Pfizer and Innovent Biologics have agreed on a strategic global licensing and collaboration partnership to research and develop 12 new breakthrough early-stage and de novo cancer medicines.
The deal includes licensing, co-development and co-commercialisation opportunities across a diverse portfolio of antibody-drug conjugates (ADCs) with novel differentiated payloads and multi-specific antibodies with differentiated immune-engaging features and unique designs.
The agreement includes eight Innovent-originated early-stage programmes and four Pfizer-proposed discovery programmes. The companies will co-develop and share costs for select programmes as they advance these programmes through clinical development.
Jeff Legos, Chief Oncology Officer of Pfizer, said: “This collaboration brings together two highly complementary engines of innovation with a shared ambition to move faster, go further and deliver truly transformative medicines to patients who are waiting.
“By combining Innovent’s discovery and early clinical development with Pfizer’s global research and development and commercialisation capabilities, we have an opportunity not only to strengthen our pipeline, but to accelerate the delivery of breakthroughs that can redefine standards of care and make a meaningful difference in patients’ lives.”
Hui Zhou, Chief R&D Officer (Oncology Pipeline) of Innovent, commented: “By leveraging both companies’ complementary resources, we can develop our early-stage oncology pipeline with greater speed and impact to help bring innovative therapies to patients more efficiently worldwide. We are laying the foundation for a truly global oncology platform that can deliver meaningful and lasting benefits for patients around the world.”
According to the agreement, Innovent will be responsible for the phase 1 development of these programmes, after which Pfizer will lead future global development. The agreement also sets out the following licensing and commercialisation structure:
- Pfizer will receive an exclusive global licence for four programmes, and will be responsible for the global development costs
- Pfizer will receive an exclusive licence outside Greater China for four programmes, and will be responsible for the majority of the development costs
- Pfizer and Innovent will co-develop four programmes globally and share the development costs. The companies will co-commercialise in the US and Europe (including the UK), and share the profits. Innovent will retain Greater China rights to these programmes.
Innovent will receive a $650m upfront payment and is eligible for up to $9.85bn in development, regulatory and commercial milestone payments. Additionally, Innovent will receive up to double-digit royalties on sales of each licensed product if approved. The two companies will share the profits for the ‘co-developed, co-commercialised’ programmes in the US and Europe (including the UK).
The transaction is expected to close in the third quarter of 2026.