PR86039

SUZHOU, China, Oct. 12, 2020 /PRNewswire=KYODO JBN/ --

- 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 ofapproximately

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