Takeda struck a series of high-value licensing deals with Innovent Biologics, handing over roughly $1.2 billion upfront for rights to two oncology candidates and signaling a major pivot toward China-originated biologics. The company framed the pact as a cornerstone for rebuilding its oncology growth engine as it prepares for a post-Entyvio portfolio. The agreement covers next-generation bispecifics and antibody-drug conjugates (ADCs) and includes multibillion-dollar milestones that could total more than $10 billion. Innovent’s assets will be developed globally by Takeda, giving the Japanese pharma immediate access to clinical-stage programs and accelerating Takeda’s push into high-value oncology modalities. Industry watchers will track regulatory filings and development timelines closely given the size and strategic importance of the deal.