Suzhou, China, and San Francisco & New York, USAMay 29, 2026 /PRNewswire/ — Innovent Biologics, Inc. (HKEX: 01801) and Pfizer Inc. (NYSE: PFE) jointly announced a global strategic collaboration agreement on 12 early-stage and novel oncology research programs with breakthrough potential. The agreement encompasses multiple collaboration models, including licensing, co-development, and co-commercialization (Co-Co); the asset portfolio covers multiple antibody-drug conjugates (ADCs) with novel and differentiated payloads, as well as multi-specific antibodies with differentiated immunomodulatory properties and unique structural designs.
This strategic collaboration integrates Innovent’s scientific discovery and clinical development capabilities in the oncology innovation field with Pfizer’s deep expertise in scientific research, global clinical development, regulatory affairs, and commercialization scale. The two parties are highly complementary in core areas, creating a synergistic innovation force.
The collaboration encompasses an oncology portfolio consisting of 12 programs, including 8 from Innovent’s early-stage pipeline and 4 novel (de novo) programs to be proposed by Pfizer. As programs advance to different clinical development stages, the parties will engage in co-development for certain programs and share related costs.
Dr. Hui Zhou, Chief Medical Officer (Oncology Pipeline) of Innovent Biologics, stated: “This strategic collaboration brings together the top-tier expertise of Innovent and Pfizer in the oncology field, accelerating the delivery of innovative cancer drugs to more patients worldwide. By fully leveraging the complementary advantages of both parties’ resources and capabilities, we can advance Innovent’s early oncology pipeline with greater speed and impact, bringing breakthrough innovative therapies to global patients more efficiently. Furthermore, through global co-development and co-commercialization in the US and Europe for core programs, we will further expand Innovent’s global footprint. Innovent continues to strengthen the core capabilities of its globalized oncology innovation R&D platform, committed to creating long-term and profoundly valuable treatment options for patients worldwide.”
Jeff Legos, Chief Oncology Officer at Pfizer, stated: “Patients are at the heart of everything we do in R&D and collaborations at Pfizer. We are driven by an urgent commitment to continuously rewrite the possibilities of treatment for cancer patients. This collaboration brings together the highly complementary innovation engines of Pfizer and Innovent, united by a shared goal—to deliver truly transformative innovative drugs to patients around the world with greater speed and efficiency. By combining Innovent’s innovation strengths in drug discovery and early clinical development with Pfizer’s comprehensive global R&D and commercialization capabilities, we not only have the opportunity to further strengthen our own pipeline but also accelerate the development of breakthrough therapies that can reshape treatment standards and bring truly profound and meaningful change to patients’ lives.”
Under the agreement, Innovent will leverage its proprietary innovative R&D platform and robust clinical development to advance the collaboration programs through Phase I clinical studies, while Pfizer will lead subsequent clinical development. The specific arrangements for licensing and commercialization under this agreement are as follows:
- Innovent and Pfizer will globally co-develop 4 key programs and share development costs. Additionally, the parties will co-commercialize these programs in the US and Europe*, sharing profits. Innovent retains rights in the Greater China region;
- Innovent grants Pfizer exclusive rights outside Greater China for 4 programs, with Pfizer bearing the majority of development costs;
- Innovent grants Pfizer global exclusive rights for 4 programs, with Pfizer bearing global development costs.
Under the financial terms of the agreement, Innovent will receive an upfront payment of $650 million and is eligible to receive up to $9.85 billion in development, regulatory, and commercial milestone payments, for a total transaction value of $10.5 billion. Additionally, for each approved program, Innovent will receive tiered royalties up to double-digit percentages. For “co-development, co-commercialization” programs, the parties will share profits in the US and Europe.
The transaction is expected to close upon obtaining required regulatory approvals.
*”Europe” refers to EU member states and the UK.
About Innovent Biologics
“Start with Integrity, Succeed through Action” – developing high-quality biologics that are affordable to the general public is the mission and goal of Innovent Biologics. Founded in 2011, Innovent is dedicated to researching, developing, manufacturing, and marketing innovative drugs for major diseases such as oncology, autoimmune diseases, metabolic disorders, and ophthalmology, benefiting more lives through our work. The company has 18 approved products: sintilimab injection (Tyvyt®), bevacizumab injection (Byvasda®), adalimumab injection (Sulinno®), rituximab injection (Dabohua®), pemigatinib tablets (Pemazyre®), olverembatinib tablets (Nailike®), ramucirumab injection (Cyramza®), selpercatinib capsules (Retevmo®), equecabtagene autoleucel injection (Fucaso®), tafolecimab injection (Xinbile®), fulzerasib tablets (Dabote®), pirtobrutinib tablets (Jaypirca®), taletrectinib adipate capsules (Dabole®), lietinib tablets (Aoyixin®), tebotelimab N01 injection (Xinbimin®), mazdutide injection (Xinerme®), picankibart injection (Xinmeiyue®), and ipilimumab N01 injection (Daboxin®). Currently, 5 new drug molecules have entered Phase III or pivotal clinical studies, and another 14 new drug candidates have entered clinical research.
The company has established over 30 strategic collaborations with international partners including Eli Lilly, Roche, Takeda, Pfizer, Sanofi, Incyte, and MD Anderson Cancer Center. While continuously self-developing innovative drugs and pursuing its own growth, Innovent adheres to the people-centered development philosophy in economic construction. Over the years, always guided by scientific conscience, committed to being “patient-centric,” caring for patients and their families, and actively fulfilling social responsibilities. The company has initiated and participated in multiple drug assistance programs, enabling more patients to benefit from advances in life sciences and access high-quality biologics affordably. To date, Innovent’s patient assistance programs have benefited over 200,000 ordinary patients, with the total value of drug donations reaching RMB 4 billion. Innovent hopes to work together with everyone to improve the development level of China’s biopharmaceutical industry, meeting the people’s need for accessible medication and their aspirations for life and health.
For more information, please visit the company’s website: www.innoventbio.com or company LinkedIn account: www.linkedin.com/
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Disclaimer: |
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1. Innovent does not recommend the use of unapproved drugs/indications. |
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2. Ramucirumab injection (Cyramza®), selpercatinib capsules (Retevmo®), and pirtobrutinib tablets (Jaypirca®) are developed by Eli Lilly. |
About Pfizer Oncology
Pfizer is at the forefront of a new era in oncology treatment. With an industry-leading portfolio and extensive R&D pipeline centered around three core mechanisms of action, Pfizer combats cancer from multiple dimensions, including small molecules, antibody-drug conjugates (ADCs), and multi-specific immunomodulatory antibodies. Pfizer focuses on delivering transformative treatment options for high-incidence cancer areas globally, covering breast cancer, gastrointestinal tumors, genitourinary tumors, hematologic malignancies, and thoracic tumors including lung cancer. Driven by science, Pfizer is committed to accelerating the development of breakthrough therapies to help cancer patients live longer and better-quality lives.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety, and value in the discovery, development, and manufacture of healthcare products. Our global portfolio includes innovative medicines and vaccines. Every day, Pfizer colleagues in developed and emerging markets work to advance human health, promote disease prevention, treatment, and cure, tackling the most formidable diseases of our time. We also collaborate with healthcare providers, governments, and local communities to support and expand access to reliable, affordable healthcare around the world. This aligns with our responsibility as a global leading innovative biopharmaceutical company. For 175 years, we have worked to make a difference for all who rely on us. For more information, please visit www.pfizer.com.cn.
Innovent Forward-Looking Statements
The information released in this press release may contain certain forward-looking statements. These statements are inherently subject to significant risks and uncertainties. When using words such as “anticipate,” “believe,” “predict,” “expect,” “intend,” and similar expressions, when related to the Company, they are intended to identify forward-looking statements. The Company undertakes no obligation to continually update these forward-looking statements.
These forward-looking statements are based on the current views, assumptions, expectations, estimates, projections, and understanding of the Company’s management regarding future events at the time the statements are made. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond the Company’s control and difficult to predict. Therefore, actual results may differ materially from the information contained in the forward-looking statements due to future changes and developments in our business, competitive environment, political, economic, legal, and social conditions.
Pfizer Disclosure Notice
The information contained in this press release is as of May 28, 2026. Pfizer assumes no obligation to update forward-looking statements contained in this press release as a result of new information or future events or developments.
This press release contains forward-looking information about Pfizer’s Oncology business and the global strategic license and collaboration agreement between Pfizer and Innovent Biologics, Inc. regarding 12 early-stage and novel (de novo) oncology research programs, including their potential benefits and the expected timing of transaction completion. Such forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: risks related to whether the conditions to closing the proposed transaction will be satisfied or waived within the expected timeframe or at all (including failure to obtain required regulatory approvals), including the possibility that the proposed transaction may not be completed; risks related to whether the anticipated benefits of the license and collaboration agreement will be realized, including the possibility that such benefits may not be realized or may not be realized within the expected timeframe; risks related to difficulties in integrating the licensed assets into Pfizer’s business; disruptions caused by the transaction that could make it more difficult to maintain existing business and operational relationships; the potential adverse impact on the market price of Pfizer’s common stock and/or operating results from the announcement or completion of the proposed transaction; substantial transaction costs; unknown liabilities; risks of litigation and/or regulatory actions related to the proposed transaction or related programs; manufacturing capacity or capability risks; other business-related effects and uncertainties, including the effects of industry, market, business, economic, political, or regulatory environment changes; future exchange and interest rate fluctuations; risks and uncertainties related to executive orders already issued or that may be issued, or other new or amended laws, regulations, or policies; changes in tax and other laws, regulations, rates, and policies; uncertainties inherent in business and financial planning, including, without limitation, risks related to Pfizer’s business and prospects, adverse developments in Pfizer’s markets, or adverse developments in the U.S. or global capital markets, credit markets, regulatory environment, tariffs and other trade policies, or macroeconomic conditions; future business combinations or divestitures; uncertainties regarding the commercial success of the related programs and Pfizer’s marketed and pipeline products; uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; risks associated with preliminary, interim, or top-line data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether and when regulatory authorities will recognize the design and results of clinical studies; whether and when any drug applications for any potential indications may be filed in any particular jurisdiction; whether and when any such applications may be approved by regulatory authorities (which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy); and, if approved, whether any such drug candidates will be commercially successful; decisions by regulatory authorities regarding labeling, manufacturing processes, safety, and/or other matters that could affect the accessibility or commercial potential of any such drug candidates; whether the collaboration between Pfizer and Innovent will proceed successfully; uncertainties regarding the impact of the COVID-19 pandemic on Pfizer’s business, operations, and financial results; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in its subsequent Quarterly Reports on Form 10-Q (including the sections entitled “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”), and in its subsequent Current Reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.