Innovent Biologics and pharmaceutical giant Pfizer have signed a global collaboration agreement worth up to $10.5 billion to jointly develop 12 cancer treatment programs.
The Hong Kong-listed pharmaceutical company said it will receive an upfront payment of $650 million from Pfizer and, according to a stock exchange filing on Friday, is eligible to receive up to $9.85 billion in payments related to research and development, regulatory, and commercial milestones.
Innovent Biologics, headquartered in Suzhou, Jiangsu Province in eastern China, will also receive double-digit percentage royalties on each product that receives approval.
The deal covers a portfolio of 12 oncology programs, including eight early-stage assets from Innovent and four discovery programs proposed by Pfizer.
Innovent will lead Phase I clinical trials for all 12 programs before Pfizer leads their global development.
Under four of these programs, the companies will co-develop and co-commercialize selected assets in the United States and Europe, while Innovent retains all rights in China.
