Pfizer Inc. (NYSE:PFE) and China’s Innovent Biologics have announced a global licensing and collaboration agreement. The deal, valued at up to $10.5 billion, is set to develop 12 early-stage cancer drugs.
The agreement comprises an upfront payment of $650 million to Innovent, with potential development, regulatory, and commercial milestone payments reaching up to $9.85 billion. The collaboration encompasses a portfolio of antibody-drug conjugates (ADCs) with novel differentiated payloads and multi-specific antibodies. This includes eight early-stage assets originated by Innovent and four discovery programs proposed by Pfizer.
Pfizer will lead the first 12 programs through Phase 1 clinical trials, after which Innovent will take over global development responsibilities. The agreement is divided into three tiers, each outlining distinct terms for co-development, co-commercialization, and licensing rights.
Pfizer Builds Momentum In Oncology
This collaboration comes on the heels of Pfizer’s recent successes in the oncology field. In May, Pfizer and Arvinas received FDA approval for their first-of-its-kind breast cancer therapy, VEPPANU. Earlier in February, Pfizer’s BRAFTOVI regimen for treating metastatic colorectal cancer demonstrated significant improvement in progression-free survival for patients.
Furthermore, this deal signifies a growing trend of major pharmaceutical companies investing heavily in China. Earlier this year, AstraZeneca Plc (NYSE:AZN) announced a $15 billion investment in China to expand medicines manufacturing and R&D. In May 2025, Pfizer signed a licensing agreement with Chinese biopharma giant 3SBio, investing billions in a new cancer immunotherapy approach.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
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