Innovent: A further step toward a global platform: collaboration with Pfizer; maintain Buy

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Innovent: A further step toward a global platform: collaboration with Pfizer; maintain Buy

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Innovent

A further step toward a global platform:

collaboration with Pfizer; maintain Buy

Maintain Rating: BUY | PO: 116.80 HKD | Price: 74.85 HKD

New oncology collaboration announced with Pfizer 29 May 2026

Following the co-development and co-commercialization (co-co) deal with Takeda, Equity

Innovent announced on 29 May a new licensing and co-co deal with Pfizer for a portfolio

of 12 early-stage innovative oncology pipelines, incl. ADCs with novel payloads & multi- David Li >> Research Analyst

specific antibodies with unique designs. Under the agreement, Innovent will receive an Merrill Lynch (Hong Kong)

upfront payment of US$650mn and is eligible for up to US$9.85bn in development, +852davidbo.li@bofa.com3508 4531

regulatory and commercial milestone payments from Pfizer. Innovent will also receive up Sandra Sun >>

to double-digit royalties on net product sales after approval. For the four co-co Research Analyst

Merrill Lynch (Hong Kong)

developed programs, Innovent would share profits in the US and Europe with Pfizer. sandra.sun@bofa.com

Combination of licensing and co-co collaboration EthanResearchCuiAnalyst>>

Among the 12 innovative programs, eight are Innovent-originated early-stage assets, ethan.cui@bofa.com

while the remaining four are Pfizer-proposed discovery projects. Innovent will be

responsible for advancing these programs through phase 1, after which Pfizer will lead

global development. 1) For four programs, Innovent and Pfizer will jointly develop the

Stock Dataassets globally, share development costs, and co-commercialize in the US and Europe

under a profit-sharing arrangement, while Innovent retains Greater China rights. 2) For Price 74.85 HKD