Licensing agreement builds on Innovent Biologics’ earlier $11 billion collaboration with Takeda to develop novel ADC and immuno-oncology candidates.
Pfizer and Innovent Biologics have agreed to co-develop a portfolio of 12 novel antibody-drug conjugate (ADC) oncology medicines, for a total deal value of up to $10.5 billion.
The licensing and collaboration agreement is set to advance multiple early-stage and de novo cancer medicines with novel differentiated payloads and multi-specific antibodies.
As part of the deal, Pfizer will pay $650 million upfront to Innovent, who is eligible for up to $9.85 billion in milestone payments.
Innovent will advance the four early-stage programmes through Phase I and Pfizer will manage future global development.
“This agreement brings together best-in-industry expertise of Pfizer and Innovent to advance novel cancer medicines to patients at a global scale”
Dr Hui Zhou, Chief R&D Officer, Oncology Innovent, said: “This agreement brings together best-in-industry expertise of Pfizer and Innovent to advance novel cancer medicines to patients at a global scale.
“By leveraging both companies’ complementary resources, we can develop our early-stage oncology pipeline with greater speed and impact to help bring innovative therapies to patients more efficiently worldwide.”
Jeff Legos, Chief Oncology Officer, Pfizer, added: “By combining Innovent’s discovery and early clinical development with Pfizer’s global research and development and commercialization capabilities, we have an opportunity not only to strengthen our pipeline, but to accelerate the delivery of breakthroughs that can redefine standards of care and make a meaningful difference in patients’ lives.”
Additionally, Innovent will receive royalty payments, subject to product approval. Closing of the transaction is subject to regulatory approvals.
This latest agreement builds on an earlier ADC and oncology-focused collaboration by Innovent last year. Partnering with Takeda, the now finalised deal is worth a similarly large sum in excess of $10 billion.
At the time of the announcement, Innovent’s Dr Hui Zhou, remarked: “The development of next-generation [immuno-oncology] and ADC drugs will be a crucial direction for innovation and transformation in the global oncology treatment landscape. IBI363 and IBI343 have the potential to become breakthrough therapies that fill critical unmet needs in global oncology treatment.”
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