Zhao Yin International has published a research report indicating that INNOVENT BIO (01801) has entered into a global strategic partnership with Takeda Pharmaceutical Co Ltd, covering several key oncology assets, including the next-generation IO cornerstone therapy IBI363. The collaboration also encompasses licensing agreements for projects IBI343 and IBI3001. Zhao Yin International expressed optimism about the further global development of IBI363 and IBI343. In light of this new collaboration, the target price for INNOVENT BIO has been increased from HKD 109.48 to HKD 110.62, while maintaining a "Buy" rating.

INNOVENT BIO will receive a total of USD 1.2 billion in upfront payments, which includes a USD 100 million equity investment at a price of HKD 112.56 per share. The deal also includes potential milestone payments, bringing the total value to USD 11.4 billion, in addition to extra licensing fees. Zhao Yin International noted that INNOVENT BIO aims to evolve into a fully integrated biopharmaceutical company with global R&D and commercial capabilities, targeting at least five assets to enter global Phase III multi-regional clinical trials (MRCTs) by 2030.

INNOVENT BIO has established a discovery research laboratory in the U.S. and plans to expand its U.S. R&D team to 100-200 members by 2026. Although the associated investments are expected to be substantial, if successfully executed, the long-term strategy and commercial prospects will be significant. As of June 2025, INNOVENT BIO's financial position remains robust, with cash reserves of USD 2.1 billion, providing a strong financial foundation for its global ambitions.