Eli Lilly agreed to expand its collaboration with Innovent Biologics via a new deal that includes a $350 million upfront payment to develop oncology and immunology programs. The agreement—reported as the latest in a series of partnerships between the two companies—formalizes deeper co‑development and funding commitments. The deal signals Lilly’s continued externalization of biologics R&D and Innovent’s role as a China‑based development partner. Financial terms reported publicly focus on the upfront payment; downstream milestones and global rights will determine commercial upside and risk allocation. Industry players will watch how Lilly integrates Innovent assets into its global development and commercialization infrastructure.