China's Innovent Biologics and Takeda Pharmaceutical Partner to Develop Cancer Therapies for Up to $11.4 Billion

Innovent Biologics has partnered with Takeda Pharmaceutical for cancer therapies, with a deal potentially worth up to $11.4 billion. Innovent will receive $1.2 billion upfront and is eligible for milestone payments of up to $10.2 billion. Takeda will co-develop and commercialize two of Innovent's late-stage oncology pipeline assets. The partnership is seen as a crucial step for Innovent's global expansion and follows a wave of collaborations between Chinese firms and international pharma majors.