Pfizer struck a broad alliance with China’s Innovent Biologics worth up to $10.5 billion for 12 early-stage oncology programs, including antibody-drug conjugates and multispecific antibodies. Under the deal structure, Innovent leads discovery and early research while Pfizer takes global development after Phase 1 for the portfolio, with rights and cost-sharing varying by program. Pfizer will pay $650 million upfront and Innovent is eligible for as much as $9.85 billion in downstream milestone payments. The agreement extends a pattern of multinational drugmakers leaning on China’s discovery and early clinical pipeline, particularly as ADC and multispecific platforms become central to growth strategies.