The Chinese biopharmaceutical company Innovent Biologics and Pfizer have announced a new global licensing and collaboration agreement for the research and development of 12 new breakthrough early-stage and de novo cancer medicines.
In a statement, Innovent said the partnership will involve licensing, co-development and co-commercialisation opportunities across a diverse portfolio of antibody-drug conjugates (ADCs) with novel differentiated payloads and multispecific antibodies with differentiated immune-engaging features and unique designs.
The agreement includes 12 programmes: eight early-stage programmes from Innovent and four discovery programmes from Pfizer.
The companies said they will collaborate and share costs for selected programmes during clinical development.
The closing of the transaction is subject to the fulfilment of required regulatory approvals.
The new deal comes amid a boom in China's biotech pipeline, with global drugmakers racing to develop experimental medicines in the country to cut costs.
Mainland China has been at the centre of that search, with global drugmakers such as Novartis, Merck and GSK signing major agreements in 2025.
This new collaboration comes just weeks after Bristol Myers Squibb partnered with China's Hengrui Pharma, in a deal valued at up to $15.2bn and encompassing 13 programmes in oncology, haematology and immunology.
"This agreement brings together best-in-industry expertise of Pfizer and Innovent to advance novel cancer medicines to patients at a global scale," said Dr Hui Zhou, Chief R&D Officer (Oncology Pipeline) of Innovent.
By leveraging both companies' complementary resources, we can develop our early-stage oncology pipeline with greater speed and impact to help bring innovative therapies to patients more efficiently worldwide.
"Furthermore, co-developing and co-commercialising key projects in the US and Europe expands Innovent's global reach."
"At Pfizer, everything we do starts with patients and the urgency to change what's possible for people living with cancer," said Jeff Legos, Chief Oncology Officer, Pfizer.
"This collaboration brings together two highly complementary engines of innovation with a shared ambition to move faster, go further and deliver truly transformative medicines to patients who are waiting."
By combining Innovent's discovery and early clinical development with Pfizer's global research and development and commercialisation capabilities, we have an opportunity not only to strengthen our pipeline but to accelerate the delivery of breakthroughs.
According to the agreement, Innovent will carry out the development of these programmes through Phase I, utilising its proprietary discovery engine. After Phase I, Pfizer will then assume responsibility for future global development.
The agreement also sets out the following licensing and commercialisation structure:
- Innovent and Pfizer will co-develop four programmes globally, sharing development costs and profits in the US and Europe
- Innovent will retain Greater China rights
- Pfizer will hold an exclusive licence for these programmes outside Greater China, cover most development costs and assume global development responsibilities.
Innovent will receive an upfront payment of $650m and is eligible for up to $9.85bn in milestone payments, bringing the total potential deal value to $10.5bn.
The company will also earn double-digit royalties on approved licensed products.
For 'co-developed and co-commercialised' programmes, profits will be shared in the US and Europe.