Pfizer and Innovent Biologics escalated their global oncology collaboration with a deal sized up to $10.5 billion, anchoring the partnership around next-generation antibody-drug conjugates and multispecific antibodies. Pfizer will fund discovery and early work through Innovent and then take over global development after Phase 1 testing for the agreed portfolio, with rights and cost-sharing structures that extend beyond greater China. The collaboration covers 12 early-stage and de novo antibody-drug conjugate and multispecific programs, including eight early-stage programs from Innovent and four Pfizer-proposed discovery programs. Pfizer will pay $650 million up front and is eligible for up to $9.85 billion in milestones plus royalties, reflecting the current industry appetite for scaling antibody platforms. For investors and drug developers, the structure underscores a strategy of outsourcing early discovery and preclinical-to-Phase 1 execution to Chinese partners while preserving global upside for later clinical and commercial phases. The deal also adds to the growing set of multistage, multimolecule cross-border oncology pacts being used to compress timelines toward first-in-human studies.