Innovent Biologics Inc. has announced a collaboration agreement with Takeda, under which Takeda will pay Innovent an upfront payment of US$1.2 billion, including a US$100 million equity investment at a 20% premium to Innovent's 30-day weighted average share price. The total deal value may reach up to US$11.4 billion, including development and sales milestone payments for investigational medicines IBI363, IBI343, and IBI3001, as well as potential royalties. Innovent and Takeda will co-develop and co-commercialize IBI363 in the U.S., sharing development costs and profits or losses at a 40/60 split (Innovent/Takeda). Takeda will also have an exclusive option to license global rights for IBI3001 outside Greater China. Morgan Stanley Asia Limited is acting as Innovent's exclusive financial advisor for the transaction.