Innovent Biologics, Inc. (“Innovent”) has entered into a strategic global licensing and collaboration agreement with Pfizer Inc. covering a portfolio of 12 early-stage oncology assets, according to an announcement released under Hong Kong Listing Rule 13.09 and Part XIVA of the Securities and Futures Ordinance.

The deal combines Innovent’s discovery engine and Phase 1 development capabilities with Pfizer’s global clinical, regulatory and commercial infrastructure. The portfolio comprises eight Innovent-originated antibody-drug conjugates and multi-specific antibodies, plus four discovery programmes proposed by Pfizer.

Development responsibilities are divided as follows: • Four assets will be co-developed globally; Innovent and Pfizer will share development costs, co-commercialise in the United States and Europe, and split profits, while Innovent retains Greater China rights. • Four assets are licensed exclusively to Pfizer outside Greater China; Pfizer will bear most development costs. • Four assets are licensed to Pfizer on a global exclusive basis, with Pfizer assuming all development costs.

Financial terms include an upfront payment of US$650.00 million to Innovent and potential development, regulatory and commercial milestones of up to US$9.85 billion, bringing the aggregate deal value to as much as US$10.50 billion. Innovent is also entitled to double-digit tiered royalties on approved products, while profit sharing will apply to the co-developed assets in the U.S. and Europe.

The transaction remains subject to customary regulatory approvals. Innovent views the collaboration as a pivotal step toward establishing a global oncology platform and accelerating the delivery of novel cancer therapies to patients worldwide.