Takeda agreed to codevelop and commercialize up to three immuno‑oncology and ADC candidates from Innovent, paying $1.2 billion up front and preserving rights to large milestone payouts. The multi‑billion dollar deal—reported as up to $11.4 billion including milestones—aims to replenish Takeda’s oncology growth engines as legacy products face patent cliffs. The transaction combines Takeda’s global development and commercialization footprint with Innovent’s antibody and ADC assets. Takeda executives described the agreement as transformative for the company’s oncology pipeline; Innovent gains immediate non‑dilutive capital, a $100 million equity infusion and a path to global markets for its candidates.