Pharma BD Deal Intelligence
On May 28, 2026, Pfizer and China's Innovent Biologics entered a global strategic oncology collaboration worth up to $10.5 billion to develop a portfolio of 12 early-stage cancer programs spanning antibody-drug conjugates (ADCs) and multispecific antibodies — eight Innovent-originated programs and four Pfizer-proposed discovery programs. Innovent receives $650 million upfront and is eligible for up to $9.85 billion in development, regulatory and commercial milestones plus up to double-digit royalties. Innovent leads development through Phase 1, after which Pfizer assumes global development; four programs will be co-developed and co-commercialized with shared U.S./Europe profits. It is one of the largest China-originated oncology partnerships to date.