By Katherine Hamilton

Pfizer and Innovent Biologics signed a licensing agreement to research and develop 12 cancer medicines.

The agreement includes licensing, co-development and co-commercialization across the antibody-drug conjugates, the drug companies said Thursday.

Of the drug programs, eight are Innovent-originated, early-stage programs and four are Pfizer-proposed discovery programs.

The companies will share costs for select programs as they advance them through clinical development.

Innovent will conduct development through Phase 1, after which Pfizer will lead future global development.

Innovent will receive $650 million upfront payment and is eligible for up to $9.85 billion in development, regulatory and commercial milestone payments. It will also get up to double-digit royalties on sales of each licensed product if approved.

For four of the programs, Pfizer will cover all development costs and receive exclusive licenses. For another four, it will cover most of the costs and have a license for markets outside Greater China.

For the final four, the two companies will share costs and co-commercialize the programs in the U.S. and Europe. They will also share profits, while Innovent will retain rights in Greater China to the four programs.

The deal is set to close in the third quarter, subject to regulatory approvals.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

May 28, 2026 19:13 ET (23:13 GMT)

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