Innovent (HK:1801) Shares Rise 10% After $10.5 Billion Pfizer Deal

AI Summary

Shares of Innovent Biologics (HK:1801) increased by 10% following a deal with Pfizer valued up to $10.5 billion for the development of oncology medicines. The agreement includes an upfront payment of $650 million and up to $9.85 billion in milestone payments. Innovent will collaborate on four global programs, co-commercializing in the U.S. and Europe while retaining rights in Greater China. These developments come as partnerships between biotech and pharmaceutical firms are critical in addressing oncology disease concerns globally.