INNOVENT BIO (01801) announced on October 22, 2025 (Hong Kong time) the establishment of a global strategic partnership with Takeda Pharmaceutical Co Ltd (via its wholly-owned subsidiary, Takeda Pharmaceuticals International AG) aimed at accelerating the development of its next-generation IO and ADC therapies, as well as expanding its global market value. The collaboration encompasses two late-stage clinical therapies, IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), as well as an early-stage research project, IBI3001 (EGFR/B7H3 ADC).

Under the partnership, INNOVENT BIO and Takeda Pharmaceutical Co Ltd will jointly develop the next-generation cornerstone therapy, IBI363, on a global scale, with plans to co-commercialize it in the U.S. Takeda will lead the relevant initiatives under a joint governance and collaborative development framework, while INNOVENT BIO grants Takeda commercialization rights for IBI363 outside of Greater China and the U.S. Additionally, INNOVENT BIO provides Takeda with exclusive rights for IBI343 (CLDN18.2 ADC) outside Greater China and exclusive option rights for IBI3001 (EGFR/B7H3 ADC) outside Greater China.

The agreement includes an upfront payment of $1.2 billion, which comprises a $100 million strategic equity investment through a subscription agreement. The subscription price represents a 20% premium over the weighted average closing price of the shares for the 30 trading days prior to the subscription agreement date. INNOVENT BIO is also entitled to potential milestone payments totaling up to $10.2 billion, with the total value of the collaboration potentially reaching $11.4 billion. The company will receive a potential sales share for each candidate drug outside Greater China, except IBI363 in the U.S., where both parties will adopt a profit-sharing model.

As part of the collaboration, Takeda Pharmaceuticals International AG (the subscriber) has entered into a share issuance agreement with INNOVENT BIO, under which the subscriber has agreed to invest in shares via a subscription. INNOVENT BIO has agreed to issue and allot the subscribed shares. The subscription shares will be issued in cash at the price of HKD 112.56 per share, equivalent to a total value of $100 million. Upon completion, the subscriber agrees to subscribe for and receive a total of 6.9138 million shares, which will be issued under the general mandate.

INNOVENT BIO will apply to the Stock Exchange for the approval of the listing and trading of the subscription shares. The net proceeds from the issuance will be utilized as follows: (i) 80% for R&D of multiple clinical and preclinical projects in the company's global pipeline; and (ii) 20% for general corporate purposes. The board believes that the strategic collaboration with Takeda Pharmaceutical Co Ltd is an important step in driving the company’s long-term development and in achieving its mission to "grow into an international first-class biopharmaceutical enterprise." This partnership will leverage the company's expertise and extensive experience in IO and ADC fields alongside Takeda's rich experience and strong capabilities in global oncology drug development and commercialization.

Both parties will work through a collaborative development plan to accelerate the entry of INNOVENT BIO's next-generation high-potential oncology therapies into the global market, benefiting patients worldwide and maximizing product value. Furthermore, this partnership (including the "joint development and co-commercialization" arrangement for IBI363) will help INNOVENT BIO expand its global footprint and gradually establish R&D and commercialization platform capabilities in key international markets, maximizing long-term sustainable value, including economic returns, global influence, and industry reputation. The equity investment by Takeda Pharmaceuticals International AG will allow INNOVENT BIO to raise additional funds at a price determined by adding a 20% premium to the weighted average closing price of the shares for the 30 trading days preceding the share issuance date. This premium equity investment signifies Takeda's recognition of INNOVENT BIO's long-term growth potential.