Takeda and China’s Innovent struck a sweeping oncology collaboration that could reshape both companies’ cancer pipelines. Takeda agreed to jointly develop and commercialize up to three immuno‑oncology and ADC candidates from Innovent with $1.2 billion paid up front and up to $10.2 billion in milestones, and Innovent retaining Greater China rights. The deal covers late‑stage assets including a PD‑1/IL‑2α‑bias bispecific (IBI363) and a Claudin‑18.2 ADC (IBI343), both with FDA fast‑track designations and encouraging clinical activity reported. The transaction expands Takeda’s global oncology footprint while giving Innovent cash and local rights to continue development in China.