【招银国际】Strategic partnership with Takeda to develop global R&D and commercial capability-251023（6页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 23 Oct 2025 CMB International Global Markets|Equity Research|Company Update Innovent Biologics(1801 HK)Innovent Biologics(1801 HK)-Strategic partnership with Takeda t

2、o develop global R&D Strategic partnership with Takeda to develop global R&D and commercial capability Innovent has announced a global strategic partnership with Takeda on several key oncology assets,including IBI363(PD-1/IL-2),IBI343(CLDN18.2 ADC),and potentially IBI3001(EGFR/B7H3 ADC).This partner

3、ship is designed to expand Innovents global footprint,while strengthening Takedas solid tumor pipeline.Under the agreement,Takeda will lead global development of IBI363,with Innovent sharing 40%of the development costs.The two companies will co-commercialize IBI363 in the US,with Innovent retaining

4、40%of the commercial rights.For IBI343,Takeda will hold global rights outside China.Takeda will also receive an option to license IBI3001 for markets outside China.Innovent will receive a total upfront payment of US$1.2bn,including a US$100mn equity investment at HK$112.56 per share.The deal include

5、s potential milestone payments,bringing the total value to US$11.4bn,plus additional royalties.A landmark step for Innovent to expand global presence.Innovent aims to evolve into a fully integrated biopharma organization with global R&D and commercial capabilities,targeting the advancement of at lea

6、st five assets into global Ph3 MRCTs by 2030.Innovent has established a discovery research lab in the US and plans to scale its US R&D team to 100-200 by 2026.While the associated investment is expected to be substantial,we believe the long-term strategic and commercial upside could be considerable