Innovent and Takeda Team Up for $11.4B Cancer Drug Deal

Innovent Biologics, a Chinese drugmaker, has agreed to co-develop two cancer drugs with Takeda Pharmaceutical, a Japanese drugmaker. Innovent will receive a $1.2 billion upfront payment and the deal could be valued at up to $11.4 billion with subsequent milestone payments. The collaboration aims to expand Innovent's reach globally, including in the US, and follows a trend of Western big pharma partnering with Chinese biotech firms.

Innovent Biologics, a leading Chinese biopharmaceutical company, has entered into a global strategic partnership with Takeda Pharmaceutical, a Japanese drugmaker, to co-develop two next-generation cancer therapies. The collaboration, announced on October 21, 2025, aims to leverage the combined expertise of both companies to accelerate the global development and commercialization of Innovent's innovative immuno-oncology (IO) and antibody-drug conjugate (ADC) therapies.

Under the terms of the agreement, Innovent will receive an upfront payment of $1.2 billion, including a strategic equity investment of $100 million at a premium. The total deal value could reach up to $11.4 billion, contingent on the achievement of specified milestones. The collaboration focuses on three investigational medicines within Innovent's IO+ADC pipeline: IBI363, IBI343, and IBI3001.

IBI363, a first-in-class PD-1/IL-2α-biased bispecific antibody fusion protein, is currently in Phase 3 clinical trials. It demonstrates robust anti-tumor activity and has shown promising results in immunotherapy-resistant lung cancer, "cold tumors" such as acral and mucosal melanoma, and MSS colorectal cancer. Innovent and Takeda will co-develop and co-commercialize IBI363 globally, with Takeda leading the efforts in the U.S. and holding exclusive commercialization rights outside Greater China and the U.S.

IBI343, an innovative TOPO1 inhibitor ADC targeting CLDN18.2, is currently in Phase 3 clinical trials for gastric/gastroesophageal cancers. Innovent will grant Takeda exclusive global rights to develop, manufacture, and commercialize IBI343 outside Greater China. Takeda plans to advance the development of IBI343 and expand into first-line gastric and pancreatic cancer settings.

IBI3001, a first-in-class bispecific ADC targeting B7-H3 and EGFR, is currently in Phase 1 clinical trials. Innovent will grant Takeda an exclusive option to license global development, manufacturing, and commercialization rights for IBI3001 outside Greater China, subject to certain conditions.

The collaboration is a significant step for Innovent, which aims to expand its global footprint and become a leading global biopharmaceutical company. It also reflects a growing trend of Western big pharma partnering with Chinese biotech firms to leverage their innovative capabilities and accelerate drug development.

The partnership is expected to benefit patients worldwide by bringing potentially transformative cancer treatments to the market more quickly. Innovent and Takeda will host conference calls and webcasts on October 22, 2025, to discuss the details of the collaboration.

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Innovent Biologics Announces Global Strategic Partnership with Takeda to Bring Innovent's Next Gen IO Backbone Therapy and ADC Molecules to the Global Market^[1] https://www.prnewswire.com/news-releases/innovent-biologics-announces-global-strategic-partnership-with-takeda-to-bring-innovents-next-gen-io-backbone-therapy-and-adc-molecules-to-the-global-market-302590770.html