Pfizer and Innovent Biologics inked an up-to-$10.5 billion global licensing and collaboration agreement covering 12 early-stage and de novo antibody and ADC programs, marking another major move by big pharma to draw from China-based innovation pipelines. The deal includes co-development and co-commercialization plans for selected assets as they advance through clinical development. Innovent will contribute eight programs originating with the Chinese biotech, while Pfizer brings four discovery-stage programs. The companies said the ADCs and bispecifics will be designed to differentiate via payload and immune-engaging features. Pfizer framed the collaboration as a way to strengthen its oncology pipeline as companies race to offset patent expiries and build successor franchises. For Innovent, the upfront structure and global-scale partnership provides resources for later-stage execution and regulatory strategy. The breadth of the portfolio—covering both ADCs and multispecific antibodies—suggests the partnership is aimed at building multiple shots on goal across cancer types, rather than a single lead asset.