Eli Lilly expanded its collaboration with China’s Innovent Biologics under a deal worth up to $8.8 billion, including $350 million in upfront payments to jointly develop oncology and immunology therapeutics. The companies described the agreement as moving 'beyond traditional licensing' with shared development responsibilities. The pact deepens Lilly’s China partnership strategy and gives Innovent cash and a global partner for clinical development and commercialization. Lilly emphasized the deal’s potential to accelerate late‑stage assets and expand its biologics footprint in Asia. Market observers flagged the size and structure of the transaction as consistent with Big Pharma’s playbook to secure regional R&D capacity while sharing risk on biologics development.