BUSINESS

Innovent Strikes $11.4 Billion Cancer Drug Deal With Takeda

Published: Oct. 24, 2025 3:28 a.m. GMT+8

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Innovent Biologics Inc. will receive a $100 million strategic equity investment from Takeda Pharmaceutical Co. Ltd.

Hong Kong-listed Innovent Biologics Inc. has formed a global partnership with Japan’s Takeda Pharmaceutical Co. Ltd. to co-develop three cancer drugs, securing a $1.2 billion upfront payment in a deal valued at up to $11.4 billion.

The agreement, announced Wednesday, includes a $100 million strategic equity investment from Takeda in Innovent at a 20% premium and covers three of Innovent’s oncology assets: the Phase III bispecific antibody IBI363, the Phase III antibody-drug conjugate (ADC) IBI343, and the Phase I bispecific ADC IBI3001.

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Innovent Biologics and Takeda Pharmaceutical entered a global oncology partnership worth up to $11.4 billion, including a $1.2 billion upfront payment.
The collaboration covers co-development and commercialization of three cancer drugs, with Takeda investing $100 million in Innovent at a 20% premium.
Innovent’s 2025 H1 revenue grew over 50% to 6 billion yuan ($842 million), with its first annual adjusted profit reported in 2024.

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Who’s Who

Innovent Biologics Inc.: Innovent Biologics Inc. is a Hong Kong-listed company that formed a global partnership with Takeda Pharmaceutical Co. Ltd. to co-develop three cancer drugs. This collaboration involves a $1.2 billion upfront payment to Innovent, a $100 million strategic equity investment from Takeda, and is valued at up to $11.4 billion. The partnership aims for Innovent to expand globally and gain overseas commercialization experience.

Takeda Pharmaceutical Co. Ltd.: Takeda Pharmaceutical Co. Ltd. (武田药品工业株式会社) is a Japanese company that has formed a global partnership with Innovent Biologics Inc. They are co-developing three cancer drugs, with Takeda providing significant upfront payment and strategic equity investment. Takeda will hold commercialization rights for one drug outside Greater China and the U.S., and exclusive global rights for another outside Greater China.

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