Takeda Pharmaceutical agreed to a large licensing and co-development deal with China’s Innovent Biologics covering up to three immuno-oncology and ADC candidates, committing $1.2 billion upfront and potential milestones that lift the deal value to $11.4 billion. The agreement includes an equity investment and co-development terms for global rights. Takeda described the arrangement as transformative for its oncology portfolio as it seeks growth drivers ahead of key patent expirations. Innovent becomes eligible for substantial milestones and retained rights in certain territories under the deal. The transaction underscores Big Pharma’s continued appetite for late‑stage and near‑commercial oncology assets from Chinese biotechs and will accelerate global development plans for the candidates involved.