Takeda agreed a transformative licensing and co-development deal with Innovent Biologics covering up to three immuno‑oncology and ADC candidates, with $1.2 billion paid up front and up to $10.2 billion in milestones. The transaction gives Takeda late‑stage access to next-generation oncology assets and signals an aggressive move to replenish its oncology pipeline. Innovent gains capital and a global partner while Takeda positions itself for growth beyond legacy products. The deal includes equity and tiered commercial provisions.