Pfizer invests in China-based CStone

Pfizer is taking a stake of roughly 9.9%, worth $200 million, in China-based CStone Pharmaceuticals. The investment is part of a broader collaboration to develop the biotech firm’s PD-L1 antibody sugemalimab in China and bring other cancer therapies to market there. Pfizer will lead marketing of sugemalimab, an immunotherapy in several mid-to-late-stage studies to treat tumors like lung, gastric, and esophageal, which occur at high rates in China. As part of the deal, the partners will pick late-stage cancer therapies from Pfizer’s pipeline or from outside partners to develop in China.