Pfizer struck a multi-program oncology collaboration with Innovent Biologics worth $650 million upfront and up to $9.85 billion in milestones, covering early-stage and discovery antibody-drug conjugates and multispecific antibodies. The agreement spans 12 oncology programs, with Innovent carrying forward phase I development for selected programs and Pfizer responsible for later global development. The structure combines shared development costs for clinical programs while maintaining global responsibility handoffs. For the broader category, the deal reinforces how ADCs and multispecifics are consolidating as core growth platforms, with large-scale partnerships increasingly used to access pipeline depth from Chinese biotechs. Stakeholders will now focus on how the programs are selected into shared vs. later-stage ownership, and which lead candidates emerge from the early discovery set into clinical development.