Takeda Pharmaceutical agreed to codevelop and commercialize up to three immuno‑oncology (I‑O) and antibody‑drug conjugate (ADC) candidates from Innovent Biologics in a deal valued at up to $11.4 billion, including about $1.2 billion in upfront and near‑term payments. The collaboration covers joint development and commercialization rights across territories, with milestone and royalty provisions. Takeda framed the agreement as strategic expansion of its oncology franchise into ADCs and next‑gen immunotherapies. Innovent receives immediate capital and broad development support; the deal signals continued big‑pharma appetite for ADC platforms and partnership models to augment internal R&D.