Pfizer signs up to $10.5B deal with Innovent for 12 early‑stage cancer drugs from China's biotech hub

Pfizer has signed a strategic global licensing and collaboration agreement with China's Innovent Biologics on 12 early-stage cancer medicines, in a deal valued at up to $10.5 billion.

The portfolio includes eight Innovent-originated assets and four Pfizer-proposed discovery programs, all centered on antibody–drug conjugates (ADCs) and multi-specific antibodies.

Innovent will lead development through Phase 1 trials; Pfizer will then take over global development and commercialization, with various rights and cost‑sharing structures across the 12 programs.

Innovent receives $650 million upfront and is eligible for up to $9.85 billion in milestone payments, plus double‑digit royalties on any future sales.

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