Takeda struck a landmark partnership to license up to three immuno‑oncology and ADC candidates from Innovent Biologics in a deal valued at $11.4 billion, including a $1.2 billion up‑front payment. The agreement—structured with significant milestone potential—gives Takeda global codevelopment and commercialization rights and includes an immediate equity investment. Takeda framed the transaction as a strategic move to replenish its oncology pipeline and offset upcoming patent pressures, while Innovent secures deep funding and a global commercialization engine.