INNOVENT BIO (01801) announced that the company, along with its subsidiaries INNOVENT BIOLOGICS (SUZHOU) CO., LTD. and Fortvita Biologics (USA), Inc. (collectively, the Group), has entered into a global strategic licensing and collaboration agreement with Pfizer (NYSE: PFE). The agreement pertains to 12 early-stage oncology research and development projects with breakthrough potential. The collaboration encompasses various models, including licensing, co-development, and co-commercialization. The asset portfolio features multiple antibody-drug conjugates (ADCs) with novel, differentiated payloads, as well as multispecific antibodies possessing distinct immunomodulatory properties and unique structural designs. This strategic partnership synergizes INNOVENT BIO's scientific discoveries and clinical development capabilities in oncology innovation with Pfizer's extensive expertise in scientific research, global clinical development, regulatory affairs, and large-scale commercialization. The collaboration leverages the highly complementary strengths of both parties in core areas to create a synergistic force for innovation. The agreement covers an oncology product portfolio comprising 12 projects, including 8 early-stage pipelines from INNOVENT BIO and 4 novel (de novo) projects to be proposed by Pfizer. According to the agreement, INNOVENT BIO will advance the collaboration projects to Phase I clinical studies utilizing its proprietary R&D platforms and robust early-stage clinical development capabilities. Pfizer will then lead subsequent clinical development. The agreement also outlines the following licensing and commercialization arrangements: INNOVENT BIO and Pfizer will co-develop 4 key projects globally and share the development costs. Concurrently, the two parties will co-commercialize these projects in the United States and Europe and share the profits. INNOVENT BIO retains its rights in the Greater China region. INNOVENT BIO grants Pfizer exclusive licensing rights for 4 projects outside the Greater China region, with Pfizer bearing the majority of the development costs. INNOVENT BIO grants Pfizer global exclusive licensing rights for 4 projects, with Pfizer responsible for global development costs. Under the agreement, INNOVENT BIO will receive an upfront payment of $650 million and is eligible for research, development, regulatory, and commercial milestone payments potentially reaching up to $9.85 billion, bringing the total potential transaction value to $10.5 billion. Furthermore, for each project that achieves marketing approval, INNOVENT BIO will receive sales royalties of up to double-digit percentages. For the "co-development, co-commercialization" projects, the two companies will share profits in the US and Europe. This strategic collaboration represents another significant milestone in the company's efforts to build a global platform and capabilities. By fully leveraging the complementary resources and capabilities of both parties, the development of the company's early-stage oncology pipelines will be accelerated with greater impact, enabling the more efficient delivery of breakthrough innovative therapies to patients worldwide. Additionally, the global co-development and US/Europe co-commercialization of core projects will further expand the company's global footprint. The company continues to strengthen the core capabilities of its global oncology innovation R&D platform, committed to creating treatment options with long-term and profound value for patients worldwide. The transaction is expected to close upon obtaining the requisite regulatory approvals.