Innovent (01801.HK) rises 11% on Pfizer $PFE pact worth up to $10.5B

11% was the Hong Kong move in Innovent Biologics (01801.HK) after Pfizer $PFE agreed to a global oncology collaboration worth up to $10.5B. The transaction clears the $500M Tier-1 threshold and includes 12 early-stage and de novo cancer medicines.

Pfizer's press release puts the upfront payment at $650M and potential development, regulatory, and commercial milestones at up to $9.85B. MarketScreener reported that Innovent shares rallied 11% in Hong Kong, on pace for the company's largest one-day gain in a year.

Deal item | Figure
Total potential value | Up to $10.5B
Upfront payment | $650M
Potential milestones | Up to $9.85B
Programs | 12 cancer medicines

The market stake is the valuation of China-origin oncology pipelines in global pharma portfolios. The collaboration covers antibody-drug conjugates and multi-specific antibodies, giving Pfizer access to early assets while Innovent receives non-dilutive capital and global development reach. The next checkpoints are regulatory clearance, program selection, and the first clinical milestone disclosures.

Not investment advice. Verify all figures with primary sources before acting.