Quick Note - Innovent (1801 HK) (Buy) - A big deal with Pfizer that should dispel investors’ recent rising concerns on geopolitics

Research evidence excerpt

Quick Note - Innovent (1801 HK) (Buy) - A big deal with Pfizer that should dispel investors’ recent rising concerns on geopolitics

Global Markets Research

Innovent 1801.HK 1801 HK 29 May 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

A big deal with Pfizer that should dispel investors’ recent rising concerns on geopolitics Rating Remains Buy

Target price HKD 114.64 RemainsQuick Note

Closing price HKD 74.85 28 May 2026What is new？A global strategic collaboration deal signed with Pfizer

On 29 May before market open, Innovent announced that it had entered into a global R&D

collaboration agreement with Pfizer (PFE US, Not rated) to work together on 12 oncology

drug candidates, including 8 early-stage programs from Innovent and 4 de novo programs Research Analysts

proposed by Pfizer. China Health Care &

PharmaceuticalsThese two parties would collaborate in modes such as out-licensing, co-development, and

Jialin Zhang, CFA, CPA - NIHKco-commercialization for these 12 programs that cover modalities such as ADCs and jialin.zhang@nomura.com

MsAbs. Innovent is responsible to promote these programs to phase I, and Pfizer would +852 2252 6134

lead the late-stage clinical development.

In details, (1) Innovent and Pfizer will co-develop four key programs and share the cost,

and co-commercialize them in the US and EU (sharing the profit), while Innovent would

retain the greater China rights to them; (2) Innovent will grant exclusive ex-greater China

rights to another four programs to Pfizer, which will bear the majority of the R&D cost; and

(3) Innovent will grant exclusive global rights to anther four programs to Pfizer, which will

fully bear the R&D cost.

In exchange, Innovent will obtain a USD650mn upfront payment, up to USD9.85bn in

milestones and up to double-digit sales royalties.