Chinese biopharmaceutical company Innovent Biologics has signed a major collaboration deal with Pfizer to jointly develop 12 cancer treatments, potentially worth up to $10.5 billion.

China’s Innovent Biologics has signed a global collaboration with pharmaceutical giant Pfizer worth up to US$10.5 billion to jointly develop 12 cancer treatment programmes. The Hong Kong-listed drug maker said it would receive an upfront payment of US$650 million from Pfizer, and it is eligible for up to US$9.85 billion tied to development, regulatory and commercial milestone payments, according to an exchange filing on Friday. Innovent, which is based in Suzhou in China’s eastern Jiangsu...