China Galaxy Securities released a research report stating that INNOVENT BIO (01801) has become a leading domestic Biopharma integrating innovative drug R&D, production, and commercialization. The company maintains a solid leadership position in oncology while continuously driving growth, and its diversified pipeline breakthroughs are expected to fuel a second growth curve, providing long-term development potential.

The firm forecasts INNOVENT BIO's 2025-2027 revenue at RMB 11.891 billion, RMB 14.836 billion, and RMB 20.029 billion, respectively, with net profits attributable to shareholders of RMB 824 million, RMB 1.378 billion, and RMB 2.059 billion. It reiterates a "Buy" rating.

Key highlights from China Galaxy Securities include:

On October 22, 2025, INNOVENT BIO entered a global strategic collaboration with Takeda Pharmaceutical to accelerate the global deployment of next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) therapies. The partnership covers three products—IBI363 (PD-1/IL-2α), IBI343 (CLDN18.2 ADC), and IBI3001 (EGFR/B7H3 ADC)—with INNOVENT receiving a $1.2 billion upfront payment (including a $100 million premium strategic equity investment) and potential milestone payments, bringing the total deal value up to $11.4 billion. The company will also earn post-launch commercial sales royalties.

**Co-development of IBI363 with Takeda: A Potential Next-Generation IO Cornerstone** INNOVENT and Takeda will jointly develop IBI363 globally, sharing costs in a 40/60 split (INNOVENT/Takeda). In the U.S., profits will be split 40/60 under Takeda’s leadership, while INNOVENT retains commercialization rights in Greater China and grants Takeda ex-U.S. rights in exchange for potential R&D/sales milestones and high single- to double-digit royalties.

At the 2025 ASCO conference, IBI363 demonstrated strong efficacy in immune-resistant NSCLC (squamous), with a 36.7% confirmed ORR, median PFS of 9.3 months, and 12-month OS rate of 70.9%. A global Phase III trial for this indication will launch soon. Post-deal, the partners will prioritize global development for first-line NSCLC and CRC, with plans to expand into additional indications.

**Licensing IBI343 and IBI3001 Overseas Rights to Takeda: Building Best-in-Class ADCs** INNOVENT granted Takeda exclusive rights to IBI343 (excluding Greater China), securing milestone payments and tiered royalties up to the mid-teens percentage. Takeda will advance global development, focusing on first-line gastric and pancreatic cancers. IBI343 is currently in Phase III trials in China and Japan for gastric cancer, with a global Phase I/II study for PDAC completed.

Additionally, INNOVENT granted Takeda an option for ex-Greater China rights to early-stage candidate IBI3001. If exercised, INNOVENT will receive an option fee, milestone payments, and royalties up to the mid-teens percentage.