Pfizer partners with China's Innovent Biologics on $10 billion cancer drug collaboration

Pfizer announced a major partnership with Chinese biotech Innovent Biologics, valued at over $10 billion, to develop cancer therapies.

The agreement covers up to 12 antibody-based candidates, including eight early-stage projects from Innovent and four discovery programs proposed by Pfizer.

Innovent will handle discovery and early research, while Pfizer will take over global development after Phase 1 and will hold worldwide rights, funding the four Pfizer-originated programs.

Innovent receives an upfront payment of $650 million and can earn up to $9.85 billion in milestone payments, plus royalties on sales outside greater China for certain assets.