CQ Pharmaceutical completes equity transfer, Yaoyou inks Pfizer GLP-1R deal

CQ Pharmaceutical Holding Co., Ltd. announced the completion of the industrial and commercial registration change for the transfer of 20% equity in Chongqing Hualy Group Finance Co., Ltd. Previously, on October 28, 2025, CQ Pharmaceutical Holding's subsidiary, Chongqing Pharmaceutical (Group) Co., Ltd., transferred its 20% stake in Hualy Finance to Chongqing Jianfeng Industrial Group Co., Ltd. for CNY 264,771,100. Following the transfer, Chongqing Pharmaceutical no longer holds equity in Hualy Finance.

In a separate development on December 9, 2025, CQ Pharmaceutical Holding's associate, Yaoyou Pharmaceutical Co., Ltd., signed a Collaboration and License Agreement with Pfizer. Under this agreement, Pfizer receives exclusive global rights to develop, use, manufacture, and commercialize Yaoyou Pharmaceutical's oral small molecule GLP-1R agonist (including YP05002) and related products.

Yaoyou Pharmaceutical will receive an upfront payment of $150m and potential development milestone payments of up to $350m. Additionally, it could receive up to $1.585bn in sales milestone payments based on the product’s annual net sales and royalties based on a percentage of net sales. YP05002 is currently in Phase I clinical trials in Australia.