China's Innovent Biologics, Pfizer strike up to $10.5 billion cancer drug deal

Chinese biopharmaceutical firm Innovent Biologics and U.S. pharma giant Pfizer have struck a global licensing and collaboration deal worth up to $10.5 billion to research and develop 12 early-stage cancer medicines, the companies said on Friday.

The deal also includes a $650 million upfront payment to Innovent and up to $9.85 billion in potential development, regulatory and commercial milestone payments.

The partnership spans a portfolio of antibody-drug conjugates (ADCs) with novel differentiated payloads and multi-specific antibodies, comprising eight Innovent-originated early-stage assets and four Pfizer-proposed discovery programs.

Under the terms of the agreement, Innovent will lead development of the 12 programs through Phase 1 clinical trials before Pfizer takes on global development.

The deal is structured across three tiers. Four programs will be co-developed and co-commercialised, with profits shared in the United States and Europe, while Innovent retains rights in Greater China.

For another four programs, Pfizer receives an exclusive license outside Greater China, while it holds an exclusive global license and bears all global development costs for the remaining four.

Innovent, together with its wholly-owned units Innovent Biologics (Suzhou) and Fortvita Biologics (USA) entered into the deal with Pfizer, the firm said in an exchange filing.

(Reporting by Rajasik Mukherjee & Sherin Sunny in Bengaluru; editing by Alan Barona)

Copyright Reuters or USA Today Network via Reuters Connect

This story was originally published May 28, 2026 at 7:34 PM.