Takeda Licenses Late-Stage Cancer Drugs from Innovent in $1.2 Billion Deal

Takeda Pharmaceutical Co. has signed a licensing and collaboration agreement with Innovent Biologics Inc. to develop and commercialize two late-stage oncology candidates outside of Greater China, the companies announced Tuesday.

The deal includes IBI363, a bispecific antibody fusion protein targeting PD-1 and IL-2α, and IBI343, an antibody-drug conjugate (ADC) aimed at Claudin 18.2, a protein commonly expressed in gastric and pancreatic cancers. Takeda will also hold an exclusive option to license IBI3001, an early-stage bispecific ADC targeting EGFR and B7H3.

Under the terms of the agreement, Takeda will pay Innovent $1.2 billion upfront, including a $100 million equity investment. Innovent is eligible for additional milestone and royalty payments, as well as a profit-sharing arrangement for IBI363 in the U.S., where commercialization will be jointly led by both companies.

IBI363 is currently in Phase 1/2 and Phase 2 trials for non-small cell lung cancer (NSCLC) and microsatellite stable colorectal cancer (MSS CRC). The drug has received Fast Track designation from the U.S. Food and Drug Administration for squamous NSCLC patients who have progressed following PD-(L)1 therapy and platinum-based chemotherapy. A global Phase 3 trial is expected to begin soon.

IBI343 is being evaluated in a Phase 3 trial for previously treated gastric cancer in Japan and China, and has completed a Phase 1/2 trial in pancreatic cancer. The FDA has granted Fast Track designation for its use in advanced pancreatic ductal adenocarcinoma (PDAC) following prior therapy. Takeda plans to expand development into first-line treatment settings.

Takeda will lead global development and commercialization of IBI343 and IBI3001 outside of Greater China. For IBI363, the companies will co-develop the drug globally, sharing costs and profits in the U.S. on a 60/40 basis, with Takeda taking the lead on commercialization.

The transaction is subject to customary closing conditions, including regulatory approvals.