Innovent Biologics agreed to a major pivot deal with Spero Therapeutics, signaling a shift away from its GSK-owned antibiotic focus and toward immune and inflammation indications. The arrangement includes a license deal for an Innovent antibody, with total deal value described as up to $1.1 billion. In a separate but related sign of deal-driven pipeline reshuffling, the market also highlighted demand for public-market vehicles in China biotech, as Avere Therapeutics launched via a reverse merger and packaged a CD pipeline asset tied to Hansoh. Together, the moves reflect how biotechs are re-allocating capital and assets to chase regulatory and commercial momentum, often through licensing and non-traditional listings.