Pfizer struck a wide-ranging licensing and collaboration deal with Innovent Biologics for 12 early-stage and de novo oncology programs, spanning eight Innovent discovery assets and four Pfizer-proposed candidates. The agreement includes a $650 million upfront payment and up to $9.85 billion in development and commercial milestones, plus royalties. Under the terms, Innovent will lead discovery and Phase 1 development, while Pfizer will take over global development after early testing for selected programs. The portfolios focus on antibody-drug conjugates (ADCs) and multispecific antibodies, aiming to leverage Innovent’s discovery engine and move assets into human trials rapidly. The deal reinforces how large pharmas are leaning on China-based discovery ecosystems for early pipeline expansion, with global development rights and cost-sharing structured program-by-program after initial studies.