Innovent Biologics' stock plummeted 5.01% during intraday trading on Tuesday, as the biotech company faced selling pressure amid regulatory uncertainty surrounding its landmark collaboration with Pfizer.

The decline follows market concerns about the regulatory approval required for Innovent's $10.5 billion global strategic collaboration with Pfizer, which covers 12 early-stage oncology programs. Investors are particularly worried about potential tightening of biomedical technology out-licensing regulations under the COINS Act framework, which could impact the deal's completion.

The broader biotech sector also experienced significant selling pressure during the session, with multiple peers including Akeso, 3SBio, BeiGene, SKB Bio, and Remegen all declining sharply, creating systemic drag on Innovent's stock performance.