Takeda agreed to a major licensing and co‑development pact with Innovent Biologics, committing $1.2 billion up front and up to $11.4 billion in total consideration to access up to three immuno‑oncology and ADC candidates. The transaction includes a $100 million equity investment and milestone and commercial payments that could reach the high single digits in billions. Takeda framed the deal as transformative for its oncology portfolio, accelerating access to next‑generation bispecifics and ADC programs discovered in China. Innovent secures validation and funding to advance candidates globally while Takeda gains rights and co‑development responsibilities aimed at filling its mid‑ and long‑term oncology growth strategy.