06:32 AM EDT, 05/20/2025 (MT Newswires) -- Pfizer ( PFE ) secured exclusive global rights, excluding China, to biopharmaceutical firm 3SBio's cancer treatment candidate in a licensing deal worth up to $6.05 billion.

The US pharmaceutical giant will develop, manufacture and commercialize the product, called SSGJ-707, globally except China, it said late Monday. The potential treatment is being evaluated for non-small cell lung cancer, metastatic colorectal cancer and gynecological tumors in several clinical studies in China.

Pfizer ( PFE ), which will have the option of commercialization rights for the product in China, will make an upfront payment of $1.25 billion to 3SBio under the terms of the agreement. The Chinese company will also be eligible to receive up to $4.8 billion related to certain development, regulatory and commercial milestones, as well as tiered double-digit royalties on sales of the product if it gains approval.

The deal, which requires clearance from regulators and approval of 3SBio's shareholders, is expected to close in the third quarter. Pfizer ( PFE ) will make an equity investment of $100 million in the Chinese firm after the deal closes, subject to a securities subscription agreement between the two companies.

3SBio plans to launch the first phase 3 clinical trial for SSGJ-707, which has shown initial efficacy and safety data, in China this year, Pfizer ( PFE ) said. The US company plans to manufacture drug substance for the product in North Carolina and drug product in Kansas.

3SBio said separately that the product has received approval from the US Food and Drug Administration for its investigational new drug application, according to a Reuters report.