Pfizer's Cancer Drug Partner Mulls Sale: Report

Bloomberg reports that Pfizer Inc's PFE cancer drug partner CStone Pharmaceuticals CSPHF in China is considering strategic options, including a sale.
The report added that the Chinese firm backed by WuXi AppTec Co is working with Goldman Sachs Group Inc GS to help pan out potential bidders.
WuXi AppTec is the largest shareholder in CStone with a 24.7% stake, according to the data compiled by Bloomberg. Pfizer has around a 10% stake in the company.
In June, the Pfizer-CStone partnered Cejemly (sugemalimab) got an expanded approval in China for unresectable stage 3 non-small cell lung cancer (NSCLC) that hasn't progressed following chemoradiotherapy.
The drug was initially approved in December for use alongside chemotherapy in newly diagnosed metastatic NSCLC.
Pfizer had signed on to help develop and lead the marketing of Cejemly in China in 2020. The deal saw the pharma giant make a $200 million equity investment
Bloomberg noted that CStone shares were suspended two months ago after an investigation into an investment suggested breached listing rules.
Price Action: PFE shares are trading lower by 0.39% at $51.19 on the last check Friday.