Pfizer and Innovent Biologics have entered into a global strategic licensing and collaboration agreement to support the research and development of 12 early-stage cancer medicines. The partnership covers antibody-drug conjugates (ADCs) with novel payloads and multi-specific antibodies designed to improve immune system targeting in cancer treatment.

The collaboration combines Pfizer’s global research, clinical development, regulatory and commercial capabilities with Innovent’s expertise in oncology discovery and early clinical development.

The agreement includes 12 programmes, consisting of eight early-stage programmes developed by Innovent and four discovery-stage programmes proposed by Pfizer. The companies will jointly develop selected programmes and share development costs as the candidates progress through clinical studies.

Under the agreement, Innovent will lead development of the programmes through Phase 1 clinical trials using its discovery platform and early-stage clinical capabilities. Pfizer will then oversee further global development activities.

The licensing and commercial structure includes three parts. Pfizer will receive exclusive global rights for four programmes and will cover all global development costs. The company will also receive exclusive rights outside Greater China for another four programmes and will fund most development expenses. The remaining four programmes will be jointly developed worldwide, with both companies sharing development costs. These programmes will also be co-commercialised in the United States and Europe, while Innovent will retain rights in Greater China.

As part of the financial agreement, Innovent will receive an upfront payment of $650 million. The company could also receive up to $9.85 billion in development, regulatory and commercial milestone payments. In addition, Innovent will be eligible for double-digit royalties on sales of approved licensed products. For jointly developed and commercialised programmes, Pfizer and Innovent will share profits in the US and Europe.

The transaction is expected to close in the third quarter, subject to regulatory approvals.

 

Source: businesswire.com

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