Takeda struck a licensing and development agreement with Innovent Biologics that includes $1.2 billion upfront for rights to two next‑generation cancer candidates and potential milestone and commercial payments that lift the deal value into the multi‑billion dollar range. The pact transfers global rights for bispecifics and ADCs intended to fill gaps in Takeda’s oncology portfolio. Company statements indicate Takeda expects the programs to be transformative for its oncology strategy, accelerating late‑stage development and global commercialization. Innovent retains early development responsibilities in China under the collaboration structure outlined in regulatory filings and press releases. The transaction highlights a sustained trend of Western pharma buying or licensing late‑stage assets from Chinese biotechs to diversify oncology pipelines quickly. Analysts flagged the deal as strategically urgent for Takeda as it seeks new growth drivers post‑Entyvio.