Pfizer continues its dealmaking spree by striking a back-heavy partnership with China’s Innovent Biologics to assemble a pipeline of antibody-based therapies for cancer.
Pfizer is teaming up with China’s Innovent Biologics to advance a broad pipeline of cancer therapies, continuing the New York pharma’s recent dealmaking spree.
Under the terms of the agreement, announced late on Thursday, Pfizer will make a $650 million upfront payment and offer up to $9.85 billion in development, regulatory and commercial milestones. The companies expect to close the deal in the third quarter.
Pfizer and Innovent will advance a pipeline of 12 novel therapies across a wide range of oncology indications, though the partners haven’t yet specified what types of cancer they plan to target.
Innovent will contribute eight assets. Pfizer will have an exclusive worldwide license to four, while its ownership over the other four will apply only outside the Greater China region. The pharma will be the major funder of all eight programs.
For its part, Pfizer will throw four of its own assets into the pot. The companies will co-develop and co-commercialize these molecules, splitting development costs. U.S. and Europe profits from these products will be shared between the companies, while Innovent will have Greater China rights to these programs.
All 12 programs are early-stage therapies based on antibodies, including antibody-drug conjugates (ADCs) and multi-specific antibodies that can engage the immune system, according to Thursday’s announcement.
The Innovent partnership presents “an opportunity not only to strengthen our pipeline, but to accelerate the delivery of breakthroughs that can redefine standards of care,” Pfizer’s Chief Oncology Officer Jeff Legos said in a statement.
Pfizer is looking out to 2029 as a key turning point. In the interim, the pharma is investing heavily into its pipeline through big-ticket deals, not unlike the Innovent commitment.
Perhaps most notable of these deals, however, is the pharma’s recent $9.8 billion pickup of obesity star Metsera, gaining entry into the lucrative and increasingly competitive weight-loss arena. Pfizer in February released the first readout from Metsera’s pipeline since the buyout, touting a 12.3% placebo-adjusted weight reduction at 28 weeks.
Leading up to the Metsera acquisition, the pharma in May last year entered into a licensing agreement with 3SBio, fronting $1.25 billion and promising up to $4.8 billion in milestones. This deal gave Pfizer an investigational PD-1/VEGF bispecific antibody for cancer.
Other recent Pfizer partnerships include Sciwind Biosciences, YaoPharma and Novavax.
