Pfizer is teaming up with a Chinese biotech on a $10.5 billion cancer drug deal

The U.S. pharma giant will pay $650 million upfront to China's Innovent Biologics to co-develop 12 early-stage oncology programs

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Pfizer $PFE and China's Innovent Biologics announced a global licensing and collaboration agreement to develop 12 early-stage cancer drug programs, with a total potential value of up to $10.5 billion.

Financial terms call for Innovent to collect $650 million at signing, with the potential to earn an additional $9.85 billion tied to development, regulatory, and commercial milestones. Should any of the products reach the market, Innovent stands to........

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