CHINA

Innovent Deepens Eli Lilly Tie-Up With Potential $8.9 Billion Drug Deal

Published: Feb. 10, 2026 11:50 p.m. GMT+8

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Innovent Biologics announced a strategic partnership with Eli Lilly on Feb. 8. Photo: VCG

Chinese biotech upstart Innovent Biologics Inc. has deepened its long-standing collaboration with Eli Lilly and Co., securing a $350 million upfront payment in a deal to develop new drugs with a potential value of up to $8.9 billion.

Hong Kong–listed Innovent announced the strategic partnership Sunday. Under the agreement, Innovent will lead research and development of innovative therapies for cancer and autoimmune diseases — from discovery through completion of Phase 2 clinical trials — on the Chinese mainland, according to a company filing.

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Innovent Biologics secured a $350 million upfront payment from Eli Lilly in a new drug development deal potentially worth up to $8.9 billion.
Innovent leads R&D in China, while Lilly gains exclusive rights outside Greater China; Innovent also inked a $1.2 billion deal with Takeda in 2025.
Innovent’s 2025 revenue rose about 45% to 11.9 billion yuan ($1.7 billion), buoyed by domestic and international partnerships.

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Who’s Who

Innovent Biologics Inc.: Innovent Biologics Inc. is a Chinese biotech company that has significantly deepened its collaboration with Eli Lilly and Co. with a $350 million upfront payment and a potential value of up to $8.9 billion. This marks their seventh partnership, focusing on developing cancer and autoimmune disease treatments. Innovent will retain rights in Greater China, while Eli Lilly gains exclusive rights elsewhere. The company also reported strong financial growth in 2025 with 11.9 billion yuan in product revenue.

Eli Lilly and Co.: Eli Lilly and Co., a pharmaceutical giant, has a long-standing collaboration with Chinese biotech Innovent Biologics Inc. They recently signed a deal for Innovent to develop new drugs for cancer and autoimmune diseases, with Eli Lilly gaining exclusive rights outside Greater China. This partnership, including their collaboration on the metabolic drug mazdutide, highlights Eli Lilly's involvement in global drug development and its strategy in the Chinese market.

Takeda Pharmaceutical Co. Ltd.: Takeda Pharmaceutical Co. Ltd. (武田药品工业株式会社) is a company that entered into a significant agreement with Innovent Biologics Inc. in October 2025. This deal involved jointly developing three oncology candidates, with an upfront payment of $1.2 billion and a potential value of up to $11.4 billion. This collaboration highlights Innovent's strategy of international partnerships for drug development.

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What Happened When

June 2012：: Lilly Asia Ventures was an early investor in Innovent, backing the company in its Series B financing.

2015：: Innovent and Eli Lilly signed their first drug-development partnerships focused on oncology assets.

2019：: Innovent licensed the metabolic drug mazdutide from Eli Lilly.

2020：: Innovent licensed ex-China rights to sintilimab to Eli Lilly in a bid to enter the U.S. market.

March 2022：: The U.S. Food and Drug Administration rejected the application for sintilimab.

After March 2022：: Eli Lilly returned the overseas rights to sintilimab to Innovent.

June 2025：: Mazdutide was approved for weight loss in China.

October 2025：: Innovent and Takeda Pharmaceutical Co. Ltd. reached an agreement to jointly develop three oncology candidates.

By February 4, 2026：: Innovent reported total product revenue in 2025 reached about 11.9 billion yuan ($1.7 billion), roughly a 45% increase from 2024; fourth-quarter product revenue rose more than 60% to 3.3 billion yuan.

For 2026：: Six newly launched drugs from Innovent were added to the national medical insurance program, requiring price cuts.

Sunday, February 8, 2026：: Innovent announced a strategic partnership with Eli Lilly, securing a $350 million upfront payment in a deal with a potential value up to $8.9 billion.