On the eve of this year’s ASCO annual meeting, Pfizer said it is teaming up with China’s Innovent Biologics to advance a portfolio of 12 early-stage antibody-drug conjugates and multi-specific antibodies in a deal that could be worth up to $10.5 billion.

Innovent Biologics and Pfizer Enter Global Strategic Collaboration to Accelerate Development of Innovative Oncology Medicines

Pfizer and Innovent Biologics Enter Global Strategic Collaboration to Accelerate Development of Innovative Oncology Medicines

Pfizer Inc. and China’s Innovent Biologics Inc. signed a global agreement worth as much as $10.5 billion to develop cancer drugs.