Takeda agreed to a multi-asset oncology partnership with China’s Innovent Biologics that includes $1.2 billion in up-front consideration and up to $10.2 billion in milestone payments. The arrangement grants Takeda rights to multiple immuno‑oncology and ADC candidates outside Greater China, while Innovent retains its home-market positions. The lead assets cited in filings include a PD‑1/IL‑2α‑bias bispecific (IBI363) and a Claudin 18.2 ADC (IBI343); both have entered late‑stage or expanded early clinical testing and carry FDA fast‑track designations. Takeda will handle development, manufacturing and commercialization outside Greater China, a structure designed to accelerate global launches while preserving Innovent’s China franchise. The deal signals large pharmas’ continued appetite for external oncology pipelines and gives Takeda an immediate global portfolio expansion; it also underscores Innovent’s growing role as a source of clinically advanced biologics. Financial terms and regulatory designations make the agreement material for investor strategy and competitive positioning in PD‑1 combinations and ADC markets.