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Innovent Biologics Stock Surges on $10.5B Pfizer Oncology Partnership

Innovent Biologics saw shares climb 10% following a major deal with Pfizer to develop cancer medicines. The partnership spans licensing, co-development, and co-commercialization of antibody-drug conjugates targeting 12 early-stage and de novo oncology programs. Innovent will jointly develop four global programs with Pfizer while sharing development costs. The Hong Kong-listed biotech firm will co-commercialize products in the U.S. and Europe, splitting profits, while maintaining exclusive rights in Greater China. Innovent receives an upfront payment of $650 million and qualifies for up to $9.85 billion in development, regulatory, and commercial milestone payments. The company will also earn double-digit royalties on approved product sales. Deal completion remains subject to regulatory approval.