Innovent Biologics and Pfizer Reach $10.5 Billion Early Cancer Drug Cooperation Agreement

According to reports, Chinese biopharmaceutical company InnoBio and American pharmaceutical giant Pfizer have officially signed a global licensing and cooperation agreement.

The total value of this transaction can reach up to $10.5 billion, with the core objective being the joint research and development of 12 early-stage cancer drugs. Currently, InnoBio has disclosed the specifics of the agreement on the Hong Kong Stock Exchange.

Regarding the specific financial structure, Pfizer will pay InnoBio an initial payment of $650 million. Additionally, the agreement includes potential milestone payments of up to $9.85 billion, which will be paid based on the progress of subsequent cancer drug research and development.