Innovent, Takeda Close $11.4 Bln Collaboration To Advance Next-Generation IO And ADC Therapies

Innovent Biologics (IVBXF,1801.HK) announced that its global strategic collaboration with Takeda (4502.T,TAK) has officially closed and become effective following the satisfaction of all closing conditions. The partnership, first announced on October 22, 2025, is designed to accelerate the worldwide development and commercialization of Innovent's next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) therapies. This includes a global partnership on IBI363 (PD-1/IL-2a-bias), IBI343 (CLDN18.2 ADC), and an option for the early-stage program IBI3001 (EGFR/B7H3 ADC).

Under the agreement, Innovent and Takeda will co-develop IBI363 globally and co-commercialize the therapy in the U.S., with Takeda leading efforts under joint governance and an aligned development plan. Innovent has granted Takeda exclusive commercialization rights for IBI363 outside Greater China and the U.S., while Takeda also holds global manufacturing rights to supply the therapy outside Greater China. In the U.S., manufacturing rights will be co-exclusive between the two companies.

Takeda has also secured exclusive global rights to develop, manufacture, and commercialize IBI343 outside Greater China. Additionally, Takeda receives an exclusive option to license global rights for IBI3001, a first-in-class EGFR/B7H3 bispecific ADC currently in Phase 1, outside Greater China.

Financial terms of the collaboration include an upfront payment of US$1.2 billion from Takeda to Innovent, which incorporates a US$100 million equity investment in Innovent through new share issuance at a premium price of HK$112.56 per share.

Innovent is further eligible for development and sales milestone payments across IBI363, IBI343, and IBI3001 (if the option is exercised), totaling up to approximately US$10.2 billion. This brings the overall deal value to as much as US$11.4 billion. Innovent will also receive potential royalty payments for each molecule outside Greater China, except for IBI363 in the U.S., where profits and losses will be shared between Innovent and Takeda on a 40/60 basis.

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