China-based Innovent Biologics has confirmed the closure of its previously announced global strategic collaboration with Japan’s Takeda, aimed at accelerating the development and commercialisation of next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) therapies. The agreement, first revealed on 22 October 2025, is now effective following the completion of all closing conditions.

The partnership covers two key late-stage programmes — IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC) — and includes an option for an early-stage programme IBI3001 (EGFR/B7H3 ADC).

Dr. Hui Zhou, Chief R&D Officer for Oncology Pipeline at Innovent, said, "IBI363 and IBI343 represent our next-generation therapies designed to address critical unmet needs in global cancer treatment. With clear, aligned development plans, Innovent's deep understanding of these assets, combined with Takeda's extensive experience and strong development and commercialisation capabilities, we are poised to maximize the clinical potential of these assets across multiple indications. We look forward to the collaboration with our partner going forward."

Under the deal, Innovent and Takeda will co-develop IBI363 globally, and co-commercialise IBI363 in the US, with Takeda leading the co-development and co-commercialisation efforts under joint governance and an aligned development plan. In addition, Innovent has granted Takeda exclusive commercialisation rights for IBI363 outside Greater China and the US. Takeda has global manufacturing rights to supply IBI363 outside of Greater China, with such rights being co-exclusive with Innovent for commercial supply in the US.

For IBI343, Takeda gains exclusive global development, manufacturing, and commercialisation rights outside Greater China. The company also secures an exclusive option to license global rights for IBI3001, a first-in-class EGFR/B7H3 bispecific ADC in Phase 1 stage, outside Greater China.

As part of the agreement, Takeda will pay Innovent an upfront payment of USD1.2 billion, including a USD100 million equity investment at HKD112.56 per share. Innovent is eligible for development and sales milestone payments for IBI363, IBI343, and IBI3001 (if option exercised) totaling up to approximately USD10.2 billion, for a total deal value of up to USD11.4 billion. In addition, Innovent will receive potential royalty payments for each molecule outside Greater China, except with respect to IBI363 in the US, where the parties will share profits or losses (40/60 Innovent/Takeda).