China's Innovent jump most in nearly a year on Pfizer cancer drug deal

Pfizer

29/05/2026 04:08

** Shares of China's Innovent Biologics 1801.HK jump 10% to HK$82.4, on course for the biggest one-day pct gain since June 4, 2025 
** Stock hit the highest level since May 22 and on track to snap four straight declining sessions 
** Top pct gainer in Hang Seng Biotech Index .HSBIO, which gains 0.5%
** Innovent and U.S. pharma giant Pfizer PFE.N have agreed to a global licensing and collaboration deal worth up to $10.5 billion to develop 12 early-stage cancer medicines, as global drugmakers race to tap China's booming biotech pipeline
** The deal also includes a $650 million upfront payment to Innovent and up to $9.85 billion in potential development, regulatory and commercial milestone payments
** YTD, stock up 4.9%, while benchmark Hang Seng Index .HSI down 2.2%
     
     

(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))