Pfizer struck a back-heavy collaboration with Innovent Biologics to build a pipeline of antibody-based cancer therapies spanning 12 early-stage assets. The deal, announced with an expected close in the third quarter, includes a $650 million upfront payment and up to $9.85 billion in development, regulatory, and commercial milestones. Innovent will contribute eight programs, while Pfizer will add four assets. Pfizer receives an exclusive worldwide license to four assets, with ownership for the other four applying outside Greater China; Innovent retains Greater China rights, and the companies will co-develop and co-commercialize by region. The portfolio includes antibody-drug conjugates (ADCs) and multi-specific antibodies designed to engage the immune system. Pfizer positioned the partnership as a way to accelerate delivery of “breakthroughs that can redefine standards of care.”