Shanghai, China – February, 2026 – Innovent Biologics Inc today announced a new strategic collaboration with Eli Lilly and Company to develop novel immunology and oncology therapies, deepening a long-standing partnership between the two companies.
Under the agreement, Lilly will pay $350 million upfront, with the potential for up to $8.5 billion in additional milestone payments tied to development, regulatory, and commercial achievements. Innovent will also be eligible to receive royalties on net sales of products commercialized outside Greater China.
Building an End-to-End Innovation Ecosystem
The agreement represents the seventh collaboration between Innovent and Lilly and signals an evolution from traditional asset licensing toward an integrated development model.
Innovent will lead research and clinical development of selected programs from discovery through completion of Phase II trials in China. Lilly will hold exclusive rights to develop and commercialize the therapies outside Greater China, leveraging its global clinical, regulatory, and commercialization infrastructure.
“This alliance moves beyond traditional licensing to create a seamless, end-to-end innovation ecosystem,” said Dr. Michael Yu, Founder, Chairman and Chief Executive Officer of Innovent. “It underscores the strength of Innovent’s research and development engine and our ability to generate globally competitive assets in immunology and oncology.”
Strategic Focus: Immunology and Oncology Platforms
The collaboration centers on high-value therapeutic areas where both companies are actively expanding their pipelines.
In immunology, the companies aim to address chronic inflammatory and autoimmune diseases with differentiated biologics and novel mechanisms of action. Lilly has been strategically broadening its immunology footprint beyond metabolic disease, while Innovent continues to invest in first-in-class and best-in-class antibody platforms.
In oncology, the alliance will focus on next-generation biologics and precision therapies designed to improve outcomes in both hematologic malignancies and solid tumors. Innovent has built strong translational and clinical capabilities in China, enabling efficient early-stage development and proof-of-concept generation.
A Deepening Cross-Border Partnership
The new agreement builds on prior collaborations between the two companies, including joint development efforts in metabolic disease such as mazdutide. Over the years, the partnership has demonstrated the ability to combine Innovent’s discovery and early clinical strength in China with Lilly’s global development scale.
“This collaboration reflects our confidence in Innovent’s scientific capabilities and our shared commitment to accelerating innovative medicines for patients worldwide,” said David A. Ricks, Chairman and Chief Executive Officer of Eli Lilly and Company. “By integrating discovery excellence in China with Lilly’s global reach, we are strengthening our pipeline in two strategically important therapeutic areas.”
Strategic and Financial Framework
The structure of the agreement provides Innovent with immediate capital to reinvest in pipeline expansion and platform technologies, while aligning long-term incentives through milestone payments and royalties.
For Lilly, the deal enhances access to externally sourced innovation in Asia’s rapidly advancing biotech ecosystem, supporting a broader diversification strategy across oncology and immunology.
Outlook
The expanded alliance positions Innovent and Lilly to accelerate differentiated biologics from concept through global commercialization. As cross-border biopharmaceutical collaboration intensifies, the partnership reflects a strategic model designed to combine regional innovation strengths with global execution capabilities.
Together, the companies aim to advance multiple clinical-stage programs over the coming years, reinforcing their shared commitment to delivering transformative therapies in immunology and oncology.
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