Innovent Biologics

What Innovent Biologics does

Innovent Biologics (信达生物制药) is a Chinese biopharmaceutical company founded in 2011 and headquartered in Suzhou, publicly listed on the Hong Kong Stock Exchange (SEHK:1801) since 2018. The company develops, manufactures, and commercializes innovative biologic medicines — including monoclonal antibodies, antibody-drug conjugates (ADCs), bispecific and trispecific antibodies, and fusion proteins — across four therapeutic franchises: oncology, metabolic disease, autoimmune disease, and ophthalmology. Its commercialized portfolio includes the PD-1 inhibitor TYVYT (sintilimab), the GLP-1/GCG dual agonist Mazdutide for type 2 diabetes and obesity, China's first domestic anti-CTLA-4 antibody TABOSUN (ipilimumab), the BTK inhibitor Jaypirca (pirtobrutinib), and the VEGFR-TKI ELUNATE (fruquintinib).

The company's pipeline centers on three global Phase 3 assets — IBI363 (PD-1/IL-2α-bias bispecific fusion protein), IBI343 (world's first CLDN18.2 ADC), and IBI324/OLN324 (VEGF/Ang2 bispecific for ophthalmology) — targeting a combined addressable market of over US$60 billion. Technology differentiation rests on novel antibody engineering across ADC and multi-specific modalities, with manufacturing vertically integrated through subsidiary Altruist Biologics, which operates China's first NMPA-licensed large-scale (80,000L) biologics facility in Hangzhou with planned expansion to 172,000L.

Innovent operates a dual revenue model: direct sales to hospitals and healthcare providers in Greater China for approved products, complemented by licensing and milestone payments from strategic global pharma partners. Flagship collaborations with Pfizer (up to $10.5B), Takeda (up to $11.4B), and Eli Lilly (up to $8.85B), plus a 2022 equity investment and collaboration with Sanofi (€300M), collectively represent over US$22 billion in announced deal value, granting Innovent ex-Greater China rights to its partners while retaining domestic commercialization. The company achieved its first full year of IFRS profitability in FY2025 with RMB 814M net profit on RMB 13.0B (+38.4% YoY) revenue, and has stated a Vision 2030 target of RMB 20 billion in revenue by 2027.

Name

Innovent Biologics

Legal name

Innovent Biologics

Website

https://innoventbio.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Innovent Biologics (信达生物制药) is a Suzhou-headquartered, Hong Kong-listed biopharmaceutical company developing and commercializing innovative biologics — monoclonal antibodies, ADCs, and bispecific antibodies — across oncology, metabolic disease, autoimmune disease, and ophthalmology, serving patients in China and partnering globally with Pfizer, Takeda, Eli Lilly, and others.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Drug Substance–Drug Product Integrated CDMO (HLAGABAG)

akta.pro secondary industries

Biologics (mAbs/Recombinant Proteins) CDMO (HLAGABAC), Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB), Immunology & Inflammation Pharmaceuticals (HLAIAAAD)

Keywords

• Monoclonal antibodies
• Antibody-drug conjugates
• Oncology biologics
• Biopharmaceutical products
• CDMO services

Headquarters

HQ city

Suzhou

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Product Sales (China): Revenue from commercialized products in China including TYVYT (sintilimab), Mazdutide, TABOSUN, Jaypirca, and other approved drugs sold through direct commercial infrastructure
2. Licensing and Milestone Payments: Upfront payments, development milestones, regulatory milestones, and commercial milestones from partners including Pfizer ($650M upfront + $9.85B milestones), Takeda ($1.2B upfront + $10.2B milestones), and Eli Lilly ($350M upfront + $8.5B milestones)
3. CDMO Services (Altruist): Contract development and manufacturing services provided by subsidiary Altruist Biologics to pharmaceutical companies globally
4. Co-commercialization Revenue: Profit sharing and co-commercialization revenues from partnerships where Innovent retains Greater China rights while partners commercialize outside Greater China

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Innovent Biologics develops, manufactures, and commercializes innovative biologic medicines — including monoclonal antibodies, antibody-drug conjugates (ADCs), bispecific and trispecific antibodies, and fusion proteins — for the treatment of cancer, metabolic diseases (type 2 diabetes and obesity), autoimmune diseases, and ophthalmology conditions. The company generates revenue through direct sales of approved drugs in Greater China and through licensing, milestone, and co-development deals with global pharmaceutical partners, supplemented by biologics CDMO services from its Altruist Biologics subsidiary.

Product overview

Innovent Biologics is a Chinese biopharmaceutical company that develops, manufactures, and commercializes innovative medicines across oncology, immunology, ophthalmology, metabolic diseases, and other therapeutic areas. The company's portfolio includes marketed products such as TYVYT (sintilimab), ELUNATE (fruquintinib), TABOSUN (ipilimumab), Jaypirca (pirtobrutinib), and Mazdutide, alongside a robust pipeline of clinical-stage candidates including IBI363 (PD-1/IL-2 bispecific), IBI343 (CLDN18.2 ADC), IBI302 (anti-VEGF for ophthalmology), IBI3003 (tri-specific antibody), and IBI324 (VEGF/Ang2 bispecific). The company operates through a combination of proprietary development and global partnerships with major pharmaceutical companies including Pfizer, Takeda, Eli Lilly, and Sanofi. Its CDMO subsidiary Altruist Biologics provides contract manufacturing services.

Differentiator

Problem solved

Functional benefit

Brands

• Altruist Biologics: Contract development and manufacturing organization (CDMO) subsidiary of Innovent Biologics providing biologics manufacturing services

Products and services

• TYVYT (sintilimab injection) PD-1 inhibitor monoclonal antibody approved in China for multiple oncology indications including lung cancer, liver cancer, lymphoma, colorectal cancer, and renal cell carcinoma (in combination with ELUNATE). Sintilimab's 10th approved indication was granted in May 2026 for second-line renal cell carcinoma.
• ELUNATE (fruquintinib) VEGFR tyrosine kinase inhibitor approved in China for combination therapy with sintilimab for second-line treatment of locally advanced or metastatic renal cell carcinoma, based on the FRUSICA-2 Phase 3 trial demonstrating 63% reduction in risk of disease progression or death.
• TABOSUN (Ipilimumab N01 Injection) China's first domestically developed anti-CTLA-4 monoclonal antibody, approved in combination with TYVYT for neoadjuvant treatment of certain colon cancer patients, representing the world's first dual-IO regimen approved for this indication.
• Jaypirca (pirtobrutinib) Non-covalent BTK inhibitor developed by Eli Lilly, approved in China for adult patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma after prior BTK inhibitor therapy, based on Phase 3 BRUIN CLL-321 results.
• Mazdutide GLP-1/GCG dual receptor agonist for treating type 2 diabetes and obesity, with Phase 3 results published in Nature. Phase 1 results showed 10.11% body weight reduction over 4 weeks. Co-developed with Eli Lilly.
• Altruist Biologics CDMO Services Contract development and manufacturing organization services for biologics, operated through a 20,000-liter scale manufacturing facility in Hangzhou (the first in China to receive this NMPA certification). Plans to expand to 172,000 liters of total bioreactor capacity. Services are provided to pharmaceutical and biotech clients globally including the US, Europe, and China, leveraging the Altru-CON high-concentration formulation platform (up to 200 mg/mL, IND timelines under nine months).

Quantifiable outcome

• 38.4% year-over-year revenue growth to RMB 13.0 billion in 2025
• +5 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered flagship, major, minor and core.

• PfizerflagshipStrategic or Co-development Partner · 28 May 2026Global strategic licensing and collaboration agreement worth up to $10.5 billion to develop 12 early-stage cancer medicines including antibody-drug conjugates and multi-specific antibodies. Innovent receives $650 million upfront with up to $9.85 billion in milestones. Companies co-develop and co-commercialize in US and Europe while Innovent retains Greater China rights. Deal expected to close in Q3 2026 pending regulatory approvals.
• HUTCHMEDmajorStrategic or Co-development Partner · 21 May 2026Joint development and co-commercialization partnership for ELUNATE (fruquintinib) and TYVYT (sintilimab) combination therapy. NMPA approved the combination for second-line treatment of locally advanced or metastatic renal cell carcinoma based on FRUSICA-2 Phase 3 trial showing 63% reduction in risk of disease progression or death.
• Fangzhou Inc.minorStrategic or Co-development Partner · 27 April 2026Strategic partnership for AI-powered chronic disease management ecosystem. Fangzhou reported deepened collaboration with Innovent as part of its platform expansion alongside partnerships with Novo Nordisk and others.
• Nuvation BiocoreChannel Partner/ Reseller/ Distributor · 21 April 2026Innovent markets IBTROZI (taletrectinib) in China, an FDA-approved therapy for ROS1-positive non-small cell lung cancer. Nuvation Bio markets in US, Nippon Kayaku in Japan, and Eisai pursuing EMA authorization in Europe.
• Eli LillyflagshipStrategic or Co-development Partner · 8 February 2026Seventh partnership worth up to $8.5 billion ($350 million upfront plus up to $8.5 billion in milestones) for novel oncology and immunology medicines. Innovent leads development from concept through Phase 2 in China; Lilly gains exclusive rights outside Greater China. This collaboration marks a shift from traditional licensing to joint development model.
• Ollin BiosciencesmajorStrategic or Co-development Partner · 9 January 2026Partnership for IBI324 (OLN324), a next-generation VEGF/Ang2 bispecific antibody for diabetic macular edema and wet AMD. Ollin completed $330 million Series B financing to advance global Phase 3 development. OLN324 demonstrated superior retinal drying versus Vabysmo in head-to-head Phase 1b study.
• TakedaflagshipStrategic or Co-development Partner · 21 October 2025$1.2 billion upfront payment plus up to $10.2 billion in milestones for co-development and commercialization of IBI363 and IBI343 outside Greater China. Takeda holds exclusive rights outside Greater China with options for early-stage programs. IBI363 is a PD-1/IL-2 bispecific for lung, colorectal, gastric, and pancreatic cancers; IBI343 is a CLDN18.2 ADC for gastric cancer.
• SanofimajorStrategic or Co-development Partner · 4 August 2022€300 million investment and strategic collaboration for co-development of two oncology drugs in China with milestone payments and royalties. Sanofi invested over $300 million through an all-cash deal at a 29% premium.
• LG ChemmajorStrategic or Co-development Partner · 23 March 20222022 strategic collaboration for IBI128 (tigulixostat), a xanthine oxidase inhibitor for gout treatment. Innovent in-licensed exclusive rights for Chinese market. Phase 2 showed 81% sUA compliance rate vs febuxostat. Phase 3 trial initiated in 2026.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• BeiGene: Chinese-founded biopharmaceutical company developing and commercializing innovative oncology medicines globally. Most direct comparable as another China-headquartered biotech with PD-1 inhibitor (tislelizumab), ADCs, and global commercialization footprint through partnerships.
• Junshi Biosciences: Chinese biotech with overlapping oncology pipeline including toripalimab (PD-1) and bispecific antibodies. Direct competitor in the Chinese PD-1/immuno-oncology space with similar pipeline depth.
• Akeso: Chinese biotech focused on bispecific antibodies (PD-1/VEGF cadonilimab, PD-1/CTLA-4). Highly comparable pipeline composition with Innovent's focus on novel antibody modalities for oncology.
• Hengrui Pharmaceuticals: Largest Chinese innovative pharma with broad oncology pipeline including camrelizumab (PD-1) and ADCs. Comparable scale, domestic commercialization, and pipeline breadth though more diversified across therapeutic areas.
• WuXi Biologics: China-based biologics CDMO and developer. Directly comparable through Altruist Biologics' CDMO business with overlapping services platform for antibody development and manufacturing.

Emerging players

• Cstone Pharmaceuticals: Chinese oncology-focused biotech with PD-L1 inhibitor (sugemalimab) and precision medicine pipeline. Smaller scale with narrower therapeutic focus but overlapping modalities.

Regional players

• Hansoh Pharmaceutical: Major Chinese pharma with oncology and CNS pipeline including innovative biologics. Comparable scale and China-focused commercialization though with stronger generic business mix.

Broad incumbents

• Eli Lilly: Global pharmaceutical partner with overlapping pipeline in oncology and immunology (including competing GLP-1 tirzepatide). Strategic partner for IBI363/IBI343 outside Greater China and recent $8.85B oncology/immunology deal.
• Pfizer: Global pharmaceutical company and $10.5B strategic partner covering 12 ADC and multi-specific antibody programs. Represents the strategic partner archetype for global commercialization.
• Merck & Co. Owns Keytruda (pembrolizumab), the global PD-1 standard-setter and indirect competitor to Innovent's TYVYT/sintilimab. Sets pricing and treatment paradigm benchmarks affecting Innovent's oncology competitive positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Innovent_2011
• Facebookfacebook.com/innovent2011
• LinkedInlinkedin.com/company/innovent-biologics-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors20 records

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M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innovent Biologics