Pfizer signs potential $10.5bn oncology licencing deal with China’s Innovent

The US pharmaceutical giant will pay $650m upfront to support 12 cancer medicine programmes with HKEX-listed Innovent; the collaboration includes co-commercialisation rights in the US and Europe.
May 29, 2026

US pharmaceutical giant Pfizer has entered into a global licencing agreement with Innovent Biologics (Innovent), a Chinese biopharmaceutical company listed on the Hong Kong Stock Exchange (HKEX), with the aim of accelerating the development of innovative oncology medicines, according to a May 28 announcement.

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