Takeda agreed to a major licensing and co‑development transaction with Innovent Biologics that includes $1.2 billion in up‑front payments and potential total consideration up to $11.4 billion for rights to next‑generation immuno‑oncology and ADC candidates. The deal gives Takeda access to two (or up to three) Innovent assets and equity in the Chinese company. Takeda framed the pact as a strategic bolt‑on to rebuild oncology growth, while Innovent secures capital, global development expertise and commercial reach. The agreement includes milestone payments and royalty arrangements, with Takeda assuming global development and commercialization responsibilities for selected indications. The deal highlights big‑pharma appetite for China‑originated biologics and underscores the continuing role of large licensing transactions in replenishing pipelines. Execution risk centers on clinical readouts and regulatory approvals across territories, but the transaction materially reshapes Takeda’s oncology aspirations.