China's Innovent signs US$11.4 billion cancer therapy deal with Japan's Takeda

China's Innovent Biologics (1801) said on Wednesday it had signed an US$11.4 billion (HK$88.9 billion) deal with Japan's Takeda Pharmaceutical to accelerate the development of its immuno-oncology and antibody-drug conjugate cancer therapies.

Under the agreement, Innovent is set to receive a US$1.2 billion upfront payment from a unit of Takeda. It is also eligible for potential milestone payments totalling up to US$10.2 billion, bringing the total deal value to US$11.4 billion.

The Takeda unit has also agreed to invest US$100 million in the Chinese innovative medicines developer and producer through a subscription, wherein Innovent will issue shares at a price of HK$112.56 apiece.

The collaboration also aims to explore and maximise the potential of Innovent's late-stage investigational medicine for non-small cell lung cancer and colorectal cancer.

Reuters