China’s Innovent Biologics has signed a global collaboration with pharmaceutical giant Pfizer worth up to US$10.5 billion to jointly develop 12 cancer treatment programmes.
The Hong Kong-listed drug maker said it would receive an upfront payment of US$650 million from Pfizer, and it is eligible for up to US$9.85 billion tied to development, regulatory and commercial milestone payments, according to an exchange filing on Friday.
Innovent, which is based in Suzhou in China’s eastern Jiangsu province, will also receive double-digit royalties for each product that gains approval.
The deal covers a portfolio of 12 oncology programmes, comprising eight early-stage assets originated by Innovent and four discovery programmes proposed by Pfizer.
Innovent will lead phase one clinical trials for all 12 programmes before Pfizer leads their global development.
Under four of the programmes, the companies will jointly develop and co-commercialise selected assets in the United States and Europe, while Innovent retains all rights in China.