A researcher seen at an Innovent Biologics lab in Suzhou, Jiangsu province. YANG HAISHI/FOR CHINA DAILY
The $10.5 billion partnership announced by Chinese innovative biotech Innovent Biologics and US pharmaceutical giant Pfizer in late May highlights an emerging shift in cross-border biotech dealmaking, with some Chinese drug developers moving beyond traditional out-licensing arrangements toward partnerships that include joint development and commercialization.
While the deal ranks among the largest cross-border transactions signed by a Chinese biotech company, analysts say its significance lies in its structure rather than its size.
Under the agreement, Innovent will receive an upfront payment of $650 million and could earn up to $9.85 billion in development, regulatory and commercial milestones. The partnership covers 12 oncology programs, including antibody-drug conjugates (ADCs) and multi-specific antibodies.
The portfolio includes eight early-stage Innovent programs and four discovery programs proposed by Pfizer.
