health
Innovent Biologics shares rise 10% after pact with Pfizer of up to $10.5 billion
Innovent Biologics rose as much as 10%, after entering a strategic global licensing and collaboration agreement with Pfizer to develop oncology medicines.
TL;DR
- Innovent Biologics shares increased by 10% after announcing a deal with Pfizer.
- The partnership focuses on the development of oncology medicines, specifically antibody-drug conjugates.
- The agreement includes licensing, co-development, and co-commercialization of 12 early-stage cancer medicines.
- Innovent will co-develop four global programs with Pfizer and share costs.
- Innovent will co-commercialize in the U.S. and Europe, sharing profits, while retaining rights in Greater China.
- The deal's total potential value is up to $10.5 billion, comprising an upfront payment of $650 million and up to $9.85 billion in milestone payments.
- Innovent is also eligible to receive double-digit royalties on approved product sales.
- The transaction is pending regulatory approvals.