Pfizer struck a back-heavy cancer collaboration with China’s Innovent Biologics to build a pipeline of 12 antibody-based therapies across multiple oncology indications. Pfizer will pay $650 million upfront and fund up to $9.85 billion in development, regulatory and commercial milestones, with closing expected in the third quarter. Under the terms, Innovent contributes eight assets while Pfizer funds all eight programs and also contributes four of its own candidates. Pfizer receives an exclusive worldwide license to four assets and ownership outside Greater China for another four, while Innovent retains Greater China rights. The agreement reinforces Pfizer’s reliance on large-scale partnerships to expand antibody-drug conjugates and bispecific platforms as it looks ahead to the late decade of its oncology portfolio refresh.