Innovent Biologics shares rise 10% after pact with Pfizer of up to $10.5 billion
Innovent Biologics' shares increased by 10% following a significant partnership with Pfizer to develop oncology medicines. The agreement includes licensing, co-development, and co-commercialization of a portfolio of cancer treatments, with Innovent retaining rights in Greater China. The deal is valued at up to $10.5 billion, including an upfront payment and potential milestone payments.
- ▪Innovent Biologics shares rose 10% after a deal with Pfizer.
- ▪The partnership involves the development of 12 early-stage cancer medicines.
- ▪Innovent will receive an upfront payment of $650 million and could earn up to $9.85 billion in milestone payments.
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Shares of Innovent Biologics rose 10% after the company entered into a deal with pharmaceutical giant Pfizer to develop oncology medicines. The partnership, which includes licensing, co-development, and co-commercialization opportunities across a diverse portfolio of antibody-drug conjugates, will involve the research and development of 12 breakthrough early-stage and de novo cancer medicines, the company said in a filing. Innovent will develop four global programs with Pfizer, sharing costs. In addition, the Hong Kong-listed biotech company will co-commercialize with Pfizer in the U.S. and Europe and share profits, though Innovent will retain rights to these programs in the Greater China market.
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