Covering 12 oncology programs, Pfizer deal is Innovent’s latest step toward global goals

An agreement with Pfizer spanning 12 oncology programs is Innovent’s latest step in its quest to become a global biopharma, adding $650 million up front to its balance sheet and co-commercialization responsibilities in the U.S. and Europe for four of the deal’s programs.

The arrangement is the latest example of a pharma gaining access to innovation from a Chinese company that drives programs into the clinic and generates early data more quickly than its Western counterparts. It closely follows a 13-program deal between Bristol Myers Squibb Co. (NYSE:BMY) and Jiangsu Hengrui Pharmaceuticals Co. Ltd. 恒瑞医药 (Shanghai:600276; HKEX:1276) this month that’s also designed to bring China-originated programs onto the global stage...