Innovent makes sintilimab, China's best-selling PD-1 antibody, and has become a source of next-generation assets for Roche and Takeda.
Founded by Michael Yu in Suzhou BioBay; sintilimab (Tyvyt) approved 2018 and now in six indications, four biosimilars (bevacizumab, rituximab, adalimumab, trastuzumab), fulzerasib (with GenFleet), equecabtagene autoleucel (with IASO), and the Claudin 18.2 ADC IBI343. Out-licensing: the DLL3 ADC IBI3009 to Roche (January 2025) and the PD-1/IL-2 alpha-bias bispecific IBI363 plus IBI343 to Takeda (October 2025, $1.2 billion upfront, up to $11.4 billion). Also the GLP-1 mazdutide outside oncology. Lilly co-markets Tyvyt in China.
| Date | Deal | Type | Upfront | Total | Source |
|---|---|---|---|---|---|
| 2025-10-22 | Innovent Biologics to Takeda IBI363, PD-1 x IL-2 alpha-bias bispecific antibody-cytokine fusion, and IBI343, Claudin 18.2 ADC; option on IBI3001 (EGFR x B7-H3 ADC) | Co-development | $1.2bn (including a $100m equity investment premium) | up to $11.4bn | source |
| 2025-01-02 | Innovent Biologics to Roche / Genentech IBI3009, DLL3 ADC for small cell lung cancer | Licence | $80m | up to $1.0bn | source |
Sintilimab is Innovent's PD-1 antibody, approved in China since 2018 for Hodgkin lymphoma and then, on the ORIENT trials, for first-line lung, liver, oesophageal and stomach cancer. In 2022 the FDA rejected its lung cancer application because a China-only trial against chemotherapy did not fit US practice, defining the agency's stance on single-country data.
Fulzerasib was the first KRAS G12C-blocking pill approved in China, for lung cancers carrying that mutation after earlier treatment.
Equecabtagene autoleucel is a BCMA CAR-T from IASO Bio and Innovent, approved in China in June 2023 for multiple myeloma that has returned after at least three lines of treatment. In the FUMANBA-1 trial about 96% of infused patients responded, most with deep minimal-residual-disease-negative remissions and few severe cytokine release reactions; it competes with cilta-cel and zevor-cel in China.
IBI354 is an experimental antibody-drug conjugate from Innovent Biologics (Suzhou) in phase 3 trials for HER2-positive breast cancer and ovarian cancer, aimed at HER2.
IBI343 is an experimental investigational agent whose form is not stated in the registry from Innovent Biologics (Suzhou) in phase 3 trials for pancreatic ductal adenocarcinoma, aimed at Claudin 18.2.
IBI310 is an experimental investigational agent whose form is not stated in the registry from Innovent Biopharmaceutical Technology (Hangzhou) in phase 3 trials for hepatocellular carcinoma, with its target not yet stated publicly.
IBI363 is an experimental fusion protein from Innovent Biologics (Suzhou) in phase 2 trials for melanoma, non-small-cell lung cancer and colorectal cancer, aimed at PD-1.
A ROS1 lung-cancer pill approved in 2025 that works in the brain and after crizotinib, with fewer dizziness-type side effects than repotrectinib.
Shares ORIENT-16, Sintilimab and the tag china.
Shares Global access and affordability roadmap: essential medicines and generics → biosimilars and frugal trials → reliance, pooling and homegrown innovation and the tag china.
Shares Global access and affordability roadmap: essential medicines and generics → biosimilars and frugal trials → reliance, pooling and homegrown innovation and the tag china.
Shares Global access and affordability roadmap: essential medicines and generics → biosimilars and frugal trials → reliance, pooling and homegrown innovation and the tag china.
Shares Global access and affordability roadmap: essential medicines and generics → biosimilars and frugal trials → reliance, pooling and homegrown innovation and the tag china.
Shares Takeda and the tag china.
Shares Global access and affordability roadmap: essential medicines and generics → biosimilars and frugal trials → reliance, pooling and homegrown innovation and the tag china.
Shares IASO Biotherapeutics, FUMANBA-1, Equecabtagene autoleucel.