(Reuters) -China’s Innovent Biologics said on Wednesday it had signed an $11.4 billion deal with Japan’s Takeda Pharmaceutical Co to accelerate the development of its immuno-oncology and antibody-drug conjugate cancer therapies.
Under the agreement, Innovent is set to receive a $1.2 billion upfront payment from a unit of Takeda. It is also eligible for potential milestone payments totalling up to $10.2 billion, bringing the total deal value to $11.4 billion.
The Takeda unit has also agreed to invest $100 million in the Chinese innovative medicines developer and producer through a subscription, wherein Innovent will issue shares at a price of HK$112.56 apiece.
The collaboration also aims to explore and maximise the potential of Innovent’s late-stage investigational medicine for non-small cell lung cancer and colorectal cancer.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Subhranshu Sahu)
