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Innovent Biologics Enters Licensing Agreement With Pfizer for 12 Oncology Programs

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Innovent Biologics (HKG:1801) agreed to license 12 early-stage cancer therapy programs to Pfizer for an upfront payment of $650 million, according to a Friday filing with the Hong Kong bourse.

The 12 oncology programs comprise eight Innovent-originated early-stage assets and four Pfizer-proposed discovery programs.

Under the agreement, Innovent will advance development of the assets through phase 1 clinical study, after which Pfizer will lead global development.

In addition to the upfront payment, Innovent is eligible to receive up to $9.85 billion in milestone payments, plus royalties on products that are commercialized.

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