Pfizer and Innovent Biologics announced a collaboration valued at up to $10.5 billion, covering a portfolio of 12 early-stage and de novo antibody-drug conjugates and multispecific oncology programs. Pfizer will take global development responsibility after Phase 1 testing, with Innovent leading development through Phase 1 and the companies sharing costs for selected assets. Under the agreement, Innovent receives $650 million up front and is eligible for up to $9.85 billion in milestones, plus royalties on any approved medicines. The deal is structured to deepen Pfizer’s pipeline building through China-sourced discovery while leveraging Innovent’s early program execution. The size and scope reinforce that ADCs and multispecifics remain the core transaction language in oncology as global pharma competes for next-generation revenue streams.