C.Q. Pharmaceutical's Unit Grants Pfizer Rights Over Peptide-1 Products

MT Newswires Live12-11

C.Q. Pharmaceutical's (SHE:000950) unit, Chongqing Yaoyou Pharmaceutical, granted Pfizer exclusive rights to develop, produce and market oral small molecule glucagon-like peptide-1 receptor agonists and products containing this active ingredient, such as YP05002, according to a Shenzhen bourse filing on Thursday.

Yaoyou Pharmaceutical will receive an upfront payment of $150 million and development milestone payments up to $350 million. Sales milestone payment will be up to $1.6 billion based on the licensed products' annual sales.

YP05002, which is undergoing phase I clinical trials in Australia, was developed to treat type 2 diabetes.

The Chinese pharmaceutical company's shares soared 10% at the close.

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