Pfizer is  paying Innovent $650 million upfront to partner on cancer drug development, following Bristol Myers Squibb by striking a broad pact that positions Pfizer to leverage China’s fast early development system. The Pfizer-Innovent deal, which features up to $9.85 billion in development, regulatory and commercial milestones, supports the development of 12 cancer meds. The agreement covers “a diverse portfolio of antibody-drug conjugates with novel differentiated payloads and multi-specific antibodies with differentiated immune-engaging features and unique designs,” the companies said in a May 28 post-market release. Pfizer is proposing four discovery programs, while Innovent is contributing eight early-stage assets. Innovent will develop the programs through phase 1, beyond which Pfizer will lead global development. BMS  struck a similar deal with Hengrui Pharma two weeks ago.…