Chinese drugmaker Fosun Pharma (SFOSF) on Tuesday announced a global licensing agreement with Pfizer (PFE) to hand the U.S. pharma giant exclusive rights to its oral GLP-1 drugs in a deal worth up to $2B.
As part of the deal, Fosun (SFOSF) subsidiary Chongqing Yao Pharmaceutical is expected to issue an exclusive worldwide license for its oral small-molecule glucagon-like peptide-1 receptor (GLP-1R) agonists, including its clinical-stage therapy YP05002.
In exchange, Pfizer (PFE) will make an upfront payment of $150M to Yao Pharma as well as potential milestone payments worth up to $1.935B and tiered royalties on product sales, Fosun Pharma (SFOSF) said in a statement.
The drugs targeted in the deal have been developed by Yao Pharma for conditions including chronic weight management, type 2 diabetes, and metabolic dysfunction-associated steatohepatitis. New York-based Pfizer (PFE) is expected to take over the future development of YP05002 after Yao Pharma completes its ongoing Phase 1 clinical trial in Australia.
The deal comes weeks after the New York-based company completed its $10B acquisition of GLP-1 drug developer Metsera following a bitter bidding war with obesity drugmaker Novo Nordisk (NVO) in November.
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