Takeda signed a landmark licensing and co-development pact with Innovent Biologics to acquire rights to up to three immuno-oncology and ADC candidates, paying $1.2 billion up front and leaving room for roughly $10.2 billion in milestones. The deal repositions Takeda’s oncology strategy by importing late-stage and next-generation biologics from a Chinese innovator to replenish growth after recent patent cliffs. Innovent retains upside via milestones and a $100 million equity stub in the transaction; both companies emphasized joint global development and commercialization responsibilities.