Pfizer Strikes Up To $10.5 Billion Deal With China's Innovent Biologics To Develop Next-Gen Cancer Therapies

Pfizer Strikes Up To $10. 5 Billion Deal With China's Innovent Biologics To Develop Next-Gen Cancer Therapies Pfizer Strikes Up To $10. 5 Billion Deal With China's Innovent Biologics To Develop Next-Gen Cancer Therapies Namrata Sen Sun, May 31, 2026 at 12:01 AM GMT+2 5 min read 1801.

HK PFE Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Pfizer Inc. 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.

Don't Miss: A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast 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 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. Photo courtesy: ShU studio/Shutterstock Read Next:  Avoid the #1 Investing Mistake: How Your ‘Safe' Holdings Could Be Costing You Big Time Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier. Think you're saving enough for your kids?

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