Monday, 26 Oct 2020

U.S.'s Pfizer to buy 9.9% of CStone Pharmaceuticals for $200 million

FILE PHOTO: A sign is pictured outside Pfizer Headquarters in the Manhattan borough of New York City, New York, U.S., July 22, 2020. REUTERS/Carlo Allegri

HONG KONG (Reuters) – CStone Pharmaceuticals, which focuses on immuno-oncology medicines, said on Wednesday a unit of Pfizer Inc PFE.N has agreed to buy 9.9% of the Hong Kong-listed biopharmaceutical firm for HK$1.55 billion ($200.01 million).

Pfizer Corporation has agreed to buy 115.93 million new shares of China-based CStone at HK$13.37 apiece, representing 43.8% premium over the closing price of HK$9.30 on Tuesday.

CStone will use the $200 million in proceeds from the share sale to fund development activities and strategic collaboration, the Hong Kong-listed firm said in a filing to the Hong Kong bourse.

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