Pfizer agreed to pay upfront and milestones totaling as much as $10.5 billion for a multi-asset oncology collaboration with Innovent Biologics. The deal sets Pfizer up for a 12-candidate antibody pipeline spanning multiple oncology indications, including antibody-drug conjugates and multi-specific antibodies designed to engage the immune system. Under the terms announced late Thursday, Pfizer will contribute a $650 million upfront payment and could pay up to $9.85 billion in development, regulatory and commercial milestones. Pfizer expects to close the transaction in the third quarter and will co-develop and co-commercialize programs, splitting development costs. The agreement allocates rights by geography: Pfizer gets exclusive worldwide licenses to four assets, while ownership for four others applies outside Greater China; Innovent retains Greater China rights. The parties did not disclose specific targets for the 12 therapies at the time of announcement, but Innovent will contribute eight assets and Pfizer will add four.