Takeda agreed to a major oncology collaboration and licensing arrangement with Innovent Biologics, paying $1.2 billion up front and structuring potential payments that could total roughly $11.4 billion for up to three immuno‑oncology and ADC candidates. The deal includes immediate equity investment and broad co‑development/commercialization terms. Innovent will retain program roles while Takeda assumes global development and commercialization responsibilities; the partners highlighted candidates spanning bispecifics and ADC programs. Industry analysts flagged the transaction as a strategic move by Takeda to accelerate its oncology transformation and replace late‑cycle revenue risks. The agreement signals continued outbound licensing appetite for Chinese biotech innovation and adds fuel to the cross‑border deal market; it also demonstrates how large pharmas are using big upfront investments to secure next‑generation oncology assets at scale.