Pfizer partnered with Chinese drugmaker Innovent Biologics on a strategic alliance worth over $10 billion. The collaboration aims to develop up to 12 innovative cancer treatments. Research focuses on next-generation antibody-drug conjugates and multispecific antibodies. This marks one of Pfizer's most significant investments in medicines discovered in China.
Innovent receives an upfront payment of $650 million. The agreement includes up to $9.85 billion in potential milestone payments plus future royalties. The portfolio comprises eight early-stage prospects from Innovent and four discovery programs from Pfizer.
Innovent will lead initial discovery and research efforts. Pfizer assumes responsibility for global development and commercialization following Phase 1 trials. This partnership underscores a trend of global pharmaceutical giants sourcing innovation from Chinese biotechnology firms.