Pfizer and Innovent Biologics announced a back-heavy cancer collaboration involving 12 antibody-based therapies, combining Pfizer’s funding and Innovent’s contributed assets across oncology indications. Pfizer will pay $650 million upfront and provide up to $9.85 billion in development, regulatory, and commercial milestones, with deal close expected in the third quarter. Innovent will contribute eight assets while Pfizer supplies four, with global licensing and rights varying by program outside Greater China. The partnership covers co-development and co-commercialization, and all programs are early-stage antibody formats including antibody-drug conjugates and multispecific antibodies. The size and structure of the agreement underscore how large-cap oncology pipelines remain in active refresh mode, with China-focused innovation adding breadth to Pfizer’s long-term antibody strategy.