Innovent and Pfizer partner to co-develop 12 new cancer drugs, deal valued up to $10.5B.

Innovent Biologics and Pfizer have entered a global licensing and collaboration agreement to research and develop 12 early-stage cancer medicines, including antibody-drug conjugates and multi-specific antibodies. Innovent will lead initial development through Phase 1, after which Pfizer will take over global development. The companies will co-develop four programs and share costs and profits in the U.S. and Europe, with Innovent retaining rights in Greater China. The deal includes a $650 million upfront payment to Innovent and potential milestone payments up to $9.85 billion, totaling up to $10.5 billion. This partnership aims to accelerate bringing innovative cancer therapies to patients worldwide.