China-based Innovent Biologics and pharma major Pfizer have entered a major global strategic collaboration covering 12 high‑potential early‑stage oncology assets. The agreement, valued at up to USD 10.5 billion, includes a USD 650 million upfront payment and up to USD 9.85 billion in potential development, regulatory and commercial milestones. The deal structures rights across the portfolio: Pfizer receives global exclusive rights to four assets, rights outside Greater China for four, and the remaining four core assets will be co‑developed and co‑commercialised (Co‑Co) globally, with profit‑sharing in the US and EU.

This agreement marks Innovent's second major Co‑Co deal with a multinational pharmaceutical company, following a 2025 partnership with Takeda. The model, which allows for risk and investment sharing while retaining long‑term value, is emerging as a preferred strategic path for top Chinese biotechs seeking globalisation. The deal also expands Innovent's network of global partners, which already includes Eli Lilly, Takeda, and Roche, positioning the company to leverage established global development and commercialisation infrastructure.

PharmCube's NextBiopharm® database shows that this is China's fifth-largest oncology out-licensing deal. Click here to request a free trial for NextBiopharm®.