Hong Kong-listed Innovent Biologics Inc. has formed a global partnership with Japan’s Takeda Pharmaceutical Co. Ltd. to co-develop three cancer drugs, securing a $1.2 billion upfront payment in a deal valued at up to $11.4 billion, reports Caixin. The agreement, announced Wednesday, includes a $100 million strategic equity investment from Takeda in Innovent at a 20% premium and covers three of Innovent’s oncology assets: the Phase III bispecific antibody IBI363, the Phase III antibody-drug conjugate (ADC) IBI343, and the Phase I bispecific ADC IBI3001.
More than a typical out-licensing arrangement, the collaboration marks a pivotal step for Innovent to expand globally and gain overseas commercialization experience. It also reflects a broader industry trend toward combining immunotherapy (IO) with ADCs, widely viewed as the next frontier in oncology.
Under the deal, Innovent and Takeda will co-develop IBI363 worldwide, splitting development costs 40–60, respectively. The partners will also co-commercialize the drug in the US, sharing profits and losses on the same basis. Takeda will hold commercialization rights for IBI363 outside Greater China and the US, in return for milestone payments and tiered royalties of up to the high-teens based on net sales.