{"success":true,"data":{"pressRelease":{"id":"48778","rtpr_id":"nPn2GHb3Ba","ticker":"PFE","exchange":"NYSE","all_tickers":["PFE","1801"],"title":"Innovent Biologics and Pfizer Enter Global Strategic Collaboration to Accelerate Development of Innovative Oncology Medicines","author":"PR Newswire","published_at":"2026-05-28T23:00:00.550Z","article_body":"Innovent Biologics and Pfizer Enter Global Strategic Collaboration to Accelerate Development of Innovative Oncology Medicines\n\nPR Newswire\n\nSAN FRANCISCO and NEW YORK, and SUZHOU, China, May 28, 2026\n\nSAN FRANCISCO and NEW YORK, and SUZHOU, China, May 28, 2026 /PRNewswire/\n-- Innovent Biologics, Inc. (01801.HK) and Pfizer Inc. (NYSE: PFE), today\nannounced the companies have entered into a strategic global licensing and\ncollaboration agreement for the research and development of 12 promising new\nbreakthrough early-stage and de novo cancer medicines. The partnership\nincludes licensing, co-development, and co-commercialization opportunities\nacross a diverse portfolio of antibody-drug conjugates (ADCs) with novel\ndifferentiated payloads and multi-specific antibodies with differentiated\nimmune-engaging features and unique designs.\n\nThe strategic collaboration brings together Innovent's scientific discovery\nand clinical capabilities in oncology innovation with Pfizer's deep scientific\nexpertise, global clinical development capabilities, regulatory leadership and\ncommercial scale, which are highly complementary to each company's core areas\nof interest.\n\nThe agreement spans a portfolio of 12 programs comprising eight\nInnovent-originated early-stage programs and four Pfizer-proposed discovery\nprograms. The companies will co-develop and share costs for select programs as\nthey advance these programs through clinical development.\n\n\"This agreement brings together best-in-industry expertise of Pfizer and\nInnovent to advance novel cancer medicines to patients at a global scale,\"\nsaid Dr. Hui Zhou, Chief R&D Officer (Oncology Pipeline) of Innovent. \"By\nleveraging both companies' complementary resources, we can develop our\nearly-stage oncology pipeline with greater speed and impact to help bring\ninnovative therapies to patients more efficiently worldwide. Furthermore,\nco-developing and co-commercializing key projects in the U.S. and Europe\nexpands Innovent's global reach. At Innovent, we are laying the foundation for\na truly global oncology platform that can deliver meaningful and lasting\nbenefits for patients around the world.\"\n\n\"At Pfizer, everything we do starts with patients and the urgency to change\nwhat's possible for people living with cancer,\" said Jeff Legos, Chief\nOncology Officer, Pfizer. \"This collaboration brings together two highly\ncomplementary engines of innovation with a shared ambition to move faster, go\nfurther and deliver truly transformative medicines to patients who are\nwaiting. By combining Innovent's discovery and early clinical development with\nPfizer's global research and development and commercialization capabilities,\nwe have an opportunity not only to strengthen our pipeline, but to accelerate\nthe delivery of breakthroughs that can redefine standards of care and make a\nmeaningful difference in patients' lives.\"\n\nAccording to the agreement, Innovent will conduct development of these\nprograms through Phase 1, powered by its proprietary discovery engine and\nrobust early clinical capabilities, after which Pfizer will lead future global\ndevelopment. The agreement also sets out the following licensing and\ncommercialization structure:\n\n * Innovent and Pfizer will co-develop four programs globally and share the\ndevelopment costs. The companies will co-commercialize in the United States\nand Europe(*), and share the profits. Innovent will retain Greater China\nrights to these programs.\n * Pfizer will receive an exclusive license outside Greater China for four\nprograms, and will be responsible for the majority of the development costs;\nand\n * Pfizer will receive an exclusive global license for four programs, and will be\nresponsible for the global development costs.\nUnder the financial terms of the agreement, Innovent will receive a $650\nmillion upfront payment and is eligible for up to $9.85 billion in\ndevelopment, regulatory and commercial milestone payments, bringing the total\nvalue of the deal to up to $10.5 billion. Additionally, Innovent will receive\nup to double-digit royalties on sales of each licensed product if approved.\nFor the 'co-developed, co-commercialized' programs, the two companies will\nshare the profits in the U.S. and Europe.\n\nThe closing of the transaction is subject to fulfillment of required\nregulatory approvals.\n\n* Europe refers to the European Union and the United Kingdom\n\nAbout Innovent\n\nInnovent is a leading biopharmaceutical company founded in 2011 with the\nmission to empower patients worldwide with affordable, high-quality\nbiopharmaceuticals. The company discovers, develops, manufactures and\ncommercializes innovative medicines that target some of the most intractable\ndiseases. Its pioneering therapies treat cancer, cardiovascular and metabolic,\nautoimmune and eye diseases. Innovent has launched 18 products in the market.\nIt has 5 assets in Phase III or pivotal clinical trials and 14 more molecules\nin early clinical stage. Innovent partners with over 30 global healthcare\ncompanies, including Eli Lilly, Roche, Takeda, Sanofi, Incyte, LG Chem and MD\nAnderson Cancer Center.\n\nGuided by the motto, \"Start with Integrity, Succeed through Action,\" Innovent\nmaintains the highest standard of industry practices and works collaboratively\nto advance the biopharmaceutical industry so that first-rate pharmaceutical\ndrugs can become widely accessible. For more information, visit\nwww.innoventbio.com (http://www.innoventbio.com/) , or follow Innovent on\nFacebook and LinkedIn.\n\nStatement: Innovent does not recommend the use of any unapproved\ndrug(s)/indication(s).\n\nAbout Pfizer Oncology\n\nAt Pfizer Oncology, we are at the forefront of a new era in cancer care. Our\nindustry-leading portfolio and extensive pipeline includes three core\nmechanisms of action to attack cancer from multiple angles, including small\nmolecules, antibody-drug conjugates (ADCs), and multispecific immune-engaging\nantibodies. We are focused on delivering transformative therapies in some of\nthe world's most common cancers, including breast cancer, gastrointestinal\ncancer, genitourinary cancer, hematologic malignancies, and thoracic cancers,\nsuch as lung cancer. Driven by science, we are committed to accelerating\nbreakthroughs to help people with cancer live better and longer lives.\n\nAbout Pfizer: Breakthroughs That Change Patients' Lives\n\nAt Pfizer, we apply science and our global resources to bring therapies to\npeople that extend and significantly improve their lives. We strive to set the\nstandard for quality, safety and value in the discovery, development and\nmanufacture of health care products, including innovative medicines and\nvaccines. Every day, Pfizer colleagues work across developed and emerging\nmarkets to advance wellness, prevention, treatments and cures that challenge\nthe most feared diseases of our time. Consistent with our responsibility as\none of the world's premier innovative biopharmaceutical companies, we\ncollaborate with health care providers, governments and local communities to\nsupport and expand access to reliable, affordable health care around the\nworld. For over 175 years, we have worked to make a difference for all who\nrely on us. We routinely post information that may be important to investors\non our website at www.Pfizer.com (http://www.pfizer.com/) . In addition, to\nlearn more, please visit us on www.Pfizer.com (http://www.pfizer.com/) and\nfollow us on X at @Pfizer\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fpfizer&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=%40Pfizer&index=3&md5=96293a80578ee98fe1905ebf45543b41)\n and @Pfizer News\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fpfizer_news&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=%40Pfizer+News&index=4&md5=99e30a489e0e7efc924ea7e7dd8a35fe)\n, LinkedIn\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fpfizer&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=LinkedIn&index=5&md5=c826c3e13fd8e2f8d8448a6975f196bc)\n, YouTube\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.youtube.com%2Fpfizer&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=YouTube&index=6&md5=030317d207932ef0e75ac8d02c4548b1)\n and like us on Facebook at Facebook.com/Pfizer\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.facebook.com%2FPfizer%2F&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=Facebook.com%2FPfizer&index=7&md5=04fcc5ac9d932f6f88eb9ae554924d61)\n.\n\nForward-looking Statement of Innovent Biologics\n\nThis news release may contain certain forward-looking statements that are, by\ntheir nature, subject to significant risks and uncertainties. The words\n\"anticipate\", \"believe\", \"estimate\", \"expect\", \"intend\" and similar\nexpressions, as they relate to Innovent Biologics (\"Innovent\"), are intended\nto identify certain of such forward-looking statements. The Company does not\nintend to update these forward-looking statements regularly.\n\nThese forward-looking statements are based on the existing beliefs,\nassumptions, expectations, estimates, projections and understandings of the\nmanagement of the Company with respect to future events at the time these\nstatements are made. These statements are not a guarantee of future\ndevelopments and are subject to risks, uncertainties and other factors, some\nof which are beyond the Company's control and are difficult to predict.\nConsequently, actual results may differ materially from information contained\nin the forward-looking statements as a result of future changes or\ndevelopments in our business, the Company's competitive environment and\npolitical, economic, legal and social conditions.\n\nThe Company, the Directors and the employees of the Company assume (a) no\nobligation to correct or update the forward-looking statements contained in\nthis site; and (b) no liability in the event that any of the forward-looking\nstatements does not materialise or turn out to be incorrect.\n\nPfizer Disclosure Notice\n\nThe information contained in this release is as of May 27, 2026.  Pfizer\nassumes no obligation to update forward-looking statements contained in this\nrelease as the result of new information or future events or developments.\n\nThis release contains forward-looking information about Pfizer Oncology and a\nstrategic global licensing and collaboration agreement between Pfizer and\nInnovent Biologics, Inc. for the research and development of 12 early-stage\nand de novo cancer medicine programs, including their potential benefits and\nthe anticipated timing of closing of the transaction, that involves\nsubstantial risks and uncertainties that could cause actual results to differ\nmaterially from those expressed or implied by such statements. Risks and\nuncertainties include, among other things, risks related to the satisfaction\nor waiver of the conditions to closing the proposed transaction (including the\nfailure to obtain required regulatory approvals) in the anticipated timeframe\nor at all, including the possibility that the proposed transaction does not\nclose; risks related to the ability to realize the anticipated benefits of the\nlicensing and collaborations agreement, including the possibility that the\nexpected benefits will not be realized or will not be realized within the\nexpected time period; risks related to the successful integration of the\nlicensed assets with Pfizer's business; disruption from the transaction making\nit more difficult to maintain business and operational relationships; negative\neffects of this announcement or the consummation of the proposed transaction\non the market price of Pfizer's common stock and/or operating results;\nsignificant transaction costs; unknown liabilities; the risk of litigation\nand/or regulatory actions related to proposed transaction or the programs;\nmanufacturing capabilities or capacity; other business effects and\nuncertainties, including the effects of industry, market, business, economic,\npolitical or regulatory conditions; future exchange and interest rates; risks\nand uncertainties related to issued or future executive orders or other new,\nor changes in, laws, regulations or policy; changes in tax and other laws,\nregulations, rates and policies; the uncertainties inherent in business and\nfinancial planning, including, without limitation, risks related to Pfizer's\nbusiness and prospects, adverse developments in Pfizer's markets, or adverse\ndevelopments in the U.S. or global capital markets, credit markets, regulatory\nenvironment, tariffs and other trade policies or economies generally; future\nbusiness combinations or disposals; uncertainties regarding the commercial\nsuccess of the programs and Pfizer's commercialized and pipeline products; the\nuncertainties inherent in research and development, including the ability to\nmeet anticipated clinical endpoints, commencement and/or completion dates for\nclinical trials, regulatory submission dates, regulatory approval dates and/or\nlaunch dates, as well as the possibility of unfavorable new clinical data and\nfurther analyses of existing clinical data; risks associated with initial,\npreliminary or interim data; the risk that clinical trial data are subject to\ndiffering interpretations and assessments by regulatory authorities; whether\nregulatory authorities will be satisfied with the design of and results from\nthe clinical studies; whether and when drug applications may be filed in any\njurisdictions for any drug candidates for any potential indications; whether\nand when any such applications may be approved by regulatory authorities,\nwhich will depend on myriad factors, including making a determination as to\nwhether the product's benefits outweigh its known risks and determination of\nthe product's efficacy and, if approved, whether any such candidate medicines\nwill be commercially successful; decisions by regulatory authorities impacting\nlabeling, manufacturing processes, safety and/or other matters that could\naffect the availability or commercial potential of any such drug candidate;\nwhether our collaboration with Innovent will be successful; uncertainties\nregarding the impact of COVID-19 on Pfizer's business, operations and\nfinancial results; and competitive developments.\n\nA further description of risks and uncertainties can be found in Pfizer's\nAnnual Report on Form 10-K for the fiscal year ended December 31, 2025 and in\nits subsequent reports on Form 10-Q, including in the sections thereof\ncaptioned \"Risk Factors\" and \"Forward-Looking Information and Factors That May\nAffect Future Results\", as well as in its subsequent reports on Form 8-K, all\nof which are filed with the U.S. Securities and Exchange Commission and\navailable at www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.sec.gov%2F&esheet=54372359&newsitemid=20251209536063&lan=en-US&anchor=www.sec.gov&index=12&md5=917bcd6ce98617607def1baeb4c58130)\nand www.pfizer.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.pfizer.com%2F&esheet=54372359&newsitemid=20251209536063&lan=en-US&anchor=www.pfizer.com&index=13&md5=210dce8c998157c354c2e8d7659acc10)\n.\n\nView original\ncontent:https://www.prnewswire.com/news-releases/innovent-biologics-and-pfizer-enter-global-strategic-collaboration-to-accelerate-development-of-innovative-oncology-medicines-302785085.html\n(https://www.prnewswire.com/news-releases/innovent-biologics-and-pfizer-enter-global-strategic-collaboration-to-accelerate-development-of-innovative-oncology-medicines-302785085.html)\n\nSOURCE Innovent Biologics\n\n\n\nInnovent Biologics Contacts: Innovent Biologics, Inc., pr@innoventbio.com, +86 512-69566088,  Innovent Biologics, Inc., ir@innoventbio.com, +86 512-69566088;  Pfizer Contacts:  Media: PfizerMediaRelations@Pfizer.com,  Investors: IR@Pfizer.com\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn2GHb3Ba","title":"Innovent Biologics and Pfizer Enter Global Strategic Collaboration to Accelerate Development of Innovative Oncology Medicines","author":"PR Newswire","ticker":"PFE","created":"2026-05-28T23:00:00.550Z","tickers":["PFE","1801"],"exchange":"NYSE","article_body":"Innovent Biologics and Pfizer Enter Global Strategic Collaboration to Accelerate Development of Innovative Oncology Medicines\n\nPR Newswire\n\nSAN FRANCISCO and NEW YORK, and SUZHOU, China, May 28, 2026\n\nSAN FRANCISCO and NEW YORK, and SUZHOU, China, May 28, 2026 /PRNewswire/\n-- Innovent Biologics, Inc. (01801.HK) and Pfizer Inc. (NYSE: PFE), today\nannounced the companies have entered into a strategic global licensing and\ncollaboration agreement for the research and development of 12 promising new\nbreakthrough early-stage and de novo cancer medicines. The partnership\nincludes licensing, co-development, and co-commercialization opportunities\nacross a diverse portfolio of antibody-drug conjugates (ADCs) with novel\ndifferentiated payloads and multi-specific antibodies with differentiated\nimmune-engaging features and unique designs.\n\nThe strategic collaboration brings together Innovent's scientific discovery\nand clinical capabilities in oncology innovation with Pfizer's deep scientific\nexpertise, global clinical development capabilities, regulatory leadership and\ncommercial scale, which are highly complementary to each company's core areas\nof interest.\n\nThe agreement spans a portfolio of 12 programs comprising eight\nInnovent-originated early-stage programs and four Pfizer-proposed discovery\nprograms. The companies will co-develop and share costs for select programs as\nthey advance these programs through clinical development.\n\n\"This agreement brings together best-in-industry expertise of Pfizer and\nInnovent to advance novel cancer medicines to patients at a global scale,\"\nsaid Dr. Hui Zhou, Chief R&D Officer (Oncology Pipeline) of Innovent. \"By\nleveraging both companies' complementary resources, we can develop our\nearly-stage oncology pipeline with greater speed and impact to help bring\ninnovative therapies to patients more efficiently worldwide. Furthermore,\nco-developing and co-commercializing key projects in the U.S. and Europe\nexpands Innovent's global reach. At Innovent, we are laying the foundation for\na truly global oncology platform that can deliver meaningful and lasting\nbenefits for patients around the world.\"\n\n\"At Pfizer, everything we do starts with patients and the urgency to change\nwhat's possible for people living with cancer,\" said Jeff Legos, Chief\nOncology Officer, Pfizer. \"This collaboration brings together two highly\ncomplementary engines of innovation with a shared ambition to move faster, go\nfurther and deliver truly transformative medicines to patients who are\nwaiting. By combining Innovent's discovery and early clinical development with\nPfizer's global research and development and commercialization capabilities,\nwe have an opportunity not only to strengthen our pipeline, but to accelerate\nthe delivery of breakthroughs that can redefine standards of care and make a\nmeaningful difference in patients' lives.\"\n\nAccording to the agreement, Innovent will conduct development of these\nprograms through Phase 1, powered by its proprietary discovery engine and\nrobust early clinical capabilities, after which Pfizer will lead future global\ndevelopment. The agreement also sets out the following licensing and\ncommercialization structure:\n\n * Innovent and Pfizer will co-develop four programs globally and share the\ndevelopment costs. The companies will co-commercialize in the United States\nand Europe(*), and share the profits. Innovent will retain Greater China\nrights to these programs.\n * Pfizer will receive an exclusive license outside Greater China for four\nprograms, and will be responsible for the majority of the development costs;\nand\n * Pfizer will receive an exclusive global license for four programs, and will be\nresponsible for the global development costs.\nUnder the financial terms of the agreement, Innovent will receive a $650\nmillion upfront payment and is eligible for up to $9.85 billion in\ndevelopment, regulatory and commercial milestone payments, bringing the total\nvalue of the deal to up to $10.5 billion. Additionally, Innovent will receive\nup to double-digit royalties on sales of each licensed product if approved.\nFor the 'co-developed, co-commercialized' programs, the two companies will\nshare the profits in the U.S. and Europe.\n\nThe closing of the transaction is subject to fulfillment of required\nregulatory approvals.\n\n* Europe refers to the European Union and the United Kingdom\n\nAbout Innovent\n\nInnovent is a leading biopharmaceutical company founded in 2011 with the\nmission to empower patients worldwide with affordable, high-quality\nbiopharmaceuticals. The company discovers, develops, manufactures and\ncommercializes innovative medicines that target some of the most intractable\ndiseases. Its pioneering therapies treat cancer, cardiovascular and metabolic,\nautoimmune and eye diseases. Innovent has launched 18 products in the market.\nIt has 5 assets in Phase III or pivotal clinical trials and 14 more molecules\nin early clinical stage. Innovent partners with over 30 global healthcare\ncompanies, including Eli Lilly, Roche, Takeda, Sanofi, Incyte, LG Chem and MD\nAnderson Cancer Center.\n\nGuided by the motto, \"Start with Integrity, Succeed through Action,\" Innovent\nmaintains the highest standard of industry practices and works collaboratively\nto advance the biopharmaceutical industry so that first-rate pharmaceutical\ndrugs can become widely accessible. For more information, visit\nwww.innoventbio.com (http://www.innoventbio.com/) , or follow Innovent on\nFacebook and LinkedIn.\n\nStatement: Innovent does not recommend the use of any unapproved\ndrug(s)/indication(s).\n\nAbout Pfizer Oncology\n\nAt Pfizer Oncology, we are at the forefront of a new era in cancer care. Our\nindustry-leading portfolio and extensive pipeline includes three core\nmechanisms of action to attack cancer from multiple angles, including small\nmolecules, antibody-drug conjugates (ADCs), and multispecific immune-engaging\nantibodies. We are focused on delivering transformative therapies in some of\nthe world's most common cancers, including breast cancer, gastrointestinal\ncancer, genitourinary cancer, hematologic malignancies, and thoracic cancers,\nsuch as lung cancer. Driven by science, we are committed to accelerating\nbreakthroughs to help people with cancer live better and longer lives.\n\nAbout Pfizer: Breakthroughs That Change Patients' Lives\n\nAt Pfizer, we apply science and our global resources to bring therapies to\npeople that extend and significantly improve their lives. We strive to set the\nstandard for quality, safety and value in the discovery, development and\nmanufacture of health care products, including innovative medicines and\nvaccines. Every day, Pfizer colleagues work across developed and emerging\nmarkets to advance wellness, prevention, treatments and cures that challenge\nthe most feared diseases of our time. Consistent with our responsibility as\none of the world's premier innovative biopharmaceutical companies, we\ncollaborate with health care providers, governments and local communities to\nsupport and expand access to reliable, affordable health care around the\nworld. For over 175 years, we have worked to make a difference for all who\nrely on us. We routinely post information that may be important to investors\non our website at www.Pfizer.com (http://www.pfizer.com/) . In addition, to\nlearn more, please visit us on www.Pfizer.com (http://www.pfizer.com/) and\nfollow us on X at @Pfizer\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fpfizer&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=%40Pfizer&index=3&md5=96293a80578ee98fe1905ebf45543b41)\n and @Pfizer News\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fpfizer_news&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=%40Pfizer+News&index=4&md5=99e30a489e0e7efc924ea7e7dd8a35fe)\n, LinkedIn\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fpfizer&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=LinkedIn&index=5&md5=c826c3e13fd8e2f8d8448a6975f196bc)\n, YouTube\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.youtube.com%2Fpfizer&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=YouTube&index=6&md5=030317d207932ef0e75ac8d02c4548b1)\n and like us on Facebook at Facebook.com/Pfizer\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.facebook.com%2FPfizer%2F&esheet=53972931&newsitemid=20240506861564&lan=en-US&anchor=Facebook.com%2FPfizer&index=7&md5=04fcc5ac9d932f6f88eb9ae554924d61)\n.\n\nForward-looking Statement of Innovent Biologics\n\nThis news release may contain certain forward-looking statements that are, by\ntheir nature, subject to significant risks and uncertainties. The words\n\"anticipate\", \"believe\", \"estimate\", \"expect\", \"intend\" and similar\nexpressions, as they relate to Innovent Biologics (\"Innovent\"), are intended\nto identify certain of such forward-looking statements. The Company does not\nintend to update these forward-looking statements regularly.\n\nThese forward-looking statements are based on the existing beliefs,\nassumptions, expectations, estimates, projections and understandings of the\nmanagement of the Company with respect to future events at the time these\nstatements are made. These statements are not a guarantee of future\ndevelopments and are subject to risks, uncertainties and other factors, some\nof which are beyond the Company's control and are difficult to predict.\nConsequently, actual results may differ materially from information contained\nin the forward-looking statements as a result of future changes or\ndevelopments in our business, the Company's competitive environment and\npolitical, economic, legal and social conditions.\n\nThe Company, the Directors and the employees of the Company assume (a) no\nobligation to correct or update the forward-looking statements contained in\nthis site; and (b) no liability in the event that any of the forward-looking\nstatements does not materialise or turn out to be incorrect.\n\nPfizer Disclosure Notice\n\nThe information contained in this release is as of May 27, 2026.  Pfizer\nassumes no obligation to update forward-looking statements contained in this\nrelease as the result of new information or future events or developments.\n\nThis release contains forward-looking information about Pfizer Oncology and a\nstrategic global licensing and collaboration agreement between Pfizer and\nInnovent Biologics, Inc. for the research and development of 12 early-stage\nand de novo cancer medicine programs, including their potential benefits and\nthe anticipated timing of closing of the transaction, that involves\nsubstantial risks and uncertainties that could cause actual results to differ\nmaterially from those expressed or implied by such statements. Risks and\nuncertainties include, among other things, risks related to the satisfaction\nor waiver of the conditions to closing the proposed transaction (including the\nfailure to obtain required regulatory approvals) in the anticipated timeframe\nor at all, including the possibility that the proposed transaction does not\nclose; risks related to the ability to realize the anticipated benefits of the\nlicensing and collaborations agreement, including the possibility that the\nexpected benefits will not be realized or will not be realized within the\nexpected time period; risks related to the successful integration of the\nlicensed assets with Pfizer's business; disruption from the transaction making\nit more difficult to maintain business and operational relationships; negative\neffects of this announcement or the consummation of the proposed transaction\non the market price of Pfizer's common stock and/or operating results;\nsignificant transaction costs; unknown liabilities; the risk of litigation\nand/or regulatory actions related to proposed transaction or the programs;\nmanufacturing capabilities or capacity; other business effects and\nuncertainties, including the effects of industry, market, business, economic,\npolitical or regulatory conditions; future exchange and interest rates; risks\nand uncertainties related to issued or future executive orders or other new,\nor changes in, laws, regulations or policy; changes in tax and other laws,\nregulations, rates and policies; the uncertainties inherent in business and\nfinancial planning, including, without limitation, risks related to Pfizer's\nbusiness and prospects, adverse developments in Pfizer's markets, or adverse\ndevelopments in the U.S. or global capital markets, credit markets, regulatory\nenvironment, tariffs and other trade policies or economies generally; future\nbusiness combinations or disposals; uncertainties regarding the commercial\nsuccess of the programs and Pfizer's commercialized and pipeline products; the\nuncertainties inherent in research and development, including the ability to\nmeet anticipated clinical endpoints, commencement and/or completion dates for\nclinical trials, regulatory submission dates, regulatory approval dates and/or\nlaunch dates, as well as the possibility of unfavorable new clinical data and\nfurther analyses of existing clinical data; risks associated with initial,\npreliminary or interim data; the risk that clinical trial data are subject to\ndiffering interpretations and assessments by regulatory authorities; whether\nregulatory authorities will be satisfied with the design of and results from\nthe clinical studies; whether and when drug applications may be filed in any\njurisdictions for any drug candidates for any potential indications; whether\nand when any such applications may be approved by regulatory authorities,\nwhich will depend on myriad factors, including making a determination as to\nwhether the product's benefits outweigh its known risks and determination of\nthe product's efficacy and, if approved, whether any such candidate medicines\nwill be commercially successful; decisions by regulatory authorities impacting\nlabeling, manufacturing processes, safety and/or other matters that could\naffect the availability or commercial potential of any such drug candidate;\nwhether our collaboration with Innovent will be successful; uncertainties\nregarding the impact of COVID-19 on Pfizer's business, operations and\nfinancial results; and competitive developments.\n\nA further description of risks and uncertainties can be found in Pfizer's\nAnnual Report on Form 10-K for the fiscal year ended December 31, 2025 and in\nits subsequent reports on Form 10-Q, including in the sections thereof\ncaptioned \"Risk Factors\" and \"Forward-Looking Information and Factors That May\nAffect Future Results\", as well as in its subsequent reports on Form 8-K, all\nof which are filed with the U.S. Securities and Exchange Commission and\navailable at www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.sec.gov%2F&esheet=54372359&newsitemid=20251209536063&lan=en-US&anchor=www.sec.gov&index=12&md5=917bcd6ce98617607def1baeb4c58130)\nand www.pfizer.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.pfizer.com%2F&esheet=54372359&newsitemid=20251209536063&lan=en-US&anchor=www.pfizer.com&index=13&md5=210dce8c998157c354c2e8d7659acc10)\n.\n\nView original\ncontent:https://www.prnewswire.com/news-releases/innovent-biologics-and-pfizer-enter-global-strategic-collaboration-to-accelerate-development-of-innovative-oncology-medicines-302785085.html\n(https://www.prnewswire.com/news-releases/innovent-biologics-and-pfizer-enter-global-strategic-collaboration-to-accelerate-development-of-innovative-oncology-medicines-302785085.html)\n\nSOURCE Innovent Biologics\n\n\n\nInnovent Biologics Contacts: Innovent Biologics, Inc., pr@innoventbio.com, +86 512-69566088,  Innovent Biologics, Inc., ir@innoventbio.com, +86 512-69566088;  Pfizer Contacts:  Media: PfizerMediaRelations@Pfizer.com,  Investors: IR@Pfizer.com\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-05-28T23:00:00.600411992Z","server_sent_at_ms":1780009200600},"received_at":"2026-05-28T23:00:00.790Z","source_url":"https://www.prnewswire.com/news-releases/innovent-biologics-and-pfizer-enter-global-strategic-collaboration-to-accelerate-development-of-innovative-oncology-medicines-302785085.html"},"analysis":{"id":"38210","press_release_id":"48778","analysis_json":{"industry":{"label":"Pharmaceuticals, Biotechnology & Life Sciences","sector":"Health Care"},"redFlags":[],"eventType":"partnership","narrative":"Pfizer and Innovent Biologics have entered a global strategic collaboration to develop 12 early-stage oncology programs, including antibody-drug conjugates and multi-specific antibodies.\n\nInnovent will receive a $650 million upfront payment and up to $9.85 billion in milestones, bringing the total deal value to $10.5 billion. 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