Pfizer Inc. (NYSE:PFE) and China’s Innovent Biologics have announced a global licensing and collaboration agreement. The deal, valued at up to $10.5 billion, is set to develop 12 early-stage cancer drugs.
The agreement comprises an upfront payment of $650 million to Innovent, with potential development, regulatory, and commercial milestone payments reaching up to $9.85 billion. The collaboration encompasses a portfolio of antibody-drug conjugates (ADCs) with novel differentiated payloads and multi-specific antibodies. This includes eight early-stage assets originated by Innovent and four discovery programs proposed by Pfizer.
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Pfizer will lead the first 12 programs through Phase 1 clinical trials, after which Innovent will take over global development responsibilities. The agreement is divided into three tiers, each outlining distinct terms for co-development, co-commercialization, and licensing rights.
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