Takeda partners with Innovent for $1.2 billion oncology deal

Takeda Pharmaceutical (TSE: 4502/NYSE: TAK) announced a licensing and collaboration agreement with Innovent Biologics (HKEX: 01801) for two late-stage cancer treatments, IBI363 and IBI343, in a deal worth $1.2 billion upfront.

Under the agreement, Takeda receives worldwide rights outside Greater China for both investigational medicines. IBI363, a bispecific antibody fusion protein, is being evaluated for non-small cell lung cancer and colorectal cancer. IBI343, an antibody-drug conjugate targeting Claudin 18.2, is being studied for gastric and pancreatic cancers.

The U.S. Food and Drug Administration has granted Fast Track designation to both medicines. IBI363 received the designation for squamous non-small cell lung cancer treatment, while IBI343 was granted Fast Track status for advanced pancreatic ductal adenocarcinoma.

Takeda will lead global development of IBI363 with a 60/40 cost split with Innovent and will co-commercialize the drug in the U.S. with the same profit-sharing arrangement. The company will have exclusive commercialization rights outside the U.S. and Greater China. For IBI343, Takeda will handle development, manufacturing and commercialization worldwide outside Greater China.

The upfront payment includes a $100 million equity investment in Innovent. Innovent remains eligible for milestone payments and royalties. Takeda also secured an exclusive option for IBI3001, an early-stage bispecific antibody-drug conjugate.

IBI363 has been tested in more than 1,200 patients across early studies, including patients who did not respond to PD-1/L1 therapy. IBI343 has been evaluated in more than 340 patients in gastric and pancreatic cancer studies.

The transaction requires customary closing conditions and regulatory approvals. Information in this article is based on the company's press release statement.

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