Pfizer has joined the PD-1xVEGF bispecific gold rush. The Big Pharma is paying 3SBio $1.25 billion upfront for ex-China rights to a clinical candidate, establishing itself as a challenger to BioNTech,

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The deal comes three months after Pfizer inked a PD-1/VEGF partnership with Summit Therapeutics, leading BMO Capital Markets to express confusion regarding the pharma's overall strategy.

Under terms of the deal, Pfizer will gain rights to develop, manufacture, and commercialize SSGJ-707 outside of China.

Chinese biotech company 3SBio's shares surged early Tuesday after its around US$6 billion licensing deal with Pfizer to develop, manufacture and commercialize a promising cancer drug. Shares were up 36% in Hong Kong to 19.78 Hong Kong dollars, equivalent to US$2.53, and on track to close at their highest level since 2018.

There was HKD525 million, HKD448.3 million and HKD401.1 million Southbound Trading net inflow to POP MART (09992.HK), BABA-W (09988.HK) and 3SBIO (01530.HK). There was HKD472.1 million and HKD319.9 million Southbound Trading net outflow from TENCENT (00700.