Takeda signed a licensing and collaboration agreement with China’s Innovent Biologics to secure global rights outside Greater China to two late-stage oncology programs, committing $1.2 billion upfront. The deal centers on IBI363, a PD-1/IL-2α-bias bispecific antibody fusion, and IBI343, an ADC targeting Claudin 18.2. Both programs hold FDA fast-track designations and have generated encouraging clinical activity across multiple solid tumors, positioning Takeda to expand its oncology franchise and manufacturing control for global commercialization. The agreement splits commercialization geographies: Takeda obtains rights outside Greater China while Innovent retains domestic rights. Innovent’s datasets include more than 1,200 patients exposed to IBI363 in early trials and ~340 patients evaluated with IBI343 (NCT05458219). Takeda will lead development, manufacturing and global commercialization for the licensed territories, accelerating global development timelines and potentially reshaping competitive dynamics in PD-1 combination and Claudin 18.2-targeted markets. Analysts and partners will watch milestone structure and regulatory interactions closely: the arrangement carries near-term revenue for Innovent and gives Takeda an expedited path to broaden its solid tumor portfolio. The deal underscores cross-border partnering as a rapid route for big pharmas to refill oncology pipelines with differentiated modalities — bispecific immunomodulators and ADCs — backed by sizable clinical exposure and regulatory fast tracks.