-oncology and precision medicines to address the unmet medical 
needs of cancer patients in China and worldwide. Established at the end of 
2015, CStone has assembled a world-class management team with extensive 
experience in innovative drug development, clinical research, and 
commercialization. With a strategic emphasis on immuno-oncology combination 
therapies, the Company has built an oncology-focused pipeline of 15 drug 
candidates, including five late-stage candidates at pivotal trials or 
registration stages. With an experienced team, a rich pipeline, a robust 
clinical development-driven business model and substantial funding, CStone's 
vision is to become globally recognized as a leading Chinese biopharmaceutical 
company by bringing innovative oncology therapies to cancer patients worldwide. 
For more information about CStone, please visit: www.cstonepharma.com. 

Forward-looking Statement 
The forward-looking statements made in this article relate only to the events 
or information as of the date on which the statements are made in this article. 
Except as required by law, we undertake no obligation to update or revise 
publicly any forward-looking statements, whether as a result of new 
information, future events or otherwise, after the date on which the statements 
are made or to reflect the occurrence of unanticipated events. You should read 
this article completely and with the understanding that our actual future 
results or performance may be materially different from what we expect. In this 
article, statements of, or references to, our intentions or those of any of our 
Directors or our Company are made as of the date of this article. Any of these 
intentions may alter in light of future development.

Source:CStone Pharmaceuticals