(Reuters) - U.S. drugmaker Pfizer said on Monday it has signed a licensing agreement worth about $6 billion with Chinese biopharmaceutical company 3SBio Inc for the development, manufacturing and commercialization of a drug which could be used to treat certain types of cancer and tumors.
Pfizer stated that the drug candidate, which is being evaluated for non-small cell lung cancer, metastatic colorectal cancer, and gynecological tumors, is currently undergoing multiple clinical trials in China. 3SBio plans to initiate the first Phase III trial in China this year.
3SBio said separately that the drug has received clearance from the U.S. Food and Drug Administration for its Investigational New Drug application.
Under the agreement, 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 plans to manufacture the drug substance for SSGJ-707 in Sanford, North Carolina, and the drug product in McPherson, Kansas.
The company said it also plans to make a $100 million equity investment in 3SBio after the transaction closes, which is expected to happen in the third quarter.
(Reporting by Kanjyik Ghosh and Mrinmay Dey in Bengaluru; Editing by Alan Barona)
