Pfizer and Innovent Biologics Enter Global Strategic Collaboration to Accelerate Development of Innovative Oncology Medicines

Pfizer entered a global strategic collaboration with Innovent Biologics to develop 12 early-stage oncology medicines, including antibody-drug conjugates and multi-specific antibodies. Innovent will receive a $650 million upfront payment and is eligible for up to $9.85 billion in milestone payments, plus double-digit royalties on approved products. The deal splits development responsibilities: Innovent leads through Phase 1, after which Pfizer takes over global development for most programs, with co-development and co-commercialization in the U.S.

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