Pfizer Inc. $PFE has solidified its commitment to global oncology leadership by paying a landmark upfront fee of USD 1.25 billion for the license to manufacture an experimental cancer therapy developed by Shenyang-based 3SBio Inc. $1530.HK. This unprecedented payment sets a new benchmark among pharmaceutical licensing agreements in China, highlighting the accelerating trend of multinational companies seeking access to cutting-edge biopharmaceutical innovation emerging from the Chinese market.

Pharmaceutical giant Pfizer Inc. $PFE has announced significant cost reductions as it navigates recent financial setbacks. In light of unsuccessful new drug trials and unmet revenue expectations, the company plans to cut expenses by at least $1.2 billion.