HQ Team
October 22, 2025: China’s Innovent Biologics and Takeda Pharmaceutical Co. announced a $11.4 billion licensing deal, which will enable the former to speed up the development of its immuno-oncology and antibody-drug conjugate cancer therapies.
Japan’s Takeda will receive global rights to two next-generation late-stage investigational medicines, outside of Greater China, and an exclusive option to license global rights to an early-stage program, according to a Takeda statement.
The partnership “aims to leverage key synergies and accelerate the global development of several investigational medicines within Innovent’s immuno-oncology and ADC pipeline,” including IBI363, a therapy in end-stage trials to fight tumour, and IBI343, an antibody-drug conjugate, according to an Innovent statement.
The IBI363 aims to explore and maximise the potential of Innovent’s late-stage investigational medicine for non-small cell lung cancer and colorectal cancer, with potential in solid tumour types. IBI343 is being evaluated in gastric and pancreatic cancers.
Upfront payment
Takeda plans to set up manufacturing facilities for these investigational medicines in the US.
Takeda will pay Innovent an upfront payment of $1.2 billion, and the Chinese company is eligible for development and sales milestone payments totalling up to about $10.2 billion, for a total deal value of up to $11.4 billion.
Innovent will also receive potential royalty payments for each molecule outside Greater China, except with respect to IBI363 in the U.S., where the parties will share profits or losses.
Takeda would invest $100 million in Innovent through a subscription, wherein Innovent will issue shares for HK$112.56 a share.
Oncology portfolio
“IBI363 and IBI343, two next-generation investigational medicines, have the potential to address critical treatment gaps for patients with a range of solid tumours,” said Teresa Bitetti, President, Global Oncology Business Unit, Takeda.
“These two programs have the potential to be transformative for our oncology portfolio and significantly enhance Takeda’s growth potential post-2030.”
The upfront payment will be funded through cash on hand. Innovent will also be eligible for potential milestones and royalty payments, and a profit or loss split of 60:40 (Takeda/Innovent) of IBI363 in the US, where Takeda will lead the commercialisation effort, while Innovent will have a co-commercialisation right.
Taken may also consider licensing Innovent’s investigational antibody-drug conjugate IBI3001. If it chooses to do so, it will take over global development, production, and marketing of IBI3001 outside of Greater China, and Innovent will handle all clinical trials.
`Limited options’
The drug aims to target two cancer markers, EGFR and B7H3, at the same time and is currently in an early-stage clinical trial for patients with advanced or metastatic solid tumours in the US, China, and Australia.
If Takeda exercises the option for IBI3001, Innovent will be eligible for an option exercise fee and additional potential milestone and royalty payments.
“These investigational therapies, featuring innovative mechanisms of action, have shown promise for patients who currently have limited treatment options,” said Dr Hui Zhou, Chief R&D Officer for Oncology Pipeline at Innovent Biologics.
