Pfizer struck a broad multiyear collaboration with Innovent Biologics covering up to 12 early-stage cancer programs, including eight from Innovent and four discovery options proposed by Pfizer. The structure places Innovent in discovery and early research, while Pfizer takes over global development after Phase 1 testing, with milestone-based economics and worldwide rights across most territories. The deal size was disclosed as up to $10.5 billion in total value, including a $650 million upfront payment. Pfizer and Innovent both cited antibody-drug conjugates and multispecific antibodies—modalities that are increasingly favored for expanding differentiation in solid tumor oncology. Strategically, the agreement reflects continued pharma reliance on China’s faster early-stage development engine, while giving Innovent a pathway to long-term royalty and development participation if programs advance successfully.