Innovent Biologics, Pfizer strike $10.5 bln cancer drug deal amid China biotech boom

China’s Innovent Biologics and U.S. pharmaceutical giant Pfizer have agreed to a global licensing and collaboration deal worth up to US$10.5 billion to jointly develop 12 early-stage cancer medicines.

The agreement includes a US$650 million upfront payment to Innovent and up to US$9.85 billion (HK$76.83 billion) in potential development, regulatory, and commercial milestone payments.

The deal comes amid a broader surge in China biotech licensing transactions, as global drugmakers accelerate efforts to tap into the country’s rapidly growing biotech pipeline. The value of such deals in the greater China region jumped nearly tenfold from 2021 to a record US$137.7 billion last year, according to data provider Pharmcube. Analysts expect licensing deals to reach a new record this year.

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

Under the terms, Innovent will lead development of all 12 programs through Phase 1 clinical trials, after which Pfizer will assume responsibility for global development.

The deal is structured in three tiers:
- Four programs will be co-developed and co-commercialised, with profit sharing 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.
- Pfizer holds an exclusive global license and bears all development costs for the remaining four programs.

Innovent, together with its wholly owned units Innovent Biologics (Suzhou) and Fortvita Biologics (USA), entered into the agreement with Pfizer.

The collaboration reflects Pfizer’s aggressive strategy to strengthen its oncology pipeline through partnerships with Chinese biotechs. In May 2025, Pfizer announced a major licensing deal with Shenyang-based 3SBio on a new cancer immunotherapy.

Reuters

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