Pfizer and Innovent Biologics, a Suzhou, China-based bio/pharmaceutical company, have entered into an agreement for the research and development of 12 early-stage and de novo cancer medicines, in a deal worth up to $10 billion ($650 million upfront and $9.85 billion in milestone payments). The partnership includes licensing, co-development, and co-commercialization opportunities across a portfolio of antibody drug conjugates (ADCs) with differentiated payloads and multi-specific antibodies, consisting of 12 programs—eight Innovent-originated early-stage programs and four Pfizer-proposed discovery programs. 

Under the agreement, Innovent will conduct development of these programs through Phase I, after which Pfizer will lead future global development. The agreement also sets out the following licensing and commercialization structure: 

• Pfizer will receive an exclusive global license for four programs and will be responsible for the global development costs; 

• Pfizer will receive an exclusive license outside Greater China for four programs and will be responsible for the majority of the development costs; and 

• Pfizer and Innovent will co-develop four programs globally and share the development costs. The companies will co-commercialize in the US and Europe and share the profits. Innovent will retain Greater China rights to these programs. 

Under the agreement, Innovent will receive a $650-million upfront payment and is eligible for up to $9.85 billion in development, regulatory, and commercial milestone payments. Additionally, Innovent will receive up to double-digit royalties on sales of each licensed product if approved. For the co-developed, co-commercialized programs, the two companies will share the profits in the US and Europe. 

The transaction is expected to close in the third quarter of 2026, subject to fulfillment of required regulatory approvals. 

Source: Pfizer