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Core Viewpoint - The collaboration between Innovent Biologics and Takeda Pharmaceutical, valued at up to $11.4 billion, did not significantly impact Innovent's stock price despite the announcement [1][3][5]. Group 1: Collaboration Details - Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical to jointly develop cancer treatment drugs, with a total deal value potentially reaching $11.4 billion [1][3]. - The agreement includes an upfront payment of $1.2 billion, which consists of a $1 billion premium strategic equity investment, along with potential milestone payments [5]. - Innovent will retain the ambition to commercialize its products overseas, unlike many domestic innovative drug companies that typically relinquish commercialization rights [5]. Group 2: Drug Pipeline - The collaboration focuses on accelerating the global development of Innovent's next-generation IO (Immuno-Oncology) and ADC (Antibody-Drug Conjugate) therapies, including: 1. IBI363, a globally innovative PD-1/IL-2α-bias bispecific antibody fusion protein in Phase III clinical trials, showing strong anti-tumor activity [5]. 2. IBI343, a best-in-class CLDN18.2 ADC also in Phase III clinical trials [5]. 3. IBI3001, a globally innovative EGFR/B7H3 dual-target ADC in Phase I clinical trials [5]. Group 3: Market Reaction - Despite an initial surge of 9.9% at market open, Innovent's stock price fell by 1.96% to HKD 85.2 per share by market close, reflecting a broader trend of declining enthusiasm for innovative drug business development (BD) transactions [1][7]. - The recent trend shows a cooling off in the innovative drug BD market, with other companies experiencing similar stock price declines following major announcements [7][9].