Pfizer struck a major oncology licensing collaboration with China’s Innovent Biologics covering 12 antibody-drug conjugates and multispecific programs, including eight Innovent early-stage assets and four Pfizer-proposed discovery programs. Pfizer will lead global development after Phase 1 for the majority of programs, with financial terms of $650 million up front and up to $9.85 billion in milestones plus royalties. The structure reflects how ADC and multispecific discovery capacity in China is increasingly being pulled into global development pipelines, with Innovent handling discovery and early research while Pfizer assumes later-stage ownership and execution for many candidates.