Followed by Bristol Myers Squibb, Pfizer is paying Innovent $650 million upfront for the privilege of collaborating on the development of cancer drugs, a move that puts Pfizer in a position to use China’s rapid early drug development process.
The Pfizer-Innovent deal, which features up to $9.85 billion in development, regulatory and commercial milestones, supports the development of 12 cancer meds. The deal includes “a wide range of antibody-drug conjugates, each carrying novel differentiated payloads; and multi-specific antibodies carrying differentiated immune-engaging features and unique designs,” the companies said in a post-market release on May 28.
Pfizer is intending to offer four discovery programs, with Innovent providing eight assets at an early stage of development. Innovent will develop the programs in phase 1, after which Pfizer will take the lead in global development.
BMS signed a similar agreement two weeks ago with Hengrui Pharma. As with Pfizer, BMS is putting programs into its partnership and capitalizing on the early drug development expertise of its Chinese partner to rapidly move programs through phase 1. The deal that BMS has up for is valued at $600 million, and a total of $15.2 billion.
Pfizer will be getting an exclusive global license for four programs, along with its own costs for developing drug candidates. The Big Pharma will also have ex-China rights to a further four programs and be responsible for most development costs. Meanwhile, Pfizer and Innovent will share the costs in developing the remaining four programs worldwide. The partners will enter into a co-commercialisation agreement for the jointly held assets in the USA and Europe.
The Pfizer and BMS deals are part of a strategy for Western drug makers to access the early drug development system in China, which has made the country a significant source of novel molecules. At a March TD Cowen event, Pfizer CEO Albert Bourla referred to the meteoric ascent of China as one of two forces changing the industry, along with artificial intelligence.
China does “half the cost, three times the speed,” said Bourla, which necessitates Pfizer boosting its productivity to the level China has. One approach to bridging the productivity divide is for partnering to occur on assets that were developed in China, in addition to having some internal candidates undergo early development in China.
The four-product co-commercialization in the U.S. and Europe is the opportunity for Innovent to expand into the global market. Innovent’s goal for the next five years is to “become a global premier biopharmaceutical company.”
That is the point that Bourla made in saying that a playbook followed by the Chinese car and battery companies demonstrates how Chinese businesses can “conquer the market.”
Innovent and Pfizer Announce Major Oncology Alliance
Innovent has entered into a groundbreaking partnership with Pfizer in a deal valued at up to $10 billion, marking one of the largest collaborations involving Chinese pharmaceutical innovation. The agreement strengthens Innovent’s position as a leading biotechnology company and reflects growing international confidence in the quality of research emerging from China’s life sciences sector.
Through this strategic alliance, Innovent and Pfizer aim to accelerate the development of next-generation cancer therapies and bring innovative treatment options to patients worldwide. The collaboration covers a portfolio of 12 drug candidates, creating significant opportunities for both organizations.
Details of the $10 Billion Agreement
The agreement gives Pfizer access to multiple oncology assets developed by Innovent, including promising investigational therapies targeting various forms of cancer. Under the terms of the partnership, Innovent may receive upfront payments, milestone-based compensation, and potential royalties tied to future commercial success.
The deal represents more than a financial milestone for Innovent. It positions the company for long-term growth and increases its visibility among investors, researchers, and healthcare stakeholders worldwide.
As Innovent continues to expand its pipeline and pursue additional research initiatives, the partnership with Pfizer may serve as a model for future international collaborations. Success from any of the 12 drug candidates could further strengthen Innovent’s reputation as a leader in oncology innovation.
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