Pfizer struck a broad oncology collaboration with Innovent Biologics, committing $650 million upfront and up to $9.85 billion in milestones to co-develop a portfolio spanning 12 early-stage and de novo antibody-drug conjugates and multispecifics. Innovent will lead discovery and early development through Phase 1, with Pfizer taking over global development for selected programs. The deal follows similar moves by other large companies, underscoring how global oncology portfolios are increasingly built around China’s ability to run early clinical programs and quickly generate combination-ready assets.