US$11.4 Billion Deal: Innovent Biologics (Xìn Dá Shēng Wù 信达生物, 01801.HK) and Takeda (Wǔ Tián Zhì Yào 武田制药) Announce Global BD Collaboration to Co‑develop Three Oncology Candidates

US$11.4 Billion Deal headlines a major biotech partnership that reshapes outbound Chinese BD activity in 2025.

Deal snapshot — headline economics and structure

Today Innovent Biologics (Xìn Dá Shēng Wù 信达生物, 01801.HK) announced a global strategic collaboration with Takeda Pharmaceutical Company Limited (Wǔ Tián Zhì Yào 武田制药, Takeda).

The agreement includes a US$1.2 billion (¥8.76 billion RMB) upfront payment — which incorporates a US$100 million (¥730 million RMB) strategic equity investment — plus up to US$10.2 billion (¥74.46 billion RMB) in potential development and commercial milestones.

The total deal value can reach up to US$11.4 billion (¥83.22 billion RMB).

All currency conversions in this article use a working rate of US$1 = ¥7.30 RMB; HK$ conversions use HK$1 = ¥0.93 RMB for transparency.

Which assets are included

• IBI363 — described by Innovent as a next‑generation IO (immuno‑oncology) backbone candidate: PD‑1 / IL‑2α‑bias molecule.
• IBI343 — a CLDN18.2 ADC (antibody‑drug conjugate).
• IBI3001 — an EGFR / B7H3 ADC (with an exclusive option outside Greater China for Takeda).

Scope, governance and commercialization rights

Under the agreement, Innovent and Takeda will jointly develop IBI363 globally and co‑commercialize it in the United States.

Takeda will lead development under a jointly agreed governance and coordinated development plan.

Commercial rights breakdown:

• Innovent grants Takeda commercialization rights for IBI363 outside Greater China and the U.S.
• Innovent grants Takeda exclusive rights for IBI343 outside Greater China.
• Innovent grants Takeda an exclusive option for IBI3001 outside Greater China.

Financial and equity components — the numbers

Key financial terms disclosed:

• Upfront payment to Innovent: US$1.20 billion (¥8.76 billion RMB), which includes a US$100 million (¥730 million RMB) strategic equity investment by Takeda through its affiliate TAKeda Pharmaceuticals International AG.
• Potential additional milestone payments: up to US$10.20 billion (¥74.46 billion RMB).
• Total potential deal value: up to US$11.40 billion (¥83.22 billion RMB).

Takedas affiliate agreed to acquire 6,913,800 Innovent shares at HK$112.56 per share (approximately HK$778,219,328, which equals roughly ¥723,743,975 RMB / about US$99.11 million under the conversion assumptions above).

The announced equity figure is described in the release as US$100 million (¥730 million RMB) on an announced basis.

The per‑share price represented a ~29.5% premium to the previous close of HK$86.90.

Clinical plan and strategic focus for IBI363

Both parties plan to accelerate global development of IBI363 leveraging existing clinical data.

Innovent has reportedly enrolled >1,200 patients across IBI363 studies to date.

Initial global development will prioritize non‑small cell lung cancer (NSCLC) and colorectal cancer (CRC), with emphasis on first‑line indications.

The partners also plan to expand into additional indications in the near term.

Why Takeda and Innovent say the deal makes strategic sense

Innovent’s founder, chairman and CEO Yú Déchāo (俞德超) said the company’s second decade plan (formulated in 2021) targets becoming a multinational biopharma with global R&D, manufacturing and commercialization capabilities by 2030.

Yú said Innovent aims to advance five pipelines into global Phase III and that the core logic behind Innovent’s BD strategy is to build capability through partnership.

Takeda executives highlighted Takeda’s global oncology R&D and commercial expertise and track record of external collaborations.

Teresa Bitetti, president of Takeda’s global oncology business, said IBI363 and IBI343 could address key unmet needs across solid tumors and that Takeda’s global development and commercialization capabilities would accelerate patient access.

What this means for Innovent financially

Innovent reported H1 2025 revenue of ¥5.953 billion RMB (≈ US$815.48 million) and net profit of ¥1.213 billion RMB (≈ US$166.30 million).

Innovent’s gross margin rose to ~86.8% in H1 2025 and the company’s marketed portfolio expanded to 16 medicines.

In June 2025 Innovent completed a placement planned to issue roughly 55 million new shares and raised net proceeds of ~HK$4.265 billion (≈ ¥3.965 billion RMB / ≈ US$543.29 million) under the working conversions above.

Strategic implications for the PD‑1 “upgrade” race

IBI363 positions itself on the PD‑1 “upgrade” track.

It targets the large PD‑1 market (covering lung, colorectal and other indications with a base PD‑1 market measured in the tens of billions of dollars) while aiming to address limitations of first‑generation PD‑1 agents — including treatment failure and resistance, and activity in traditionally “cold” tumors (e.g., pancreatic and liver cancers).

If IBI363 proves effective in these settings, it could materially expand the addressable IO market and add a substantial incremental commercial opportunity.

For Innovent, the deal goes beyond a traditional license‑out.

The “global co‑development + US profit share/co‑commercialization” structure lets Innovent remain deeply involved in clinical design and commercial strategy.

It also gives Innovent hands‑on experience running global multi‑center trials, engaging with the U.S. Food and Drug Administration (FDA), and building overseas market access capabilities.

Industry context — outbound BD from China in 2025

The transaction is part of a broader wave of outbound BD activity by Chinese innovative biotechs in 2025.

Public data cited in the original coverage indicate that Chinese innovation BD deals reached roughly US$63.55 billion in aggregate in H1 2025, already exceeding the full‑year 2024 total.

16 single transactions this year exceeded US$1 billion.

Chinese innovative drug BD activity accounted for approximately 38% of global deal volume in 2025 year‑to‑date, up from 2024.

What investors, founders and biotech teams should watch next

• Regulatory milestones and timing for global Phase II/III starts for IBI363.
• Clinical readouts in prioritized indications: NSCLC and CRC, especially any first‑line data.
• Whether Takeda exercises its exclusive option on IBI3001 and timing for any ADC filings.
• How the U.S. co‑commercialization strategy for IBI363 is structured operationally and financially.
• Subsequent BD activity from Innovent as it pursues its global Phase III ambitions and expands its marketed portfolio.

Bottom line

This deal is a major validation of Innovent’s R&D engines and Takeda’s strategy to source externally to strengthen its oncology pipeline.

For Innovent it accelerates global development ambitions and provides significant near‑term capital and long‑term upside tied to program success.

For Takeda, the collaboration supplies novel assets that could fill gaps in its mid‑ to long‑term oncology portfolio.

References

• 114亿美元大单！信达生物武田制药达成BD合作 推三款抗癌新药全球开发 – 东方财富
• 财联社 – 财联社
• Newsroom – Takeda Pharmaceutical Company Limited
• News – Innovent Biologics (信达生物)

Conversion note: currency conversions in this article use the working assumptions US$1 = ¥7.30 RMB and HK$1 = ¥0.93 RMB for clarity; small rounding differences may appear in published company figures vs. converted equivalents.

US$11.4 Billion Deal