CStone Pharmaceuticals

CStone Pharmaceuticals, based in Suzhou and Shanghai, founded in 2015 and listed in Hong Kong as 2616.HK, developed sugemalimab, the first Chinese PD-L1 antibody approved in Europe, and brought pralsetinib, avapritinib and ivosidenib to China. Sugemalimab, sold as Cejemly, was approved in China in 2021 and in the European Union in 2024 on the GEMSTONE-302 trial, the company holds Greater China rights to the three in-licensed drugs, and its pipeline includes ADCs and a PD-L1 by VEGF by CTLA-4 trispecific. OnCo links it to all four drugs and to GEMSTONE-302. The record describes it as a capital-constrained example of the 2015 biotech wave that relied on in-licensing plus one internal asset. Whether a European approval for a PD-L1 antibody can be turned into revenue in a crowded class is the open question.