Pfizer Inks Up to $10.5 Billion Deal With China’s Innovent (1)

Pfizer Inc. and China’s Innovent Biologics Inc. signed a global agreement worth as much as $10.5 billion to develop cancer drugs, highlighting surging demand for Chinese drugs despite the geopolitical pressures hanging over the biotech sector.

The agreement includes a $650 million upfront payment and up to $9.85 billion in potential milestones, according to the companies’ announcement. Innovent’s shares climbed as much as 10% in Hong Kong.

The collaboration spans a portfolio of 12 oncology programs, comprising eight Innovent-originated early-stage assets and four Pfizer-proposed discovery programs, Pfizer said in a statement.

“By combining Innovent’s discovery and early clinical development ...