Pfizer and Innovent Biologics Enter Global Strategic Collaboration to Accelerate Development of Innovative Oncology Medicines

Pfizer Inc. and Innovent Biologics, Inc. have entered a global strategic licensing and collaboration agreement to advance 12 promising oncology medicines, including antibody-drug conjugates and multi-specific antibodies. The partnership combines Pfizer’s global clinical development and commercial scale with Innovent’s early-stage oncology capabilities, aiming to accelerate breakthrough cancer treatments. The agreement covers eight Innovent-originated programs and four proposed by Pfizer, with co-development and shared costs for select projects. Pfizer will lead global development for four programs, while taking exclusive rights outside Greater China for another four. The remaining four will be co-developed globally, with co-commercialization in the U.S. and Europe, where profits will be shared. Under the terms, Innovent will receive a $650 million upfront payment and is eligible for up to $9.85 billion in milestone payments, along with double-digit royalties on approved products. For co-developed programs, profits in the U.S. and Europe will be split between the companies, while Innovent retains Greater China rights. The collaboration is expected to close in the third quarter, pending regulatory approvals. Jeff Legos, Pfizer’s Chief Oncology Officer, emphasized the partnership’s focus on delivering transformative medicines for cancer patients, while Dr. Hui Zhou, Innovent’s Chief R&D Officer (Oncology Pipeline), highlighted the combined expertise to accelerate global oncology innovation. The deal strengthens both companies’ pipelines and expands Innovent’s global reach in oncology, with a focus on speeding up development for patients worldwide. Innovent will handle Phase 1 development for all programs, leveraging its proprietary discovery engine, before Pfizer takes over global development.