Pfizer Invests $605M in Innovent Biologics for PD-1/VEGF Dual Antibody

Pfizer has made a significant investment in the global PD-1/VEGF dual antibody market by partnering with Innovent Biologics. The deal, valued at 605 million dollars, includes a 125 million dollar upfront payment and a potential 480 million dollars in milestone payments. This strategic move by Pfizer is aimed at enhancing its presence in the oncology immunotherapy sector, particularly in the competitive PD-1/VEGF dual antibody market.

Innovent Biologics, a leading biopharmaceutical company, has developed SSGJ-707, a PD-1/VEGF dual antibody. The drug has shown promising clinical data, particularly in non-small cell lung cancer (NSCLC). The phase III clinical trial for SSGJ-707 in NSCLC has been approved by the National Medical Products Administration (NMPA) and has received breakthrough therapy designation. The clinical data presented at the JPM conference this year showed that SSGJ-707 achieved an objective response rate (ORR) of 70.8% and a disease control rate (DCR) of 100% in the second phase of clinical trials for first-line PD-L1 positive NSCLC. In combination with chemotherapy, SSGJ-707 demonstrated an ORR of 81.3% for squamous NSCLC and 58.3% for non-squamous NSCLC, with a DCR of 100% for both.

Pfizer's decision to partner with Innovent Biologics, rather than further deepening its collaboration with Summit Therapeutics, is driven by the stringent drug pricing environment in the United States. The Inflation Reduction Act (IRA) and broader drug pricing control measures, including the Most Favored Nation (MFN) clause, have significantly impacted the business development strategies of multinational corporations (MNCs). These policies require MNCs to consider both the clinical and economic value of drugs when making commercialization decisions. Summit Therapeutics' acquisition of AK112 from Kintor Pharmaceuticals, with a total deal value of 500 million dollars, including a 50 million dollar upfront payment and potential milestone payments, highlights the high valuation and competitive landscape in the PD-1/VEGF dual antibody market.

Pfizer's investment in Innovent Biologics is a strategic move to capitalize on the potential of SSGJ-707, which has shown strong clinical efficacy and safety data. The partnership allows Pfizer to leverage Innovent Biologics' expertise in developing and commercializing innovative biologics, while also benefiting from the strong clinical data and regulatory support for SSGJ-707. This deal is expected to enhance Pfizer's presence in the global PD-1/VEGF dual antibody market and provide a competitive edge against other players in the field.

For Innovent Biologics, the partnership with Pfizer represents a significant milestone in its growth and development. The collaboration provides Innovent Biologics with access to Pfizer's global clinical development and commercialization capabilities, enabling the company to accelerate the global development and commercialization of SSGJ-707. The partnership also provides Innovent Biologics with a significant financial investment, which will support the company's ongoing research and development efforts.

In summary, Pfizer's investment in Innovent Biologics is a strategic move to enhance its presence in the global PD-1/VEGF dual antibody market. The partnership leverages the strong clinical data and regulatory support for SSGJ-707, while also providing Innovent Biologics with access to Pfizer's global clinical development and commercialization capabilities. This deal is expected to enhance Pfizer's competitive position in the oncology immunotherapy sector and provide a significant financial investment for Innovent Biologics.