INNOVENT BIO's stock soared 6.95% during intraday trading on Friday, following the announcement of a landmark global strategic collaboration with pharmaceutical giant Pfizer Inc.

The company, along with its subsidiaries, has entered into a licensing and collaboration agreement covering 12 early-stage oncology programs. Under the terms of the deal, Innovent will receive an upfront payment of $650 million and is eligible for up to $9.85 billion in development, regulatory, and commercial milestone payments, bringing the total potential transaction value to $10.5 billion. Furthermore, Innovent is entitled to receive up to double-digit royalties on sales of each approved product.

The collaboration portfolio includes eight Innovent-originated early-stage assets and four new programs to be proposed by Pfizer, featuring antibody-drug conjugates and multi-specific antibodies. The partnership leverages Innovent's discovery and Phase 1 development capabilities with Pfizer's global clinical development and commercialization infrastructure, accelerating the development of innovative cancer therapies.