Innovent Biologics shares rise 10% after pact with Pfizer of up to $10.5 billion Innovent Biologics’ shares surged 10% following a significant collaboration agreement with Pfizer to develop a diverse portfolio of antibody-drug conjugates for oncology. The deal involves the research and development of 12 cancer medicines, with Innovent co-developing and co-commercializing global programs and retaining rights in Greater China. The partnership could be worth up to $10.5 billion, including upfront payments, milestone payments, and royalties for Innovent.

• Innovent Biologics shares increased by 10% after announcing a deal with Pfizer.
• The partnership focuses on the development of oncology medicines, specifically antibody-drug conjugates.
• The agreement includes licensing, co-development, and co-commercialization of 12 early-stage cancer medicines.
• Innovent will co-develop four global programs with Pfizer and share costs.
• Innovent will co-commercialize in the U.S. and Europe, sharing profits, while retaining rights in Greater China.
• The deal’s total potential value is up to $10.5 billion, comprising an upfront payment of $650 million and up to $9.85 billion in milestone payments.
• Innovent is also eligible to receive double-digit royalties on approved product sales.
• The transaction is pending regulatory approvals.