According to Haitong International's research report, Innovent Biologics (01801) has established a global strategic partnership with Takeda Pharmaceutical Co Ltd, encompassing two late-stage therapies, IBI363 (PD-1/IL-2α-bias), IBI343 (CLDN18.2 ADC), and an early-stage project, IBI3001 (EGFR/B7H3 ADC). Innovent will receive a $1.2 billion upfront payment (including a $100 million strategic equity investment), with potential milestone payments that could total up to $10.2 billion, along with potential sales shares (except for IBI363, where the two parties will share profit loss in the U.S. market). The firm is optimistic about IBI363's potential as a next-generation cornerstone treatment for tumors, expecting it will continually expand treatment boundaries and represent a significant future market opportunity. The global IO responder population is approximately 1.5 million, corresponding to a $50 billion hot tumor market. If expanded to the IO-resistant population (around 1 million) and cold tumor population (about 1.4 million), the market potential could rise to $150-$200 billion. As a "next-generation" PD-1, IBI363 employs dual activation and an α bias detoxification mechanism, which is expected to surpass IL-2 dosage limitations. Currently, IBI363 has accumulated clinical data from over 1,200 patients. Innovent and Takeda plan to lead the global development of IBI363 in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), including expansion into first-line indications for NSCLC and CRC; furthermore, both parties intend to expand IBI363 into additional indications in clinical development shortly. The first global Phase 3 clinical trial (MarsLight-11) for IBI363 has been approved by the FDA, targeting IO-resistant squamous non-small cell lung cancer (sqNSCLC) patients. This study will assess the efficacy and safety of IBI363 at a dose of 3 mg/kg compared to paclitaxel in treating sqNSCLC patients who have progressed after platinum-based chemotherapy and anti-PD-1/PD-L1 immunotherapy. The primary endpoint of the study is overall survival (OS). The collaborative development and commercialization model will help Innovent accumulate experience in building a global clinical and commercialization team. The firm believes this partnership will leverage Innovent's domestic development efficiency in China and Takeda's international development capability. Takeda invests approximately $5 billion annually in R&D and has a clinical team of 4,500 people, possessing extensive clinical and commercialization experience in oncology and immunotherapy. This collaboration will assist Innovent in expanding its global footprint, gradually establishing R&D and commercialization platform capabilities in core international markets, and maximizing sustainable long-term value.