According to Citi's research report, 3SBIO (01530.HK) -0.650 (-3.118%) Short selling $73.70M; Ratio 6.196% and its subsidiary Shenyang Sunshine have announced a global (excluding China) license-out collaboration with Pfizer (PFE.US) for their breakthrough PD-1/VEGF bispecific antibody, SSGJ-707.Under the collaboration, 3SBIO will receive: 1) a USD1.25 billion upfront payment; 2) up to USD4.8 billion in potential milestone payments; and 3) tiered double-digit percentage royalties on net product sales.Related NewsCICC Raises 3SBIO (01530.HK) TP by 56.3%, Keeps Rating at OutperformIn Citi's opinion, both the deal progress and the transaction consideration have exceeded market expectations, and global expansion remains a core investment theme for innovative pharma/ biotech companies. Since licensing trends are minimally affected by geopolitical risks, this deal should help ease investor concerns. Innovative pharma/ biotech remained the broker's top sector picks, with 3SBIO still among the top picks in the biotech sub-sector.Citi raised its target price for 3SBIO to HKD21 from HKD13, with a Buy rating remaining in place.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-22 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)