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Innovent Biologics has entered into a groundbreaking licensing agreement, granting Takeda Pharmaceutical rights to three of its upcoming cancer treatments. This partnership could be valued at up to $11.4 billion, marking a significant milestone for the Chinese biopharmaceutical sector.
The two companies will collaborate on the development of IBI363, an innovative immuno-oncology therapy currently in Phase III trials. They will also jointly handle the commercialization of this drug in the United States. Takeda will take the lead on development and sales in the US, and will hold exclusive rights outside of China and the US.
Additionally, Innovent will transfer exclusive rights outside China to IBI343, an antibody-drug conjugate also in Phase III, and will offer an exclusive option for IBI3001, a bispecific ADC currently in Phase I trials.
Under this agreement, Takeda will make an initial payment of $1.2 billion, which includes a strategic equity investment of $100 million at a premium. The deal also includes potential milestone payments and royalties that could bring the total value to as much as $11.4 billion.
Developing new immune-oncology and ADC therapies is viewed as a key strategy for transforming global cancer treatment. Takeda’s extensive expertise in development and commercialization is expected to accelerate bringing these promising drugs to patients around the world.
Since the start of this year, China’s innovative pharmaceutical industry has experienced rapid growth in global expansion efforts. Licensing agreements signed within the first half of the year surged by 129%, reaching a total value of $60 billion—already surpassing last year’s full-year figures, according to data from Pharmcube.
Founded in 2011, Innovent offers a portfolio of 16 products spanning cancer, autoimmune diseases, metabolic disorders, and other fields. Its financial performance for the first half of the year showed a net profit of CNY834 million ($117 million), a sharp improvement from a loss of CNY393 million the previous year. Revenue also increased by 51%, hitting CNY6 billion ($840 million).
Despite the positive financial results, Innovent’s stock price in Hong Kong slipped 2% to HKD85.20 ($10.96) per share today, after opening nearly 10% higher. The broader Hang Seng Index declined by 0.9%.
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