Key Deal Terms Summary

1. Agreement Overview

• Parties: Roche (SIX: RO, ROG; OTCQX: RHHBY) and Zealand Pharma (Nasdaq Copenhagen: ZEAL)
• Transaction Type: Exclusive Collaboration & Licensing Agreement
• Scope:
• Co-development and co-commercialization of petrelintide, Zealand Pharma’s long-acting amylin analog, as a standalone therapy and in fixed-dose combination with Roche’s dual GLP-1/GIP receptor agonist CT-388.
• Zealand and Roche will co-commercialize petrelintide in the U.S. and Europe, while Roche gains exclusive commercialization rights for the rest of the world.
• Roche will oversee commercial manufacturing and supply.

2. Financial Terms

• Upfront Payment: USD 1.65 billion
• USD 1.4 billion due at closing
• USD 250 million over the first two anniversaries of the collaboration
• Milestone Payments:
• Up to USD 1.2 billion in development milestones, primarily linked to Phase 3 trial initiation for petrelintide monotherapy
• Up to USD 2.4 billion in sales-based milestones
• Total potential consideration to Zealand Pharma: USD 5.3 billion
• Profit & Royalties:
• 50/50 profit and loss sharing in the U.S. and Europe
• Tiered double-digit royalties up to high teens % on net sales in the rest of the world
• Combination Product Payment:
• Zealand Pharma to pay Roche USD 350 million (offsettable against milestone payments) for the petrelintide/CT-388 fixed-dose combination product or next-generation petrelintide combinations

3. Development & Commercialization Plans

• Petrelintide:
• Phase 2 clinical-stage long-acting amylin analog for weekly subcutaneous administration
• Designed for improved tolerability compared to existing obesity treatments
• Potential as a best-in-class foundational therapy for weight management
• Combination Therapy (Petrelintide + CT-388):
• CT-388 is Roche’s lead dual GLP-1/GIP receptor agonist
• Designed to enhance weight loss efficacy and improve tolerability
• Fixed-dose combination aims to become a next-generation treatment for obesity
• Regulatory & Closing Timeline:
• Subject to regulatory approvals and customary closing conditions
• Expected closing in Q2 2025

4. Strategic Impact

• For Roche:
• Strengthens its cardiovascular, renal, and metabolic (CVRM) disease portfolio
• Enhances its position in obesity treatment and metabolic disease management
• Leverages Diagnostics expertise to complement therapeutic advancements
• For Zealand Pharma:
• Provides significant upfront capital to fund its broader R&D initiatives
• Positions petrelintide as a leading treatment option in obesity and weight management
• Expands commercial reach with Roche’s global footprint
• For the Industry:
• Advances a potential best-in-class amylin-based weight loss therapy
• Addresses a large unmet need in obesity and metabolic disease treatments
• Targets a growing patient population, expected to exceed 4 billion people by 2035

Overall Summary

Roche and Zealand Pharma have entered into a strategic collaboration worth up to USD 5.3 billion to co-develop and co-commercialize petrelintide for obesity treatment, both as a standalone therapy and in combination with Roche’s GLP-1/GIP receptor agonist CT-388. The transaction includes an upfront payment of USD 1.65 billion, milestone-based payments of up to USD 3.6 billion, and profit-sharing in key markets. Roche will lead global manufacturing and commercialization outside the U.S. and Europe, with Zealand Pharma contributing to commercialization in North America and Europe. This agreement strengthens Roche’s CVRM portfolio and positions Zealand Pharma as a key player in next-generation obesity treatments.

Parties Involved

• Valo Health, Inc. – AI-driven drug discovery and development company utilizing its Opal Computational Platform™ for human-centric, AI-powered small molecule drug design.
• Novo Nordisk A/S – A global healthcare leader specializing in cardiometabolic diseases, including obesity, type 2 diabetes, and cardiovascular disease.

Collaboration Scope

• Focus: Expansion of the original 2023 partnership to now cover the discovery and development of up to 20 novel drug programs for obesity, type 2 diabetes, and cardiovascular disease.
• Technology Utilized:
• Valo’s Opal Computational Platform™, which applies AI and human data analytics for target discovery and drug development.
• Integration of real-world patient datasets, genetics, and preclinical models to identify and validate novel cardiometabolic drug targets.
• Key Research Areas:
• Identification of novel therapeutic targets using AI-powered data analysis.
• Development of small molecule drug candidates with human-centric AI-driven design.
• Acceleration of preclinical and clinical development of selected candidates.

Rights & Responsibilities

• Valo Health:
• Leverages AI-driven drug discovery to identify and validate novel cardiometabolic targets.
• Conducts preclinical development for small molecule drug candidates.
• Receives funding, milestone payments, and royalties based on successful program progression.
• Novo Nordisk:
• Leads clinical development, regulatory approval, and commercialization of successful drug candidates.
• Provides funding for R&D and further research into human genetics and disease biology.
• Accelerates clinical trial initiation and regulatory submissions for promising programs.

Financial Terms

• Upfront & Near-Term Payments: Up to $190 million, including an equity investment and milestone payment.
• Total Potential Milestones: Up to $4.6 billion across 20 drug programs (increased from $2.7 billion under the original 2023 agreement).
• Additional R&D Funding & Royalties: Valo is eligible for R&D funding and royalties on net sales of successful therapeutics.

Regulatory Approval

• Novo Nordisk will manage regulatory submissions and approvals for drug candidates progressing to clinical trials.

Overall Summary

Valo Health and Novo Nordisk have expanded their AI-driven drug discovery collaboration to develop up to 20 novel therapies for obesity, type 2 diabetes, and cardiovascular disease. Novo Nordisk will provide up to $4.6 billion in milestone payments, $190 million upfront and near-term payments, as well as R&D funding and royalties. Valo will apply its Opal Computational Platform™ to identify new therapeutic targets and develop AI-driven small molecule drugs, while Novo Nordisk will lead clinical development and commercialization. This expansion significantly strengthens Novo Nordisk’s cardiometabolic drug pipeline and deepens its commitment to AI-powered precision medicine.

Key Deal Terms Summary

Agreement Overview

• Parties: Harbour BioMed and AstraZeneca
• Type: Global strategic collaboration for discovery and development of next-generation multi-specific antibodies
• Scope:
• Applies across immunology, oncology, and other therapeutic areas
• Includes option rights for two current preclinical immunology programs
• AstraZeneca may nominate additional targets over time
• Collaboration valid for five years, with a mutual option to extend for another five years

Financial Terms

• Upfront + Near-term Milestone Payments: $175 million
• Equity Investment:
• AstraZeneca will purchase 9.15% of newly issued Harbour BioMed shares
• Investment valued at $105 million
• Potential Development & Commercial Milestones: Up to $4.4 billion
• Royalties: Tiered royalties on future net sales (percentages not disclosed)

Development & Collaboration Scope

• Initial Focus: Two preclinical immunology programs + ongoing research initiatives
• Future Scope:
• AstraZeneca can license additional programs
• Collaboration may include additional programs over five years, with flexibility to expand upon mutual agreement
• Joint establishment of an Innovation Center in Beijing, co-located with AstraZeneca, to support joint initiatives

Strategic Impact

• For Harbour BioMed:
• Validates the strength of its Harbour Mice® and HBICE® antibody platforms
• Accelerates development through access to AstraZeneca’s global clinical and regulatory infrastructure

• Strengthens financial position via upfront payments and strategic equity investment

• For AstraZeneca:

• Expands pipeline with multi-specific antibody candidates
• Gains access to cutting-edge antibody engineering platforms
• Further consolidates position in next-generation biologics and immunotherapies

Overall Summary

Harbour BioMed and AstraZeneca have entered a broad, multi-program global collaboration combining Harbour's proprietary multi-specific antibody discovery capabilities with AstraZeneca's clinical and commercial scale. With $280 million in upfront and equity payments and potential future milestones up to $4.4 billion, this partnership supports the co-discovery and potential licensing of multiple therapeutic antibody candidates. A co-located Innovation Center in Beijing will further advance joint development, marking a major step in Harbour BioMed's global expansion and AstraZeneca's deepening commitment to biologics innovation.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Syneron Bio and AstraZeneca
• Type: Strategic collaboration and equity investment
• Focus: Discovery and development of macrocyclic peptide therapeutics for chronic diseases, including rare, autoimmune, and metabolic disorders
• Platform: AstraZeneca will gain access to Syneron Bio’s Synova™ platform, a high-throughput, intelligent R&D system for oral macrocyclic peptide drugs

2. Financial Terms

• Upfront and Near-Term Milestone Payments: $75 million
• Development and Commercial Milestone Payments: Up to $3.4 billion
• Royalties: Tiered royalties based on global sales (rates not disclosed)
• Equity Investment: AstraZeneca to take an undisclosed equity stake in Syneron Bio

3. Development & Commercialization Scope

• Therapeutic Areas: Chronic disease focus, including:
• Rare diseases
• Autoimmune disorders
• Metabolic conditions
• Syneron’s Role: Provide R&D support via Synova™ platform
• AstraZeneca’s Role: Lead development, commercialization, and global sales

4. Strategic Impact

• For Syneron Bio:
• Validates its Synova™ platform and macrocyclic peptide drug discovery model
• Gains significant non-dilutive capital and future revenue streams via milestone payments and royalties

• Plans to expand R&D facilities in Beijing and deepen pipeline development

• For AstraZeneca:

• Access to emerging oral peptide technology with potential to target hard-to-drug chronic disease pathways
• Strengthens its position in autoimmune and metabolic disease therapeutics through innovative modalities
• Broadens its discovery engine via external innovation partnerships

Overall Summary

AstraZeneca and Syneron Bio have entered a high-value strategic collaboration combining Syneron's Synova™ macrocyclic peptide discovery platform with AstraZeneca’s global development and commercialization capabilities. The deal includes $75 million in upfront and near-term milestones, up to $3.4 billion in success-based payments, tiered royalties, and a strategic equity investment by AstraZeneca. The partnership will support novel chronic disease programs and enable Syneron Bio to expand R&D infrastructure, advancing its global presence in macrocyclic drug innovation.

Parties Involved

• Sciwind Biosciences – A pre-commercial biopharmaceutical company focused on developing innovative therapies for metabolic diseases.
• Verdiva Bio Limited – A clinical-stage biopharmaceutical company specializing in treatments for obesity and cardiometabolic disorders.

Collaboration Scope

• Portfolio of licensed assets includes:
• Oral Ecnoglutide (XW004): A phase 2-ready, once-weekly oral GLP-1 receptor agonist with best-in-class potential.
• Oral Amylin Receptor Agonist (Amylin RA): A long-acting, once-weekly oral amylin receptor agonist in IND-enabling studies.

• Subcutaneous Injectable Amylin Receptor Agonist (Amylin RA): A potential best-in-class injectable amylin receptor agonist in IND-enabling studies.

• Rights & Responsibilities:

• Verdiva Bio receives exclusive global rights to develop, manufacture, and commercialize the partnered programs outside of Greater China and South Korea.
• Sciwind Biosciences retains the rights to develop, manufacture, and commercialize the products within Greater China and South Korea.
• The companies will also collaborate on additional preclinical stage programs, with Sciwind eligible for additional milestones and royalties.

Licensing Agreement & Financial Terms

• Upfront Payment: Sciwind receives approximately $70 million.
• Milestone Payments: Sciwind is eligible to receive over $2.4 billion in development, regulatory, and commercialization milestones.
• Royalties: Sciwind will receive tiered royalties on future product sales outside Greater China and South Korea.

Overall Summary

Sciwind Biosciences and Verdiva Bio have entered into a global licensing and collaboration agreement for the development and commercialization of a portfolio of metabolic disease therapies, including oral and injectable GLP-1 and Amylin receptor agonists. Verdiva Bio gains exclusive global rights outside of Greater China and South Korea, while Sciwind retains rights in these regions. Sciwind receives a $70 million upfront payment, with potential milestone payments exceeding $2.4 billion, plus tiered royalties on global sales. The partnership is designed to accelerate the global commercialization of these innovative metabolic therapies.

Key Deal Terms Summary

1. Agreement Overview

• Parties: AbbVie (NYSE: ABBV) and Gubra A/S (CPSE: GUBRA)
• Transaction Type: License Agreement
• Asset: GUB014295, a long-acting amylin analog for the treatment of obesity
• Development Stage: Phase 1 clinical trial (Single Ascending Dose completed; Multiple Ascending Dose ongoing)
• Global Rights: AbbVie gains exclusive worldwide rights to develop and commercialize GUB014295

2. Financial Terms

• Upfront Payment: $350 million
• Milestone Payments: Up to $1.875 billion in development, commercial, and sales milestones
• Royalties: Tiered royalties on global net sales

3. Development & Commercialization Plans

• AbbVie will lead global development and commercialization of GUB014295
• Gubra will continue supporting development efforts leveraging its expertise in peptide-based drug discovery
• Regulatory approvals and other customary closing conditions must be met before the transaction is finalized

4. Strategic Impact

• AbbVie’s Entry into the Obesity Market:
• Marks AbbVie’s first move into obesity therapeutics
• Positions AbbVie to compete in the rapidly growing global obesity market
• Potential Best-in-Class Amylin Analog:
• Amylin is a satiety hormone targeting appetite suppression and gastric emptying delay
• Could complement existing obesity treatments and enhance weight loss efficacy
• Accelerated Development with Strong Partners:
• AbbVie brings expertise in large-scale clinical development and commercialization
• Gubra’s established preclinical peptide discovery capabilities support innovation
• Global Market Opportunity:
• Nearly 900 million adults worldwide have obesity, highlighting significant unmet need

Overall Summary

AbbVie and Gubra have entered into a license agreement for GUB014295, an amylin analog in Phase 1 clinical trials for obesity. The deal grants AbbVie exclusive worldwide rights to develop and commercialize the drug. Gubra will receive $350M upfront, up to $1.875B in milestone payments, and tiered royalties on global net sales. AbbVie’s entry into the obesity market strengthens its metabolic disease pipeline, while Gubra benefits from AbbVie’s commercialization expertise. The amylin analog's mechanism could enhance appetite suppression and weight loss outcomes, positioning it as a potential best-in-class therapy in the growing global obesity market.

Key Deal Terms Summary

1. Agreement Overview

• Companies Involved: AbbVie and Xilio Therapeutics
• Deal Type: Collaboration and option-to-license agreement
• Objective: Develop novel tumor-activated antibody-based immunotherapies, including masked T-cell engagers
• Technology Focus: Xilio’s tumor-activated biologics platform to enhance targeted immune-oncology therapies

2. Financial Terms

• Upfront Payment: $52 million, including a $10 million equity investment
• Potential Milestone Payments: Up to $2.1 billion based on option-related fees and clinical, regulatory, and commercial milestones
• Royalties: Xilio is eligible for tiered royalties on commercial sales

3. Development & Commercialization Plans

• Key Technology:
• Xilio’s tumor-activated biologics platform enables masking and selective activation of T-cell engagers within the tumor microenvironment, minimizing systemic side effects
• Focus on high-value immunotherapies, including multispecific molecules and immune cell engagers
• AbbVie’s Role:
• Leverage oncology expertise to guide clinical development
• Utilize global commercialization and regulatory expertise
• Xilio’s Role:
• Lead early-stage research and development
• Apply tumor-selective activation technology to enhance efficacy and safety

4. Strategic Impact

• Advances next-generation immunotherapies, expanding AbbVie’s oncology pipeline
• Strengthens Xilio’s position in immuno-oncology, leveraging AbbVie’s clinical and commercial infrastructure
• Potentially enhances the safety and efficacy of T-cell engagers, an emerging class of tumor-targeted biologics
• Positions AbbVie as a leader in engineered immunotherapies, reinforcing its commitment to oncology innovation

Overall Summary

AbbVie and Xilio Therapeutics have entered into a collaboration and option-to-license agreement to develop novel tumor-activated immunotherapies, including masked T-cell engagers. Under the agreement, Xilio will receive $52 million upfront, with potential milestone payments of up to $2.1 billion, plus tiered royalties. The partnership leverages Xilio’s proprietary tumor-activation platform to improve immune-oncology therapies, while AbbVie brings its oncology expertise and commercialization capabilities. This collaboration strengthens both companies' positions in immuno-oncology and could lead to more effective, safer cancer treatments.

Key Deal Terms Summary

ABL Bio Licenses Grabody-B Brain Delivery Platform to GSK for Neurodegenerative Disease Drug Development

1. Agreement Overview

• Parties: ABL Bio (South Korea) and GSK (UK)
• Deal Type: Global exclusive license agreement
• Scope: Multi-program collaboration to develop novel therapies for neurodegenerative diseases
• Platform: ABL Bio’s Grabody-B blood-brain barrier (BBB) shuttle technology
• Targets: IGF1R-mediated transport for delivery of various modalities (antibodies, siRNA, ASOs, polynucleotides)

2. Financial Terms

• Upfront & Near-Term Payments:
• Total: £77.1 million
• Immediate upfront: £38.5 million
• Milestone Payments:
• Total potential: up to £2.075 billion
• Includes research, development, regulatory, and commercialization milestones across multiple programs
• Royalties:
• Tiered royalties on net sales from any successfully commercialized products

3. Development & Commercial Responsibilities

• ABL Bio:
• Transfers Grabody-B technology and know-how to GSK
• GSK:
• Responsible for preclinical & clinical development, manufacturing, and global commercialization

4. Strategic Impact

• For ABL Bio:
• Strengthens its global leadership in BBB-penetrating technologies
• Broadens the application of Grabody-B to multiple modalities
• For GSK:
• Enhances its ability to deliver antibody and RNA-based therapies to the brain
• Adds a transformational delivery platform to its neurodegenerative disease pipeline

Overall Summary

ABL Bio has entered into a global license agreement with GSK, granting exclusive rights to develop and commercialize novel therapeutics for neurodegenerative diseases using ABL Bio’s proprietary Grabody-B platform. The deal includes £77.1 million in upfront and near-term payments and up to £2.075 billion in milestone payments, with additional tiered royalties on sales. This partnership combines ABL Bio’s cutting-edge BBB-penetrating technology with GSK’s extensive development and commercialization capabilities to address critical unmet needs in conditions such as Alzheimer’s and Parkinson’s disease.

Key Deal Terms Summary

1. Agreement Overview

• Parties Involved: The United Laboratories International Holdings Limited (TUL), United Biotechnology (a TUL subsidiary), and Novo Nordisk A/S
• Deal Type: Exclusive license agreement
• Asset Licensed: UBT251, a GLP-1/GIP/glucagon triple receptor agonist
• Development Stage: Early clinical-stage; recently completed a Phase 1b study in overweight/obese patients in China
• Therapeutic Focus: Obesity, type 2 diabetes, MAFLD, and chronic kidney disease (CKD)

2. Financial Terms

• Upfront Payment: $200 million
• Milestone Payments: Up to $1.8 billion (development, regulatory, and commercial milestones)
• Royalties: Tiered royalties on net sales (outside of Greater China)
• Territorial Rights:
• Novo Nordisk: Exclusive rights outside mainland China, Hong Kong, Macau, and Taiwan
• United Biotechnology: Retains rights within mainland China, Hong Kong, Macau, and Taiwan

3. Development and Clinical Status

• Phase 1b Clinical Trial (China):
• Design: Randomized, double-blind, placebo-controlled
• Participants: 36 people with overweight/obesity
• Dosing: Weekly subcutaneous injections over 12 weeks across 3 dose escalation groups

• Outcomes:

  • Weight loss in highest dose group: 15.1% reduction from baseline
  • Placebo group: 1.5% weight gain
  • Safety: GI-related adverse events consistent with incretin-based therapies; mostly mild-to-moderate

• Ongoing Trials:

• Phase 2 trial for obesity has been initiated in China
• Clinical trial approvals in China and the U.S. for additional indications including type 2 diabetes, MAFLD, and CKD

4. Strategic Impact

• For Novo Nordisk:
• Strengthens and diversifies its cardiometabolic pipeline
• Gains global rights to a potentially best-in-class triple agonist targeting three key metabolic hormone receptors

• Builds on United Biotechnology’s early-stage data to accelerate development outside of China

• For TUL / United Biotechnology:

• Validates its R&D innovation model
• Significant non-dilutive capital to reinvest into R&D
• Retains commercial opportunity in the Greater China market
• Reinforces its global strategy by aligning with a market leader in metabolic disease

5. Closing Conditions

• Subject to:
• Regulatory clearance
• Customary closing conditions

Overall Summary

Novo Nordisk has entered into a major global license deal for UBT251, paying $200 million upfront and up to $1.8 billion in milestones, plus royalties. The agreement provides Novo Nordisk exclusive rights outside Greater China to a promising triple agonist that has already shown strong weight loss effects in a Phase 1b trial. This strategic collaboration expands Novo Nordisk’s pipeline in obesity and diabetes, while United Biotechnology retains commercial opportunity and strengthens its global R&D ambitions.

Key Deal Terms Summary

1. Agreement Overview

• Parties Involved: Merck and Jiangsu Hengrui Pharmaceuticals Co., Ltd.
• Asset Licensed: HRS-5346, an oral small molecule inhibitor of Lipoprotein(a) [Lp(a)]
• Indication: Atherosclerotic cardiovascular disease
• Stage: Phase 2 clinical trial (currently in China)
• Rights Granted: Merck receives exclusive global rights to develop, manufacture, and commercialize HRS-5346, excluding Greater China

2. Financial Terms

• Upfront Payment: $200 million
• Milestone Payments: Up to $1.77 billion, tied to:
• Development milestones
• Regulatory approvals
• Commercial achievements
• Royalties: Tiered royalties on net sales outside of Greater China (exact percentages not disclosed)
• Accounting Impact: Merck will record a $200 million pre-tax charge (~$0.06/share) in the quarter the transaction closes

3. Development & Commercialization Plans

• Merck Responsibilities:
• Lead global development and commercialization outside Greater China
• Leverage its cardio-metabolic pipeline and global infrastructure to accelerate HRS-5346 development
• Hengrui Retains:
• All rights within Greater China (Mainland China, Hong Kong, Macau, Taiwan)

4. Strategic Impact

• For Merck:
• Adds a first-in-class oral candidate for Lp(a) reduction, addressing a major unmet need in cardiovascular disease
• Expands Merck’s cardio-metabolic pipeline

• Potentially serves 1 in 5 adults worldwide with elevated Lp(a) — an independent, genetically determined cardiovascular risk factor

• For Hengrui Pharma:

• Gains global validation of its R&D capabilities
• Secures substantial upfront and milestone payments
• Retains market opportunity in Greater China while leveraging Merck’s scale to maximize global reach

Overall Summary

Merck has entered into an exclusive global license agreement (excluding Greater China) with Jiangsu Hengrui Pharma for HRS-5346, a Phase 2 oral Lp(a) inhibitor targeting cardiovascular disease. The deal includes a $200 million upfront payment, up to $1.77 billion in milestones, and tiered royalties. HRS-5346 could become a novel oral treatment option for elevated Lp(a), a serious risk factor for atherosclerotic cardiovascular conditions affecting 1.4 billion people globally. Merck expands its cardio-metabolic portfolio, while Hengrui retains rights in Greater China and stands to benefit from Merck’s global clinical and commercial expertise.

Key Deal Terms Summary

Agreement Overview

• Structure: Sanofi to acquire Dren Bio affiliate Dren-0201, securing full rights to the DR-0201 bispecific antibody program.
• Focus: DR-0201 is a CD20-directed bispecific myeloid cell engager (MCE) designed to drive deep B-cell depletion via targeted phagocytosis.
• Indications: Being studied for autoimmune diseases such as lupus, particularly in refractory patients where conventional B-cell depleters are insufficient.
• Stage: DR-0201 is in Phase 1 clinical development, with robust preclinical and early clinical data.

Financial Terms

• Upfront Payment: $600 million to acquire Dren-0201
• Milestones:
• Up to $1.3 billion in development and launch milestone payments
• Total Potential Consideration: Up to $1.9 billion
• Funding: Sanofi will use existing cash reserves
• Structure: Acquisition of a Dren Bio affiliate (Dren-0201); parent company Dren Bio will remain independent

Development & Commercialization Plans

• Lead Asset: DR-0201 – a potential first-in-class bispecific antibody using myeloid cell engagement for targeted immune reset
• Mechanism:
• Engages tissue-resident and circulating myeloid cells
• Triggers phagocytosis of CD20+ B cells
• Aims for sustained, treatment-free remission in autoimmune diseases
• Sanofi’s Role: Will lead further development and global commercialization
• Current Studies: Two ongoing Phase 1 trials in autoimmune settings

Strategic Impact

• For Sanofi:
• Strengthens immunology pipeline
• Aligns with goal to be global leader in immunology
• Enhances Sanofi’s capabilities in deep immune modulation
• For Dren Bio:
• Retains its core business and pipeline, including DR-01 and broader myeloid engager platform
• Unlocks capital from the DR-0201 program to accelerate additional innovation

Overall Summary

Sanofi will acquire Dren Bio’s affiliate housing DR-0201, a next-generation bispecific CD20-targeting antibody designed for deep B-cell depletion, for $600 million upfront and up to $1.3 billion in milestones. The deal strengthens Sanofi’s ambition to reset the immune system in autoimmune diseases and underscores its commitment to leading in immunology. DR-0201’s unique myeloid engagement mechanism could offer transformative potential for refractory B-cell mediated autoimmune conditions such as lupus, supporting long-term remission. The acquisition is expected to close in Q2 2025.

Parties Involved

• Gilead Sciences, Inc. (Nasdaq: GILD) – A global biopharmaceutical company focused on advancing treatments for life-threatening diseases, including inflammation, viral hepatitis, HIV, and cancer.
• LEO Pharma – A Denmark-based pharmaceutical company specializing in dermatology treatments, co-owned by the LEO Foundation and Nordic Capital.

Collaboration Scope

• Focus: Development and commercialization of LEO Pharma’s oral STAT6 small molecule inhibitors and targeted protein degraders for inflammatory diseases.
• Indications: Potential treatments for atopic dermatitis, asthma, COPD, and other inflammatory conditions where IL-4 and IL-13 cytokine signaling play a role.
• Development Responsibilities:
• Gilead: Leads the development, manufacturing, and commercialization of oral STAT6 inhibitors.
• LEO Pharma: Retains global rights to develop and commercialize topical STAT6 formulations for dermatology indications.
• Commercialization Rights:
• Gilead will have exclusive global rights to the oral STAT6 program.
• LEO Pharma has the option to co-commercialize oral STAT6 products for dermatology indications outside the U.S.

Financial Terms

• Upfront Payment: $250 million to LEO Pharma.
• Milestone Payments: LEO Pharma is eligible for up to $1.7 billion in total payments, including development, regulatory, and commercial milestones.
• Royalties:
• LEO Pharma will receive tiered royalties ranging from high single-digit to mid-teens on sales of oral STAT6 products.
• Gilead will receive tiered royalties ranging from high single-digit to mid-teens on sales of topical STAT6 products.
• Financial Impact: Gilead expects this transaction to reduce its GAAP and non-GAAP 2025 EPS by approximately $0.15 - $0.17.

Regulatory Approval

• No specific regulatory conditions were disclosed, but further development and clinical trials will be required before commercialization.

Overall Summary

Gilead Sciences and LEO Pharma have entered a strategic partnership to develop oral STAT6 inhibitors for multiple inflammatory diseases, including atopic dermatitis, asthma, and COPD. Gilead gains exclusive global rights to the oral STAT6 program, while LEO Pharma retains global rights to topical formulations and has the option to co-commercialize oral STAT6 therapies for dermatology indications outside the U.S. LEO Pharma will receive $250 million upfront, with the potential for $1.7 billion in total payments and royalties on future sales.

Parties Involved

• AbbVie – A global biopharmaceutical company with expertise in oncology and immunology drug development.
• Neomorph, Inc. – A biotechnology company specializing in molecular glue degraders, targeting "undruggable" proteins in cancer and immune disorders.

Collaboration Scope

• The collaboration focuses on developing novel molecular glue degraders for multiple oncology and immunology targets.
• Molecular glue degraders are small molecules that selectively degrade disease-driving proteins, offering a more precise treatment approach for cancer and immune disorders.
• Neomorph’s proprietary molecular glue discovery platform will be leveraged to identify and advance novel drug candidates.

Rights & Responsibilities

• Neomorph
• Responsible for discovering and advancing molecular glue degraders for the designated targets.
• Eligible for option fees, milestone payments, and royalties upon success.
• AbbVie
• Gains exclusive licensing rights to select programs upon exercising its option.
• Will oversee clinical development, regulatory approval, and commercialization of selected drug candidates.

Financial Terms

• Neomorph to receive:
• Upfront payment (amount undisclosed).
• Up to $1.64 billion in option fees and milestone payments.
• Tiered royalties on future net sales of licensed products.

Regulatory Approval

• No immediate regulatory requirements disclosed, but the collaboration is expected to advance novel molecular glue degraders toward clinical development.

Overall Summary

AbbVie and Neomorph have entered into a collaboration and option-to-license agreement to develop molecular glue degraders targeting oncology and immunology indications. Neomorph will lead drug discovery, while AbbVie will have the option to license and advance selected programs into clinical development and commercialization. Neomorph stands to receive up to $1.64 billion in milestone payments and royalties, reinforcing the growing potential of molecular glue degraders in targeting previously "undruggable" proteins.

Key Deal Terms Summary

Sangamo Therapeutics Enters Capsid Licensing Agreement with Eli Lilly for CNS Genomic Medicine Delivery

1. Agreement Overview

• Parties: Sangamo Therapeutics and Eli Lilly and Company (Lilly)
• Scope: Lilly receives a worldwide exclusive license to Sangamo’s STAC-BBB capsid, a novel AAV delivery technology targeting the central nervous system (CNS).
• Initial Rights: License covers one initial disease target, with the option to expand to up to four additional targets.

2. Financial Terms

• Upfront Payment: $18 million
• Milestone Potential: Up to $1.4 billion in:
• Licensed target fees
• Development, regulatory, and commercial milestones
• Royalties: Tiered royalties on potential net sales, subject to certain reductions.

3. Development & Commercialization Responsibilities

• Sangamo:
• Conducts technology transfer of STAC-BBB capsid
• Lilly:
• Leads all research, preclinical/clinical development, regulatory work, manufacturing, and commercialization

4. Strategic Impact

• Marks third industry partnership for STAC-BBB since its March 2024 unveiling
• Reinforces Sangamo’s position as a leader in AAV-based delivery systems, particularly for CNS applications
• Provides Sangamo with non-dilutive capital and potential long-term royalty revenue stream

Overall Summary

Sangamo Therapeutics has granted Eli Lilly an exclusive global license to its proprietary AAV capsid, STAC-BBB, for CNS disease applications. The deal includes an upfront payment of $18 million, potential milestones up to $1.4 billion, and tiered royalties on product sales. Lilly may target up to five CNS indications and will lead development and commercialization. The agreement highlights growing industry confidence in Sangamo’s delivery platform and offers significant financial upside based on performance milestones and royalties.

Samsung Biologics Secures $1.4B European Manufacturing Contract

Contract Overview
- Samsung Biologics has entered into a manufacturing agreement with an unnamed pharmaceutical company based in the European Union.

Deal Value
- The contract is valued at over $1.4 billion (approximately 2.1 trillion Korean won).

Strategic Significance
- This agreement ranks among the largest in Samsung Biologics' history.
- It continues the company's recent trend of securing major manufacturing contracts.

Parties Involved

• Boehringer Ingelheim – A global biopharmaceutical company focused on human and animal health, with significant investment in oncology research and development.
• Synaffix B.V. (a Lonza company) – A biotechnology company specializing in antibody-drug conjugate (ADC) technology, including GlycoConnect™, HydraSpace®, and toxSYN® platforms.

Collaboration Scope

• Focus: Development of multiple ADC programs leveraging Synaffix’s ADC technology to enhance cancer treatment efficacy while minimizing damage to healthy tissues.
• Technology Utilized:
• GlycoConnect™ – A site-specific conjugation technology.
• HydraSpace® – A linker technology to optimize ADC properties.
• toxSYN® – A cytotoxic payload platform to improve the therapeutic index of ADCs.
• Target Selection:
• Boehringer will nominate multiple tumor targets from its portfolio.
• The first target was nominated at the agreement signing, with additional targets to follow within a predefined timeframe.
• Development and Commercialization Responsibilities:
• Synaffix provides proprietary ADC technologies and manufactures related components.
• Boehringer Ingelheim (via NBE Therapeutics) will lead ADC development and commercialization.

Rights & Responsibilities

• Synaffix:
• Grants Boehringer Ingelheim a license to develop ADCs using its proprietary platform.
• Provides manufacturing support for ADC components.
• Boehringer Ingelheim:
• Leads research, development, and commercialization of ADC products.
• Leverages its oncology expertise to develop novel, first-in-class cancer treatments.

Financial Terms

• Upfront Payment: Undisclosed amount paid to Synaffix.
• Milestone Payments: Up to $1.3 billion based on development, regulatory, and commercial achievements.
• Royalties: Synaffix to receive royalties on net sales of commercialized ADC products.

Regulatory Approval

• Boehringer Ingelheim will lead regulatory submissions for clinical trials and market approvals of the ADCs.

Overall Summary

Boehringer Ingelheim and Synaffix have entered into a licensing agreement for the development of multiple ADC programs using Synaffix’s GlycoConnect™, HydraSpace®, and toxSYN® technologies. Under the agreement, Boehringer will nominate multiple tumor targets, starting with an initial target selected at signing, and NBE Therapeutics will oversee development and commercialization. Synaffix will receive an upfront payment, up to $1.3 billion in milestone payments, and royalties on net sales. This collaboration expands Boehringer’s ADC pipeline and reinforces Synaffix’s position as a leader in ADC technology licensing.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Magnet Biomedicine and Eli Lilly and Company
• Scope: Collaboration and license agreement to discover, develop, and commercialize molecular glue therapeutics in oncology
• Technology Involved: Magnet Biomedicine’s TrueGlue™ discovery platform for identifying molecular glue medicines

2. Financial Terms

• Upfront and Near-Term Payments: Up to $40 million, including an equity investment
• Milestone Payments:
• Development, regulatory, and commercial milestone payments totaling over $1.25 billion
• Royalties:
• Tiered royalties on global net sales of any approved products

3. Development & Commercialization Plans

• Magnet will apply its TrueGlue™ discovery platform to identify and optimize novel molecular glues.
• The collaboration will target difficult-to-drug proteins to create breakthrough oncology therapies.
• Lilly will contribute its expertise in small molecule drug development to advance and commercialize successful candidates.

4. Strategic Impact

• Expands Magnet’s platform into high-impact therapeutic areas
• Leverages Lilly’s expertise and commercialization capabilities to bring next-generation molecular glues to patients
• Validates Magnet's rational approach to molecular glue discovery by securing a major industry partner

Overall Summary

Magnet Biomedicine has entered into a strategic collaboration with Eli Lilly to develop novel molecular glue therapeutics for oncology. Under the deal, Magnet will receive up to $40 million in upfront, near-term payments, and an equity investment, with over $1.25 billion in potential milestone payments, plus tiered royalties on global net sales. The agreement combines Magnet’s TrueGlue™ platform with Lilly’s expertise in small molecule drug development, aiming to address difficult-to-drug cancer targets with innovative molecular glue medicines.

ArriVent BioPharma & Lepu Biopharma Exclusive License Agreement for MRG007

Parties Involved

• ArriVent BioPharma
• Lepu Biopharma

Collaboration Scope

ArriVent BioPharma has obtained exclusive global rights outside of Greater China to develop, manufacture, and commercialize MRG007, a novel antibody-drug conjugate (ADC) in development for gastrointestinal (GI) cancers. The first Investigational New Drug (IND) submission is planned for the first half of 2025.

Rights & Responsibilities

• ArriVent BioPharma: Responsible for the development, manufacturing, and commercialization of MRG007 outside mainland China, Hong Kong, Macau, and Taiwan.
• Lepu Biopharma: Retains exclusive rights within Greater China and will collaborate with ArriVent to advance the development of MRG007.

Financial Terms

• Upfront Payment & Near-Term Milestones: $47 million to Lepu Biopharma.
• Milestone Payments: Up to $1.16 billion in development, regulatory, and sales milestones.
• Royalties: Tiered royalties on net sales outside of Greater China.

Regulatory Approval

• The first IND submission for MRG007 is planned for 1H 2025.
• The initial clinical development focus will be colorectal cancer (CRC), pancreatic cancer, and other GI cancers.

Overall Summary

ArriVent BioPharma has entered into an exclusive global licensing agreement (excluding Greater China) with Lepu Biopharma for MRG007, a next-generation ADC targeting GI cancers. This collaboration strengthens ArriVent’s ADC pipeline and accelerates clinical development. Lepu Biopharma will receive $47 million upfront and near-term milestones, with potential total payments reaching $1.16 billion plus tiered royalties. The first IND submission is expected in 1H 2025, with initial clinical focus on CRC, pancreatic, and other GI cancers.

Parties Involved

• Avenzo Therapeutics, Inc. – A clinical-stage biotechnology company focused on next-generation oncology therapies.
• Duality Biotherapeutics – A clinical-stage biotech company specializing in antibody-drug conjugates (ADCs) for cancer and autoimmune diseases.

Collaboration Scope

• Avenzo will receive an exclusive global license (excluding Greater China) to develop, manufacture, and commercialize AVZO-1418/DB-1418, an EGFR/HER3 bispecific ADC for solid tumors, including non-small cell lung cancer, breast cancer, and head and neck cancer.
• DualityBio retains rights in Greater China and will continue supporting the development of the ADC.
• IND-enabling studies are ongoing, with plans to initiate a first-in-human clinical trial this year.

Rights & Responsibilities

• Avenzo Therapeutics:
• Responsible for global clinical development, manufacturing, and commercialization of AVZO-1418/DB-1418 outside of Greater China.
• Will collaborate with DualityBio to accelerate development and initiate clinical trials.
• Duality Biotherapeutics:
• Will receive milestone payments and royalties.
• Will continue to support preclinical and clinical development efforts.

Financial Terms

• DualityBio will receive a $50 million upfront payment.
• DualityBio is eligible for up to $1.15 billion in development, regulatory, and commercial milestone payments.
• Tiered royalties on net sales in Avenzo’s territory.

Regulatory Approval

• Avenzo will be responsible for regulatory submissions and approvals outside of Greater China.
• The first-in-human clinical study is expected to begin this year.

Overall Summary

Avenzo Therapeutics has entered into an exclusive global license agreement (excluding Greater China) with DualityBio for AVZO-1418/DB-1418, an EGFR/HER3 bispecific ADC targeting various solid tumors. Avenzo will oversee global development, manufacturing, and commercialization, while DualityBio will receive upfront, milestone, and royalty payments. The first-in-human trial is expected to begin this year, aiming to establish AVZO-1418/DB-1418 as a best-in-class ADC therapy.

Key Deal Terms Summary

1. Agreement Overview

• Companies Involved: Radiance Biopharma and CSPC Megalith Biopharmaceutical (a subsidiary of CSPC Pharmaceutical Group)
• Deal Type: Exclusive licensing agreement
• Objective: Development and commercialization of RB-164 (SYS6005), a ROR-1 targeted antibody-drug conjugate (ADC)
• Territorial Rights:
• Radiance: Exclusive commercialization rights in USA, Canada, EU, UK, Switzerland, Norway, Iceland, Liechtenstein, Albania, Montenegro, North Macedonia, Serbia, and Australia
• CSPC: Retains rights for China and the rest of the world

2. Financial Terms

• Upfront Payment: $15 million to CSPC
• Development & Regulatory Milestones: Up to $150 million
• Commercial Milestones: Over $1 billion
• Royalties: Tiered royalties based on annual net sales

3. Development & Commercialization Plans

• Current Status:
• RB-164 is in Phase 1 dose escalation trials in China for advanced liquid and solid tumors
• Investigational New Drug (IND) application cleared by China’s NMPA
• Next Steps:
• Radiance and CSPC will jointly file an IND application with the FDA
• Radiance to lead clinical development in the U.S. and licensed territories
• Technology Focus:
• ROR-1 is a validated target in hematological malignancies and solid tumors
• RB-164 employs a novel Fc-silenced monoclonal antibody with high stability and improved pharmacokinetic properties

4. Strategic Impact

• Strengthens Radiance's oncology pipeline by adding a clinical-stage ADC with multiple therapeutic indications
• Expands Radiance’s focus into ROR-1 targeted therapies for high-unmet-need cancer populations
• Positions Radiance as a key player in the ADC space, leveraging the expertise of industry veterans in antibody-based oncology
• Enables CSPC to bring its innovative ADC to global markets via a strategic partnership

Overall Summary

Radiance Biopharma has entered into an exclusive licensing agreement with CSPC Megalith Biopharmaceutical to develop and commercialize RB-164 (SYS6005), a ROR-1 targeted ADC. The deal grants Radiance commercialization rights across the U.S., Canada, Europe, and Australia, while CSPC retains rights for China and other global markets. Radiance will pay $15 million upfront, up to $150 million in regulatory milestones, and over $1 billion in commercial milestones, with tiered royalties based on net sales. RB-164 is currently in Phase 1 clinical trials in China, and Radiance will lead clinical development in its licensed territories, aiming to advance a best-in-class ADC therapy for hematological and solid tumor malignancies.

Parties Involved

• Innovent Biologics, Inc. – A leading biopharmaceutical company focused on developing, manufacturing, and commercializing innovative therapies for oncology and other major diseases.
• Roche – A global pharmaceutical and diagnostics company with expertise in oncology and antibody-drug conjugates (ADCs).

Collaboration Scope

• Innovent grants Roche exclusive global rights to develop, manufacture, and commercialize IBI3009, a DLL3-targeted ADC for small cell lung cancer (SCLC) and other neuroendocrine tumors.
• Innovent and Roche will jointly focus on early-stage development, with Roche assuming full responsibility for further clinical development, regulatory submissions, and commercialization.

Rights & Responsibilities

• Innovent Biologics
• Develops IBI3009 through early-stage clinical development.
• Provides Roche with global exclusive rights to the asset.
• Continues to benefit through milestone payments and royalties.
• Roche
• Assumes full development, regulatory, and commercialization responsibilities post-early-stage trials.
• Leverages its global ADC expertise and oncology network to bring IBI3009 to market.

Financial Terms

• Upfront Payment: $80 million to Innovent.
• Milestone Payments: Up to $1 billion based on development and commercial success.
• Royalties: Tiered royalties on net sales of IBI3009.

Regulatory Approval

• IND approvals secured in Australia, China, and the U.S.
• First patient dosed in December 2024 in an ongoing Phase 1 study.
• Roche will lead future regulatory filings and market approvals globally.

Overall Summary

Innovent has granted Roche exclusive global rights to develop, manufacture, and commercialize IBI3009, a DLL3-targeted ADC for small cell lung cancer and neuroendocrine tumors. The agreement provides Innovent with an upfront payment of $80 million, potential milestone payments of up to $1 billion, and tiered royalties on future net sales. Roche will assume full late-stage development and commercialization responsibilities, leveraging its expertise in ADCs and oncology drug development.

Parties Involved

• Orna Therapeutics (via ReNAgade Therapeutics Inc.) – Specializes in circular RNA (oRNA®) therapeutics and lipid nanoparticle (LNP) delivery systems.
• Vertex Pharmaceuticals – A leader in gene editing therapies, particularly for hemoglobinopathies like Sickle Cell Disease (SCD) and Transfusion-Dependent Beta Thalassemia (TDT).

Collaboration Scope

• Three-year strategic research collaboration focusing on in vivo gene editing therapies for SCD and TDT.
• Vertex will utilize Orna’s proprietary LNP delivery platform to enhance the delivery of its gene editing therapies to hematopoietic stem cells (HSCs).
• Potential for expansion beyond SCD/TDT, with additional option rights for up to ten additional products.

Rights & Responsibilities

• Orna Therapeutics:
• Provides its non-viral LNP delivery platform to optimize gene therapy targeting hematopoietic stem cells.
• Conducts initial research activities under the collaboration.
• Vertex Pharmaceuticals:
• Leads the development, regulatory, and commercialization efforts.
• Holds an option to extend the research collaboration term.
• Can expand the agreement to include additional indications.

Financial Terms

• $65 million upfront payment, including a convertible note investment.
• Up to $635 million in milestone payments for SCD/TDT-related products.
• Potential for up to $365 million per product for up to ten additional products if Vertex expands its rights.
• Tiered royalties on future net sales of any approved products.

Regulatory Approval

• Any resulting therapies from this collaboration would be subject to preclinical, clinical, and regulatory approvals for gene editing in hematopoietic stem cells.
• Vertex’s regulatory expertise in gene editing therapies will play a crucial role in advancing potential products to market.

Overall Summary

Orna Therapeutics and Vertex Pharmaceuticals have entered a three-year strategic research collaboration to develop next-generation gene editing therapies for Sickle Cell Disease (SCD) and Transfusion-Dependent Beta Thalassemia (TDT). Vertex will leverage Orna’s LNP delivery technology to enhance in vivo gene editing approaches targeting hematopoietic stem cells. Orna will receive $65 million upfront, with up to $635 million in milestone payments, plus tiered royalties on future sales. The agreement also includes the potential for up to ten additional products, with milestone payments of up to $365 million per product if Vertex expands its rights.

Parties Involved

• Simcere Zaiming – Oncology-focused biopharmaceutical subsidiary of Simcere Pharmaceutical Group Ltd (HKEX: 2096), specializing in innovative therapies.
• AbbVie Inc. (NYSE: ABBV) – A global pharmaceutical company with a strong focus on oncology and hematologic malignancies.

Collaboration Scope

• Focus: Development and potential commercialization of SIM0500, a trispecific antibody targeting GPRC5D, BCMA, and CD3 for the treatment of relapsed or refractory multiple myeloma (MM).
• Technology: Developed using Simcere Zaiming’s proprietary T-cell engager polyspecific antibody platform, SIM0500 engages CD3-expressing T cells while targeting tumor-associated antigens GPRC5D and BCMA to enhance antitumor activity.
• Clinical Stage: Currently in Phase 1 trials in China and the U.S.

Rights & Responsibilities

• Simcere Zaiming:
• Retains rights to develop and commercialize SIM0500 in Greater China.
• Responsible for early-stage development and trials.
• AbbVie:
• Holds an option to license SIM0500 for global development and commercialization (excluding Greater China).
• Will be responsible for further clinical development, regulatory approvals, and commercialization outside Greater China.

Financial Terms

• Upfront Payment: Simcere Zaiming to receive an undisclosed upfront payment from AbbVie.
• Milestone & Option Payments: Simcere Zaiming is eligible for up to $1.055 billion in option fees and milestone payments.
• Royalties:
• Simcere Zaiming will receive tiered royalties on net sales outside Greater China.
• AbbVie will receive tiered royalties on net sales within Greater China.

Regulatory Approval

• The agreement is subject to regulatory approvals and successful completion of clinical trials for SIM0500.

Overall Summary

Simcere Zaiming and AbbVie have entered into an option-to-license agreement for SIM0500, a trispecific antibody for multiple myeloma targeting GPRC5D, BCMA, and CD3. AbbVie will have the option to license the drug for global commercialization outside Greater China, while Simcere Zaiming retains Greater China rights. Simcere Zaiming will receive an undisclosed upfront payment, with total potential milestone payments of up to $1.055 billion, plus tiered royalties on net sales. The collaboration leverages Simcere Zaiming’s T-cell engager platform and AbbVie’s expertise in hematologic oncology.

Key Deal Terms Summary

Agreement Overview

• Parties: Oxford BioTherapeutics (OBT) and Roche
• Structure: Strategic multi-year research collaboration
• Focus: Discovery and development of novel antibody-based therapeutics for oncology
• Platform Used: OBT’s OGAP®-Verify discovery platform
• Scope: Identification, validation, and development of first-in-class targets for antibody-based cancer treatments

Financial Terms

• Upfront Payment: Up to $36 million
• Milestone Payments: Potentially exceeding $1 billion based on development and commercial achievements
• Royalties: Tiered royalties on net sales of any commercialized products

Development & Commercialization Plans

• Target Discovery: Conducted using OBT’s OGAP®-Verify platform
• Target Validation: Performed jointly under the research collaboration
• Post-Validation Development: Roche assumes responsibility for preclinical and clinical development, regulatory approval, and global commercialization of products derived from selected targets

Strategic Impact

• For Oxford BioTherapeutics:
• Validates the OGAP®-Verify platform and expands its commercial potential
• Unlocks substantial non-dilutive funding and downstream revenue opportunities

• Enhances its reputation through alignment with a global oncology leader

• For Roche:

• Gains exclusive access to novel cancer targets via OGAP-Verify
• Strengthens its antibody-based oncology pipeline
• Reinforces its leadership in integrating pharma and diagnostics for precision oncology

Overall Summary

Oxford BioTherapeutics has entered a strategic collaboration with Roche to identify and develop first-in-class antibody-based oncology therapeutics using its OGAP®-Verify discovery platform. The agreement includes up to $36 million upfront, over $1 billion in potential milestone payments, and tiered royalties on net sales. Roche will take the lead on post-validation development and commercialization. The collaboration combines OBT’s innovative target discovery capabilities with Roche’s deep clinical and global commercial expertise to accelerate the development of transformative cancer therapies.

Parties Involved

• Light Horse Therapeutics Inc. – A biotechnology company developing first-in-class small molecule therapeutics using advanced discovery and screening platforms.
• Novartis – A global pharmaceutical company with expertise in drug discovery and development.

Collaboration Scope

• Focus: Multi-target discovery collaboration leveraging Light Horse’s genetic screening platform and proprietary chemical libraries to identify and develop novel small molecule therapeutics.
• Target Areas: Primarily focused on oncology, with potential applications in other therapeutic areas.
• Technology: Light Horse’s platform aims to identify novel, high-value targets and functionalize previously undruggable targets.

Rights & Responsibilities

• Light Horse Therapeutics will be responsible for:
• Applying its discovery platform to identify novel drug targets.
• Conducting early-stage research on small molecule therapeutics.
• Novartis will be responsible for:
• Further development and commercialization of any successful drug candidates.
• Driving clinical development and regulatory approval.

Financial Terms

• Upfront Payment: $25 million to Light Horse Therapeutics.
• Milestone Payments: Up to $1 billion in research, development, and sales-based milestones.
• Royalties: Light Horse will receive royalties on net sales of licensed therapeutics.

Overall Summary

Light Horse Therapeutics and Novartis have entered into a multi-target discovery collaboration to develop first-in-class small molecule therapeutics, primarily in oncology. Light Horse will receive a $25 million upfront payment and is eligible for up to $1 billion in milestone payments, along with royalties on licensed products. The partnership aims to leverage Light Horse’s precision genome editing and discovery platform to identify and develop novel, high-value drug targets.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Lexicon Pharmaceuticals and Novo Nordisk
• Asset: LX9851, a first-in-class, oral non-incretin small molecule targeting obesity and related metabolic disorders
• Scope:
• Exclusive, worldwide license to develop, manufacture, and commercialize LX9851 in all indications
• Lexicon will complete IND-enabling activities
• Novo Nordisk will assume responsibility for IND filing, and all clinical, regulatory, manufacturing, and commercial activities

2. Financial Terms

• Total Deal Value: Up to $1 billion
• Upfront and near-term milestone payments: Up to $75 million
• Potential development, regulatory, and sales milestones: Up to $925 million
• Royalties:
• Tiered royalties on net sales of LX9851 (percentages not disclosed)

3. Development & Commercialization Plans

• Target: ACSL5 (Acyl-CoA Synthetase 5) – involved in fat metabolism and energy regulation
• Mechanism:
• Inhibits fat accumulation
• Activates ileal brake mechanism to enhance satiety by delaying gastric emptying and suppressing appetite
• Indications:
• Primary: Obesity
• Secondary: Associated metabolic disorders, including liver steatosis and metabolic syndrome

4. Strategic Impact

• For Lexicon:
• Unlocks significant non-dilutive capital and de-risks development
• Enhances ability to invest in and expand internal R&D portfolio
• For Novo Nordisk:
• Gains access to novel biology beyond incretin class (e.g., GLP-1)
• Strengthens pipeline in obesity, cardiometabolic and liver-related indications

5. Scientific Highlights

• LX9851 preclinical results (Obesity Week 2024):
• In combination with semaglutide: Enhanced weight loss, reduced food intake and fat mass
• After semaglutide discontinuation: Reduced weight regain, improved liver steatosis

Overall Summary

Lexicon and Novo Nordisk have entered a major global licensing agreement for LX9851, a first-in-class oral ACSL5 inhibitor for obesity and related metabolic disorders. The deal, worth up to $1 billion, provides Lexicon with $75 million upfront and near-term capital, with Novo Nordisk taking over global development and commercialization. The partnership capitalizes on LX9851’s novel non-incretin mechanism, which has shown compelling preclinical synergy with semaglutide and potential for long-term metabolic benefit. The agreement further strengthens Novo Nordisk’s leadership in obesity and metabolic therapeutics.

Parties Involved

• Boehringer Ingelheim – A global biopharmaceutical company focused on human and animal health, with significant investment in oncology research and development.
• Synaffix B.V. (a Lonza company) – A biotechnology company specializing in antibody-drug conjugate (ADC) technology, including GlycoConnect™, HydraSpace®, and toxSYN® platforms.

Collaboration Scope

• Focus: Development of multiple ADC programs leveraging Synaffix’s ADC technology to enhance cancer treatment efficacy while minimizing damage to healthy tissues.
• Technology Utilized:
• GlycoConnect™ – A site-specific conjugation technology.
• HydraSpace® – A linker technology to optimize ADC properties.
• toxSYN® – A cytotoxic payload platform to improve the therapeutic index of ADCs.
• Target Selection:
• Boehringer will nominate multiple tumor targets from its portfolio.
• The first target was nominated at the agreement signing, with additional targets to follow within a predefined timeframe.
• Development and Commercialization Responsibilities:
• Synaffix provides proprietary ADC technologies and manufactures related components.
• Boehringer Ingelheim (via NBE Therapeutics) will lead ADC development and commercialization.

Rights & Responsibilities

• Synaffix:
• Grants Boehringer Ingelheim a license to develop ADCs using its proprietary platform.
• Provides manufacturing support for ADC components.
• Boehringer Ingelheim:
• Leads research, development, and commercialization of ADC products.
• Leverages its oncology expertise to develop novel, first-in-class cancer treatments.

Financial Terms

• Upfront Payment: Undisclosed amount paid to Synaffix.
• Milestone Payments: Up to $1.3 billion based on development, regulatory, and commercial achievements.
• Royalties: Synaffix to receive royalties on net sales of commercialized ADC products.

Regulatory Approval

• Boehringer Ingelheim will lead regulatory submissions for clinical trials and market approvals of the ADCs.

Overall Summary

Boehringer Ingelheim and Synaffix have entered into a licensing agreement for the development of multiple ADC programs using Synaffix’s GlycoConnect™, HydraSpace®, and toxSYN® technologies. Under the agreement, Boehringer will nominate multiple tumor targets, starting with an initial target selected at signing, and NBE Therapeutics will oversee development and commercialization. Synaffix will receive an upfront payment, up to $1.3 billion in milestone payments, and royalties on net sales. This collaboration expands Boehringer’s ADC pipeline and reinforces Synaffix’s position as a leader in ADC technology licensing.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Ono Pharmaceutical Co., Ltd. (Osaka, Japan) and Ionis Pharmaceuticals, Inc. (Carlsbad, CA, USA)
• Scope:
• Exclusive worldwide license for sapablursen, an investigational RNA-targeted therapy for polycythemia vera (PV)
• Ono obtains global development and commercialization rights
• Ionis to complete the ongoing Phase 2 IMPRSSION study before transferring further development to Ono

2. Financial Terms

• Upfront Payment: $280 million to Ionis
• Milestone Payments: Up to $660 million upon development, regulatory, and sales achievements
• Royalties: Mid-teens percentage on annual net sales of sapablursen
• Regulatory Clearance: Transaction subject to Hart-Scott-Rodino (HSR) Act approval

3. Development & Commercialization Plans

• Ongoing Development:
• Ionis remains responsible for the completion of Phase 2 IMPRSSION study
• Ono to assume responsibility for further development, regulatory filings, and commercialization
• Regulatory Status:
• Fast Track designation (January 2024)
• Orphan drug designation (August 2024) by the U.S. FDA

4. Strategic Impact

• For Ono Pharmaceutical:
• Strengthens its hematology pipeline with an innovative RNA-targeted therapy
• Expands global presence in rare blood disorders
• Potential for long-term revenue growth from milestone payments and royalties
• For Ionis Pharmaceuticals:
• Secures a significant upfront payment and future milestones
• Leverages Ono’s commercialization expertise to maximize sapablursen’s reach
• Focuses resources on core therapeutic areas, including neurology and cardiology
• For the Industry:
• Potential breakthrough in PV treatment targeting iron homeostasis regulation
• Addresses an unmet need for patients with severe iron deficiency and high thrombotic risk

Overall Summary

Ono Pharmaceutical has secured exclusive global development and commercialization rights for sapablursen from Ionis Pharmaceuticals in a deal valued at up to $940 million, including a $280 million upfront payment and milestone-based payouts. Ionis will complete the ongoing Phase 2 IMPRSSION study, after which Ono will lead further development and commercialization. Sapablursen, which has Fast Track and orphan drug designation from the U.S. FDA, represents a promising new approach for polycythemia vera (PV) by modulating iron homeostasis through RNA-targeted therapy. This agreement strengthens Ono’s hematology pipeline while allowing Ionis to focus on core areas such as neurology and cardiology.

Key Deal Terms Summary

1. Agreement Overview

• Parties: KYORIN Pharmaceutical Co., Ltd. and Novartis Pharma AG
• Transaction Type: Global License Agreement
• Asset: KRP-M223, an MRGPRX2 antagonist for allergic and inflammatory diseases such as chronic spontaneous urticaria (CSU)
• Development Stage: Preclinical
• Global Rights:
• Novartis receives exclusive worldwide rights to develop, manufacture, and commercialize KRP-M223
• KYORIN retains an option to commercialize and manufacture for the Japan market
• Novartis holds an option to co-promote in Japan

2. Financial Terms

• Upfront Payment: $55 million
• Milestone Payments: Up to $777.5 million (linked to development, regulatory approvals, and commercialization)
• Royalties: Tiered royalties on net sales

3. Development & Commercialization Plans

• Novartis takes full responsibility for global clinical development and commercialization
• KYORIN retains rights for Japan with manufacturing and commercialization options
• Potential co-promotion by Novartis in Japan, subject to future agreements

4. Strategic Impact

• Advancing First-in-Class MRGPRX2 Antagonist:
• KRP-M223 is a potential breakthrough therapy for chronic spontaneous urticaria (CSU)
• Addresses unmet medical need for patients suffering from severe allergic and inflammatory conditions
• Strengthens Novartis’ Immunology Portfolio:
• Adds a novel mechanism of action targeting mast cell activation via MRGPRX2
• Expands pipeline for inflammatory and allergic diseases
• Global Market Opportunity:
• 40 million people worldwide suffer from chronic spontaneous urticaria (CSU)
• CSU is associated with significant psychological and productivity burdens, increasing the demand for effective treatments
• KYORIN’s Long-Term Strategy ("Vision 110"):
• Reinforces KYORIN’s commitment to developing high-value innovative drugs
• Aligns with its strategy to partner with global leaders for expanded commercialization

Overall Summary

KYORIN and Novartis have entered into a global license agreement for KRP-M223, a preclinical MRGPRX2 antagonist targeting chronic spontaneous urticaria (CSU) and other allergic/inflammatory diseases. Novartis gains exclusive global rights, while KYORIN retains an option to commercialize and manufacture for Japan, with Novartis having the right to co-promote in Japan. KYORIN will receive $55M upfront, up to $777.5M in milestone payments, and tiered royalties on net sales. The deal strengthens Novartis’ immunology portfolio and supports KYORIN’s global expansion strategy, positioning KRP-M223 as a potential first-in-class therapy for millions of CSU patients worldwide.

Key Deal Terms Summary

1. Agreement Overview

• Teleflex Incorporated (NYSE:TFX) has entered into a definitive agreement to acquire BIOTRONIK SE & Co. KG’s Vascular Intervention business.
• The acquisition is valued at approximately €760 million ($823 million USD equivalent), subject to certain working capital adjustments and other customary conditions.
• The deal is expected to close by the end of Q3 2025, pending regulatory approvals.

2. Financial Terms

• Upfront Payment: €760 million in cash at closing, subject to adjustments.
• Projected Revenue Contribution:
• €91 million in revenue expected in Q4 2025.
• Anticipated 6%+ constant currency revenue growth per year starting 2026.
• Expected Financial Impact:
• The deal is projected to be $0.10 accretive to adjusted EPS in the first year post-closing, with increasing accretion over time.
• Financed via a new term loan, revolving borrowings under Teleflex’s senior credit facility, and cash on hand.
• Foreign exchange derivative contracts have been executed to hedge currency exposure related to the acquisition.

3. Development & Commercialization Plans

• Expanded Product Portfolio:
• The acquisition adds a full suite of coronary and peripheral vascular intervention devices, including:
  • Drug-coated balloons (e.g., Pantera™ Lux™)
  • Drug-eluting stents (e.g., Orsiro™ Mission)
  • Covered stents (e.g., PK Papyrus™)
  • Bare metal stents & balloon catheters
• Approximately 75% of acquired revenue is from coronary interventions, with 25% from peripheral interventions.
• Pipeline & Innovation:
• Teleflex will continue development and potential U.S. regulatory approval of Freesolve™, a sirolimus-eluting Resorbable Metallic Scaffold (RMS).
• The acquired business enhances Teleflex’s ability to develop next-generation resorbable scaffold technologies.

4. Strategic Impact

• Strengthens Teleflex’s Global Cath Lab Presence:
• Enhances Teleflex’s complex percutaneous coronary intervention (PCI) platform.
• Expands market position in peripheral interventions, a fast-growing global segment.
• Diversifies Revenue Geographically:
• 50% of acquired revenues are from Europe, the Middle East, and Africa (EMEA).
• Bolsters Clinical & Commercial Infrastructure:
• Enhances Teleflex’s salesforce capabilities by integrating BIOTRONIK’s portfolio into existing access product sales channels.
• Expands peer-to-peer education and clinical platforms within Teleflex’s Interventional business.

Overall Summary

Teleflex is acquiring BIOTRONIK’s Vascular Intervention business for €760 million to expand its global interventional cardiology and peripheral vascular portfolio. The deal broadens Teleflex’s footprint in the cath lab, adding a differentiated suite of coronary and peripheral vascular intervention devices, including drug-coated balloons, drug-eluting stents, covered stents, and self-expanding stents. The transaction is expected to be EPS accretive by $0.10 in year one, with 6%+ annual revenue growth beginning in 2026. The acquisition strengthens Teleflex’s geographic reach (50% of revenue from EMEA) and positions the company to advance resorbable scaffold technologies for future regulatory approvals.

**Key Deal Terms

1. Agreement Overview

• BridGene Biosciences and Takeda have entered into a strategic collaboration and licensing agreement to discover novel small molecule drugs for immunology and neurology.
• The collaboration leverages BridGene’s IMTAC™ chemoproteomics platform to identify drug candidates for traditionally undruggable targets.
• The companies will collaborate on multiple targets, advancing projects from hit finding to early lead development.
• Takeda will hold exclusive rights to develop and commercialize any successful drug candidates resulting from the collaboration.

2. Financial Terms

• Upfront & Preclinical Payments: BridGene will receive $46 million in upfront and preclinical milestone payments.
• Milestone Payments: BridGene is eligible to receive up to $770 million in clinical and commercial milestone payments.
• Royalties: BridGene will receive tiered royalties on net sales of any commercialized products.

3. Development & Commercialization Plans

• BridGene will utilize its IMTAC™ chemoproteomics platform to screen small molecules against proteins in live cells, identifying first-in-class drug candidates.
• Takeda will lead clinical development and commercialization, benefiting from BridGene’s drug discovery expertise and Takeda’s global reach.
• The partnership expands Takeda’s small molecule drug discovery portfolio, with a focus on high-value immunology and neurology targets.

4. Strategic Impact

• Expands Takeda’s footprint in small molecule drug discovery, complementing its existing neurology and immunology pipeline.
• Strengthens BridGene’s position as a leader in chemoproteomics-based drug discovery.
• Unlocks traditionally undruggable targets, addressing high unmet medical needs in immunology and neurology.
• Potential to accelerate first-in-class therapies through novel drug discovery approaches.

Overall Summary

BridGene Biosciences and Takeda have formed a strategic collaboration to discover novel small molecule drugs targeting undruggable immunology and neurology proteins. The partnership leverages BridGene’s IMTAC™ chemoproteomics platform to identify drug candidates, with Takeda gaining exclusive development and commercialization rights. BridGene will receive $46 million upfront, with potential milestone payments totaling $770 million and tiered royalties on future sales. This collaboration aligns with Takeda’s strategy to expand its small molecule portfolio and BridGene’s mission to pioneer first-in-class therapies.

Key Deal Terms Summary: REGENXBIO and Nippon Shinyaku Partnership for RGX-121 and RGX-111

1. Scope of Collaboration

• Development and commercialization of gene therapies RGX-121 (MPS II) and RGX-111 (MPS I) in the U.S. and Asia (Licensed Territory).
• REGENXBIO leads manufacturing and clinical development for both products.
• Nippon Shinyaku leads commercialization in the Licensed Territory.
• REGENXBIO retains rights outside of the Licensed Territory and to any proceeds from a Priority Review Voucher (PRV) for RGX-121.

2. Financial Terms

• $110 million upfront payment to REGENXBIO.
• Up to $700 million in potential milestone payments:
• $40 million in development and regulatory milestones.
• $660 million in sales-based milestones.
• Meaningful double-digit royalties on net sales in the Licensed Territory.

3. Strategic Impact

• RGX-121 could become the first FDA-approved gene therapy for MPS II with a potential accelerated approval in 2025.
• Nippon Shinyaku’s rare disease expertise strengthens commercial reach in key markets.
• REGENXBIO retains full control of manufacturing to ensure high-quality production and supply chain stability.

4. Closing Conditions

• Expected to close by Q1 2025, subject to customary regulatory approvals.

Overall Summary

REGENXBIO and Nippon Shinyaku entered a $810 million+ partnership to develop and commercialize gene therapies RGX-121 and RGX-111 for MPS diseases in the U.S. and Asia. REGENXBIO receives $110 million upfront, up to $700 million in milestones, and double-digit royalties. Nippon Shinyaku will lead commercialization, while REGENXBIO retains manufacturing control and rights outside the Licensed Territory. The deal is expected to close in early 2025.

Parties Involved

• Mediar Therapeutics, Inc. – A clinical-stage biotechnology company focused on first-in-class therapies for fibrosis.
• Eli Lilly and Company (Lilly) – A global pharmaceutical leader with expertise in immunology and fibrosis drug development.

Collaboration Scope

• Product: MTX-463 – A first-in-class human IgG1 antibody targeting WISP1-mediated fibrotic signaling.
• Indication: Idiopathic Pulmonary Fibrosis (IPF) and potentially other fibrotic diseases.
• Development Responsibilities:
• Mediar will conduct a Phase 2 clinical trial to assess the safety, pharmacokinetics, and efficacy of MTX-463 in IPF, with initiation expected in 1H 2025.
• Lilly will assume responsibility for further clinical development and global commercialization after the completion of the Phase 2 study.

Licensing Agreement

• Mediar grants Lilly exclusive global rights to develop and commercialize MTX-463 following the completion of Phase 2.
• Financial Terms:
• Upfront and near-term milestone payments: $99 million.
• Potential development, regulatory, and commercial milestone payments: Up to $687 million.
• Royalties: Mediar will receive high-single to low-double-digit royalties on future net sales of MTX-463.

Regulatory & Clinical Development

• Phase 1 trial in healthy volunteers successfully completed, demonstrating tolerability and target engagement at all tested doses.
• Phase 2 trial in IPF patients to begin in 1H 2025, focusing on:
• Safety, pharmacokinetics, and efficacy evaluation.
• Establishing WISP1 as a viable anti-fibrotic target.

Overall Summary

Mediar Therapeutics and Eli Lilly have entered into a global licensing agreement for MTX-463, a first-in-class anti-WISP1 antibody targeting fibrosis progression. Mediar will lead Phase 2 development in IPF, after which Lilly will assume clinical development and global commercialization. Mediar receives a $99 million upfront and near-term payment, with up to $687 million in milestone payments and tiered royalties. The collaboration leverages Lilly’s expertise in immunology and fibrosis drug development, aiming to deliver a novel, best-in-class fibrosis treatment to patients.

Araris Biotech announced they entered Research Collaboration and Option to License Agreement under which Araris will use its proprietary linker-conjugation platform AraLinQ to generate novel ADCs using antibodies against undisclosed targets provided by Chugai Pharmaceutical

Chugai will pay an upfront fee

Fund all research activities

After exercising option be solely responsible for development, manufacturing and global commercialization activities

Araris will be eligible for development, regulatory and commercial milestones of approximately USD 780 million

Royalties on net sales of products

Key Deal Terms Summary

Agreement Overview

• Parties: Servier and Black Diamond Therapeutics
• Structure: Global exclusive licensing agreement
• Asset: BDTX-4933, a Phase 1 oral small molecule targeting RAS mutations and RAF alterations in solid tumors
• Territory: Worldwide rights granted to Servier for development and commercialization
• Indications: Focus on non-small cell lung cancer (NSCLC) and other solid tumors

Financial Terms

• Upfront Payment: $70 million
• Milestone Payments: Up to $710 million in development and commercial sales milestones
• Royalties: Tiered royalties on global net sales (undisclosed percentage structure)

Development & Commercialization Plans

• Lead Developer: Servier will lead global development and commercialization of BDTX-4933
• Current Status: Phase 1 dose escalation and expansion cohort study underway
• Objectives: Evaluate safety, tolerability, recommended Phase 2 dose, and preliminary antitumor activity
• Target Mutations: Tumors harboring BRAF, CRAF, or NRAS mutations
• Clinical Potential: Designed as a best-in-class targeted therapy for RAF/RAS-mutant cancers with brain penetrance and broad mutation coverage

Strategic Impact

• For Servier:
• Strengthens oncology pipeline, aligned with Servier’s goal to become a leading player in rare cancers
• Adds potential best-in-class targeted therapy to its portfolio

• Reinforces Servier’s precision medicine strategy in solid tumors

• For Black Diamond Therapeutics:

• Validates the company’s MasterKey platform and R&D strategy
• Provides substantial non-dilutive funding for broader pipeline development
• Aligns with Black Diamond’s approach of partnering to scale promising oncology assets globally

Overall Summary

Servier has entered into a global exclusive license agreement with Black Diamond Therapeutics for BDTX-4933, a Phase 1 oral targeted therapy for RAS/RAF-mutant solid tumors, including NSCLC. The deal includes $70 million upfront, up to $710 million in milestones, and tiered royalties. Servier will lead global development and commercialization, aiming to accelerate this potential best-in-class therapy across multiple indications. The agreement strengthens both companies' positions in the targeted oncology space and marks a significant step in delivering innovative precision therapies to cancer patients worldwide.

Key Deal Terms Summary

1. Agreement Overview

• AB2 Bio has entered into an option and licensing agreement with Nippon Shinyaku.
• The agreement grants Nippon Shinyaku an option to acquire exclusive U.S. rights to commercialize Tadekinig alfa for the treatment of Primary Monogenic IL-18 driven Hyperinflammatory Syndrome in patients with NLRC4 mutation and XIAP deficiency.
• AB2 Bio will continue to prepare a Biologics License Application (BLA) and seek U.S. marketing authorization for Tadekinig alfa.
• AB2 Bio retains rights to commercialize Tadekinig alfa for all other indications in the U.S. and for all indications in other markets.

2. Financial Terms

• Upfront and Early Payments: Up to $36 million, including an initial payment of $6 million upon signing.
• Development Milestone Payments: Up to $150 million.
• Commercial Milestone and Royalty Payments: Up to $500 million.

3. Development & Commercialization Plans

• AB2 Bio will complete the Phase 3 program for Tadekinig alfa in its lead indication.
• The therapy has established clinical proof-of-concept in three life-threatening orphan diseases.
• Tadekinig alfa has received Orphan Drug Designation in the U.S. and Europe, as well as Breakthrough Therapy and Pediatric Rare Disease Designations in the U.S.
• These designations make the drug potentially eligible for a Priority Review Voucher.

4. Strategic Impact

• The agreement accelerates the commercialization of Tadekinig alfa for an ultra-rare autoimmune disease with no approved treatments.
• Nippon Shinyaku brings strong expertise in rare disease commercialization in the U.S.
• AB2 Bio retains the ability to expand Tadekinig alfa’s potential beyond the licensed indication.

Overall Summary

AB2 Bio and Nippon Shinyaku have signed an option and licensing agreement for Tadekinig alfa, granting Nippon Shinyaku the exclusive U.S. commercialization rights for a severe IL-18 driven hyperinflammatory syndrome in pediatric patients. AB2 Bio will receive up to $36 million in early payments, with the potential for $150 million in development milestones and $500 million in commercial milestones and royalties. AB2 Bio will continue to advance regulatory filings while retaining broader commercialization rights beyond the licensed indication. The agreement leverages Nippon Shinyaku’s rare disease expertise, ensuring a strategic pathway for bringing Tadekinig alfa to market.

Parties Involved

• PostEra – A biotechnology company specializing in AI-driven drug discovery.
• Pfizer – A global pharmaceutical company expanding its AI-driven preclinical drug discovery capabilities.

Collaboration Scope

• Expansion of existing AI Lab collaboration from $260M to $610M.
• Launch of a new Antibody-Drug-Conjugate (ADC) collaboration, applying PostEra's AI platform, Proton, to optimize ADC payloads.
• Continuation and expansion of AI-driven small molecule discovery efforts, with new additional targets nominated by Pfizer.

Rights & Responsibilities

• PostEra:
• Will leverage its Proton AI platform for generative chemistry and synthesis-aware design to optimize small molecules and ADC payloads.
• Will continue to support multiple Pfizer drug discovery programs through the AI Lab.
• Pfizer:
• Will provide upfront and milestone payments.
• Will nominate new discovery targets and expand the scope of existing programs.

Financial Terms

• PostEra will receive a $12M upfront payment.
• Eligible for milestone payments and tiered royalties on any approved products from the collaboration.
• The total AI-driven drug discovery collaboration is now valued at $610M.

Regulatory Approval

• Not explicitly mentioned, but regulatory approval will be required for any drugs resulting from the collaboration.

Overall Summary

PostEra and Pfizer have expanded their AI-driven drug discovery collaboration from $260M to $610M, adding ADC payload optimization to their existing small molecule programs. PostEra will use its Proton AI platform to accelerate drug discovery and development, receiving an upfront payment of $12M, with potential milestone and royalty payments. This marks PostEra’s third major partnership with Pfizer, further solidifying its position in AI-driven medicinal chemistry.

Menarini and Stemline Therapeutics and Insilico Medicine announced companies have entered exclusive licensing agreement granting Stemline global rights to develop and commercialize preclinical small molecule targeting high unmet needs in oncology

Asset is highly selective and potentially best-in-class small molecule inhibitor targeting broad range of solid tumor cancers developed with Chemistry42 Insilico’s generative chemistry engine and Insilico’s drug discovery team

Asset has successfully completed preclinical development and has demonstrated broad anti-tumor activity in selected cancers

Stemline will provide a $20 million upfront payment to Insilico

Combined value of deal including all development, regulatory, and commercial milestones is over $550 million

Tiered royalties

Prior to this collaboration, the Menarini Group and Insilico entered an exclusive licensing agreement in January 2024 for MEN2312, an innovative small molecule for breast cancer treatment and other oncology indications.

Key Deal Terms Summary

1. Agreement Overview

• Companies Involved: Biogen and Stoke Therapeutics
• Deal Type: Collaboration and licensing agreement
• Objective: Development and commercialization of zorevunersen, a potential first-in-class disease-modifying treatment for Dravet syndrome
• Territorial Rights:
• Stoke retains exclusive rights in the United States, Canada, and Mexico
• Biogen receives exclusive commercialization rights for the rest of the world
• Phase 3 Study: The EMPEROR study is scheduled to begin in Q2 2025, with data readout expected in 2H 2027

2. Financial Terms

• Upfront Payment: $165 million to Stoke
• Milestone Payments: Up to $385 million based on development and commercial progress
• Revenue Sharing: Stoke eligible for tiered royalties on net sales in Biogen's territory, ranging from low double digits to high teens
• Cost Sharing: Clinical development costs will be shared (Biogen 30%, Stoke 70%)
• Future Expansion Option: Biogen has the option to license follow-on ASO products targeting SCN1A, with additional milestone, cost-sharing, and royalty terms

3. Development & Commercialization Plans

• Stoke will continue to lead global development and regulatory strategy for zorevunersen
• Biogen will commercialize zorevunersen outside North America using its established global rare disease infrastructure
• Phase 3 EMPEROR study will assess zorevunersen's potential as a disease-modifying therapy, targeting both seizure reduction and cognitive improvements
• Regulatory Engagement: Study design aligned with regulatory agencies in the United States, Europe, and Japan

4. Strategic Impact

• Strengthens Biogen’s rare disease pipeline, adding a Phase 3-ready asset
• First potential disease-modifying therapy for Dravet syndrome, targeting the underlying genetic cause rather than just seizure symptoms
• Expands Stoke’s financial flexibility, with upfront cash and cost-sharing supporting operations through mid-2028
• Potential expansion into additional ASO therapies, leveraging Stoke’s TANGO platform

Overall Summary

Biogen and Stoke Therapeutics have entered a global collaboration for zorevunersen, an investigational antisense oligonucleotide targeting SCN1A, the genetic driver of Dravet syndrome. Stoke retains North American rights, while Biogen will commercialize the therapy globally. The deal provides $165 million upfront, with up to $385 million in milestones and tiered royalties on sales. The Phase 3 EMPEROR study is set to begin in Q2 2025, with results expected in 2H 2027, supporting potential global regulatory filings. This partnership broadens Biogen’s rare disease portfolio while giving Stoke financial runway into 2028 to advance its ASO pipeline.

MSD has agreed to acquire the WuXi Vaccines manufacturing facility located in Dundalk, Co Louth

Acquisition signifies an investment of over €500 million

Key Deal Terms of the InnoCare, KeyMed, and Prolium License Agreement for ICP-B02

Agreement Scope
- InnoCare Pharma and KeyMed Biosciences, along with their joint venture, have granted Prolium Bioscience an exclusive license for ICP-B02 (CM355), a CD20xCD3 bispecific antibody.
- Prolium will have exclusive global rights for the non-oncology field and exclusive ex-Asia rights for the oncology field.

Financial Terms
- InnoCare and KeyMed will receive aggregate payments of up to $520 million, including upfront, near-term, and milestone-based payments.
- The companies will also receive a minority equity stake in Prolium.
- Tiered royalties on future net sales of any product resulting from the collaboration will be paid to InnoCare and KeyMed.

About ICP-B02 (CM355)
- ICP-B02 is a CD20×CD3 bispecific antibody developed by InnoCare and KeyMed, designed to target tumor cells by redirecting T cells for destruction through T-cell Directed Cellular Cytotoxicity (TDCC).
- A Phase I/II trial in China is ongoing to evaluate its efficacy in Non-Hodgkin lymphoma (NHL), including follicular lymphoma (FL) and diffuse large B-cell lymphoma (DLBCL).
- Early data has shown promise in both intravenous (IV) and subcutaneous (SC) formulations.
- Plans are in place for a dose expansion study in combination with other immunochemotherapies, with IND approval secured.

About Prolium
- Prolium is a Delaware-based company funded by RTW Investments, LP, a global investment firm specializing in biopharmaceutical and medical technology innovations.

Key Deal Terms Summary

1. Collaboration Scope

• GSK and Flagship Pioneering partner to discover and develop novel medicines and vaccines.
• Initial focus areas: respiratory and immunology.
• Collaboration leverages GSK’s disease expertise and Flagship’s ecosystem of 40+ bioplatform companies.

2. Financial Commitments

• Up to $150 million upfront will be jointly funded by GSK and Flagship to support an initial exploration phase.
• Flagship and its bioplatform companies are eligible for up to $720 million per acquired program in:
• Upfront payments
• Development milestones
• Commercial milestones
• Additional financial considerations:
• Preclinical funding for selected programs
• Tiered royalties on future sales of successful programs

3. Development & Commercialization Rights

• The collaboration aims to identify up to 10 novel medicines and vaccines.
• GSK holds exclusive option rights for clinical development of each program.

4. Strategic Intent & Innovation Model

• The collaboration aligns with Flagship’s Innovation Supply Chain Partnership model.
• Aims to accelerate pipeline development by integrating cutting-edge scientific advancements.

5. Overall Summary

GSK and Flagship Pioneering have formed a strategic partnership to develop innovative medicines and vaccines, starting with respiratory and immunology. They will jointly fund up to $150 million upfront for an exploration phase, with Flagship eligible for up to $720 million per acquired program in upfront, milestone, and commercial payments, along with preclinical funding and royalties. The deal allows GSK to leverage Flagship’s ecosystem of bioplatform companies while securing exclusive options for up to 10 novel medicines and vaccines.

Parties Involved

• Shanghai Argo Biopharmaceutical Co., Ltd.
• Novartis

Collaboration Scope

• Argo has granted Novartis exclusive global licenses for two cardiovascular RNAi programs, one in Phase 1 and another in Phase 1/2a.
• The agreements also include a research collaboration and an option for Novartis to license compounds targeting up to two additional cardiovascular targets.
• The partnership aims to expand Novartis' RNAi portfolio in Cardiovascular and Metabolic Diseases (CVM).

Rights & Responsibilities

• Argo will continue to develop its RNAi programs, providing Novartis with exclusive rights to the Phase 1/2a and Phase 1 programs.
• Novartis will be responsible for the global development and commercialization of the licensed programs and has the option to license additional targets.

Financial Terms

• Upfront Payment: $185 million from Novartis to Argo.
• Option and Milestone Payments: Potential payments of up to $4.165 billion for Argo based on development and commercial milestones.
• Royalties: Tiered royalties on commercial sales.

Regulatory Approval

• The second agreement is subject to clearance under the Hart-Scott Rodino Antitrust Improvements Act.

Overall Summary

Argo has entered into two exclusive license and collaboration agreements with Novartis, granting the global rights to develop and commercialize two cardiovascular RNAi programs and the option to license additional targets. The agreements, valued at up to $4.165 billion, include upfront payments of $185 million, milestone payments, and tiered royalties. This partnership expands Novartis' RNAi portfolio in Cardiovascular and Metabolic Diseases (CVM), leveraging Argo's advanced RNAi platform technology.

Parties Involved

• Prime Medicine, Inc.
• Bristol Myers Squibb

Collaboration Scope

Prime Medicine and Bristol Myers Squibb have entered a strategic research collaboration to develop next-generation ex vivo T-cell therapies using Prime Medicine’s Prime Editing technology and its PASSIGE™ platform. Prime Medicine will design optimized Prime Editor reagents for a select number of targets, which will be used in Bristol Myers Squibb’s development, manufacturing, and commercialization of novel cell therapies targeting immunological diseases and cancer.

Rights & Responsibilities

• Prime Medicine: Responsible for the development of Prime Editor reagents, including those using PASSIGE technology for the gene editing strategy.
• Bristol Myers Squibb: Responsible for the development, manufacturing, and commercialization of the T-cell therapies developed from Prime Medicine’s technology, with support from Prime Medicine in gene editing strategy and reagent development.

Financial Terms

• Upfront Payment: $55 million to Prime Medicine.
• Equity Investment: $55 million from Bristol Myers Squibb.
• Milestone Payments: Up to $3.5 billion, including:
• $1.4 billion in development milestones.
• More than $2.1 billion in commercialization milestones.
• Royalties: Royalties on net sales.

Regulatory Approval

The collaboration focuses on advancing Prime Medicine’s technologies into clinical applications, with Bristol Myers Squibb responsible for the regulatory pathway in developing, manufacturing, and commercializing the cell therapies.

Overall Summary

Prime Medicine and Bristol Myers Squibb have formed a strategic collaboration to develop next-generation ex vivo T-cell therapies leveraging Prime Medicine’s Prime Editing and PASSIGE™ technology. Prime Medicine will receive $55 million upfront and $55 million equity investment, with the potential to earn over $3.5 billion in milestone payments, plus royalties. Bristol Myers Squibb will handle the development, manufacturing, and commercialization of the therapies, using Prime Medicine’s reagents for gene editing strategies. This collaboration aims to target immunological diseases and cancer, offering significant potential in the cell therapy field.

Parties Involved

• Merck (MSD outside the U.S. and Canada)

• Global biopharmaceutical company focused on leading-edge science in the development of medicines and vaccines across various therapeutic areas, including oncology.

• LaNova Medicines Ltd.

• Private, clinical-stage biotechnology company based in Shanghai, focusing on novel biologic therapies in oncology, particularly ADC and immuno-oncology.

Collaboration Scope

• Merck has entered into an exclusive global license agreement to develop, manufacture, and commercialize LM-299, a PD-1/VEGF bispecific antibody.
• LM-299 targets both PD-1 and VEGF, aiming to inhibit immune checkpoint pathways and angiogenesis, providing a novel therapeutic approach for cancer treatment.

Rights & Responsibilities

• Merck will have the global rights to develop, manufacture, and commercialize LM-299 across multiple cancer indications.
• LaNova will receive an upfront payment and is eligible for milestone payments upon achieving development, regulatory, and commercialization milestones.

Financial Terms

• Upfront Payment: $588 million to LaNova.
• Milestone Payments: LaNova is eligible for up to $2.7 billion in milestone payments tied to technology transfer, development, regulatory approval, and commercialization across multiple indications.
• Additional Financial Details: The closing is subject to antitrust approval, with Merck expected to record a pre-tax charge upon closing.

Regulatory Approval

• LM-299 is currently in Phase 1 clinical trials in China.
• The transaction is subject to Hart-Scott-Rodino Antitrust Improvements Act approval and is expected to close in Q4 2024.

Overall Summary

• Merck has entered an exclusive global license agreement with LaNova for LM-299, a PD-1/VEGF bispecific antibody.
• LaNova receives an upfront payment of $588 million and is eligible for up to $2.7 billion in milestones.
• The partnership accelerates the development of LM-299, currently in Phase 1 trials in China, with commercialization rights granted to Merck globally.

Parties Involved

• Dren Bio, Inc.
• Novartis Pharma AG

Collaboration Scope

• The collaboration focuses on the discovery and development of bispecific antibodies for cancer using Dren Bio’s proprietary Targeted Myeloid Engager and Phagocytosis Platform.
• Dren Bio and Novartis will collaborate to advance selected targeted myeloid engager programs in oncology through clinical candidate selection, after which Novartis will assume full responsibility for development, manufacturing, regulatory, and commercialization.

Rights & Responsibilities

• Dren Bio: Responsible for the initial development, including discovery and preclinical stages, of bispecific antibodies using its platform.
• Novartis: Will assume full responsibility for the subsequent development, manufacturing, regulatory, and commercialization of the therapeutics.

Financial Terms

• Upfront Payment: $150 million from Novartis, including a $25 million equity investment in Dren Bio.
• Milestone Payments: Up to $2.85 billion in additional payments upon achieving preclinical, clinical, regulatory, and commercial milestones.
• Royalties: Tiered royalties on net sales of any commercialized products resulting from the collaboration.

Regulatory Approval

• Novartis will assume responsibility for all regulatory activities following the clinical candidate selection.

Overall Summary

Dren Bio has entered into a strategic collaboration with Novartis Pharma AG to discover and develop bispecific antibodies for oncology using Dren Bio’s Targeted Myeloid Engager and Phagocytosis Platform. Dren Bio will receive an upfront payment of $150 million, with additional milestone payments of up to $2.85 billion and royalties on future net sales. Novartis will take on full responsibility for development, manufacturing, and commercialization following clinical candidate selection.

Parties Involved

• PTC Therapeutics, Inc. – A biopharmaceutical company focused on discovering and developing medicines for rare diseases using its advanced splicing platform.
• Novartis Pharmaceuticals Corporation – A subsidiary of Novartis AG, specializing in neuroscience therapies with a strong focus on neurodegenerative diseases.

Collaboration Scope

• Therapeutic Focus: The collaboration will center on the development of PTC518, an oral disease-modifying therapy for Huntington's Disease (HD).
• Mechanism of Action: PTC518 works by reducing the levels of the mutant Huntingtin protein (HTT), which is a hallmark of Huntington's Disease.
• Current Development Stage: PTC518 is currently undergoing the Phase 2 PIVOT-HD trial, with promising interim results demonstrating dose-dependent reduction in mutant HTT levels and favorable safety and tolerability. The placebo-controlled portion of the trial is expected to complete in H1 2025.

Rights & Responsibilities

• PTC Therapeutics:
• Grants Novartis exclusive global rights to develop, manufacture, and commercialize PTC518.
• Shares profits from the U.S. market on a 40/60 basis (40% PTC, 60% Novartis).
• Novartis:
• Assumes full responsibility for global development, manufacturing, and commercialization of PTC518, beginning after the completion of the ongoing placebo-controlled trial.
• Progresses the therapy through the necessary regulatory processes and brings it to market globally.

Financial Terms

• Upfront Payment: PTC will receive an upfront payment of $1.0 billion upon closing the deal.
• Milestone Payments: PTC is eligible to receive up to $1.9 billion in development, regulatory, and sales milestones as PTC518 progresses.
• Profit Share: PTC will share 40% of the profits from U.S. sales of PTC518.
• Royalties: PTC will receive tiered double-digit royalties on net sales of PTC518 outside the U.S.

Overall Summary

PTC Therapeutics has entered into a global license and collaboration agreement with Novartis for PTC518, an oral disease-modifying therapy for Huntington's Disease (HD). Under the terms, Novartis will assume responsibility for global development, manufacturing, and commercialization of the therapy after the completion of the ongoing PIVOT-HD trial in H1 2025. PTC will receive an upfront payment of $1.0 billion and is eligible for up to $1.9 billion in milestones, as well as profit sharing (40% of U.S. profits) and royalties on ex-U.S. sales.

Parties Involved

• PeptiDream Inc.
• Novartis Pharma AG

Collaboration Scope

PeptiDream Inc. and Novartis Pharma AG have expanded their peptide discovery collaboration. PeptiDream will utilize its Peptide Discovery Platform System (PDPS®) technology to identify and optimize novel macrocyclic peptides targeting specific indications chosen by Novartis. These peptides may be conjugated to radionuclides for use in radioligand therapies (RLTs) or other therapeutic and diagnostic applications.

This expansion builds on the 2019 peptide-drug conjugate (PDC) collaboration and enhances their long-standing partnership, which began in 2010 and was extended in 2015 when Novartis licensed PeptiDream’s PDPS technology.

Rights & Responsibilities

• PeptiDream Inc.:
• Will leverage its PDPS technology to discover and optimize macrocyclic peptides for Novartis.
• Will be responsible for identifying peptides suitable for conjugation to radionuclides and other therapeutic or diagnostic applications.
• Novartis Pharma AG:
• Will select the targets for PeptiDream to focus on for peptide discovery.
• Will drive the development of radioligand therapies and related applications, utilizing the peptides identified by PeptiDream.

Financial Terms

• Upfront Payment: $180 million USD (28.03 billion JPY).
• Milestone Payments: Up to $2.71 billion USD (422.03 billion JPY) based on the achievement of specific development, regulatory, and commercial milestones.
• Royalties: Tiered royalties on net sales of any resulting products from the collaboration.

Regulatory Approval

The closing of the transaction is subject to necessary consents or approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Overall Summary

PeptiDream Inc. and Novartis Pharma AG have expanded their collaboration to include additional macrocyclic peptide programs, focused on radioligand therapies and other diagnostic and therapeutic applications. PeptiDream will receive an upfront payment of $180 million USD and is eligible for up to $2.71 billion USD in milestone payments, alongside royalties. This expansion builds on their long-standing relationship and aims to enhance the development of targeted, novel therapies for patients.

Parties Involved

• Schrödinger: A biotechnology company focused on transforming molecular discovery with its computational platform for drug development and materials design.
• Novartis: A global healthcare company committed to advancing innovative medicines through computational technologies and drug discovery platforms.

Collaboration Scope

Schrödinger and Novartis have entered into a multi-year, multi-target research collaboration and licensing agreement. The collaboration focuses on advancing therapeutics for undisclosed targets within Novartis’s core therapeutic areas. Schrödinger and Novartis will jointly discover development candidates, while Novartis will lead clinical development, manufacturing, and global commercialization.

In addition, the companies have expanded their existing software agreement, granting Novartis enhanced access to Schrödinger’s computational predictive modeling technology and enterprise informatics platform at scale, to accelerate drug discovery across Novartis's global research network.

Rights & Responsibilities

• Schrödinger: Will contribute to the discovery of development candidates and provide full integration and optimization of its platform for Novartis’s research needs.
• Novartis: Will be responsible for clinical development, manufacturing, and commercialization of any resulting products.

Financial Terms

• Upfront Payment: $150 million to Schrödinger.
• Milestone Payments:
• Up to $892 million in research, development, and regulatory milestones.
• Up to $1.38 billion in commercial milestones.
• Royalties: Schrödinger is eligible for tiered mid single-digit to low double-digit royalties on net sales of any products commercialized by Novartis.

Regulatory Approval

The agreement is subject to customary closing conditions, including regulatory clearance.

Overall Summary

Schrödinger and Novartis have entered a multi-target research collaboration, with Schrödinger receiving $150 million upfront and the potential to earn up to $2.3 billion in milestone payments, plus royalties on future sales. Schrödinger will provide its computational platform to advance Novartis’s drug discovery efforts, while Novartis will handle clinical development and commercialization. This collaboration further strengthens the relationship between the two companies, expanding the use of Schrödinger's technology at scale across Novartis’s global research network.

Parties Involved

• Monte Rosa Therapeutics A clinical-stage biotechnology company focused on developing molecular glue degraders (MGDs) for diseases such as oncology, autoimmune, and inflammatory conditions.

• Novartis A global healthcare company known for its leadership in immunology and immune-mediated conditions, with a strong focus on innovative therapies.

Collaboration Scope

• Monte Rosa and Novartis have entered into a global exclusive license agreement to develop and commercialize VAV1-directed molecular glue degraders (MGDs), including MRT-6160.
• The collaboration aims to advance MRT-6160, currently in Phase 1, and expand clinical studies into Phase 2 and beyond for immune-mediated conditions.
• Monte Rosa will remain responsible for completing the ongoing Phase 1 study of MRT-6160, while Novartis will handle Phase 2 development and further commercialization.

Rights & Responsibilities

• Monte Rosa will provide exclusive rights to Novartis for the development, manufacturing, and commercialization of MRT-6160 and other VAV1 MGDs.
• Novartis will lead the clinical development and commercialization efforts, starting with Phase 2 clinical studies.
• Monte Rosa will continue to be responsible for completing the ongoing Phase 1 study for MRT-6160.

Financial Terms

• Upfront Payment: $150 million from Novartis to Monte Rosa.
• Milestone Payments: Up to $2.1 billion in development, regulatory, and sales milestones.
• Profit and Loss Share: Monte Rosa will share U.S. profits and losses for the manufacturing and commercialization of MRT-6160 in the U.S.
• Royalties: Tiered royalties on ex-U.S. net sales.

Regulatory Approval

• Novartis will be responsible for advancing MRT-6160 into Phase 2 studies and handling regulatory approval and commercialization outside the U.S.
• Monte Rosa will co-fund any Phase 3 development of MRT-6160 in the U.S.

Overall Summary

Monte Rosa Therapeutics has entered a global license agreement with Novartis to develop and commercialize VAV1-directed molecular glue degraders (MGDs), including MRT-6160, for immune-mediated conditions. Under the terms, Monte Rosa will receive an upfront payment of $150 million, with the potential for up to $2.1 billion in milestone payments, along with tiered royalties on ex-U.S. net sales. Novartis will take the lead in clinical development and commercialization, while Monte Rosa remains responsible for completing the ongoing Phase 1 study. The agreement also includes a U.S. profit and loss share for Phase 3 development.

Parties Involved

• Astellas Pharma Inc.
• AviadoBio Ltd.

Collaboration Scope

The collaboration focuses on AVB-101, an AAV-based gene therapy in Phase 1/2 development for frontotemporal dementia with progranulin mutations (FTD-GRN). Astellas will have the option to license AVB-101 for FTD-GRN and other potential indications.

Rights & Responsibilities

• Astellas: Receives an exclusive option to license AVB-101 for development and commercialization globally.
• AviadoBio: Maintains responsibility for the ongoing development of AVB-101, with the potential for further collaboration upon Astellas’ exercise of the option.

Financial Terms

• Equity Investment: $20 million in AviadoBio.
• Upfront Payments: Up to $30 million for the option to license AVB-101.
• Milestone Payments: Up to $2.18 billion in license fees and milestone payments, plus royalties if Astellas exercises its option.

Regulatory Approval

AVB-101 is currently in Phase 1/2 of development for FTD-GRN.

Overall Summary

Astellas Pharma and AviadoBio have entered an exclusive option and license agreement for AVB-101, a gene therapy in development for frontotemporal dementia. Astellas will make an equity investment and upfront payments, with milestone and royalty potential. This partnership aims to accelerate the development of AVB-101 and expand Astellas’ gene therapy pipeline for neurodegenerative diseases.

Key Deal Terms Summary

1. Agreement Overview

• Sanofi will acquire INBRX-101, an optimized recombinant alpha-1 antitrypsin augmentation therapy, from Inhibrx, Inc. for up to $2.2 billion.
• Inhibrx will spin off its non-101 assets into a new publicly traded company, Inhibrx Biosciences, Inc. (New Inhibrx).

2. Financial Terms

• Upfront Payment: $30.00 per share in cash to Inhibrx shareholders.
• Contingent Value Rights (CVR): Shareholders will receive $5.00 per share in cash upon achieving a regulatory milestone.
• Equity in New Inhibrx: Shareholders will receive 0.25 shares of New Inhibrx per share of Inhibrx stock.
• Debt Assumption: Sanofi will pay off all outstanding third-party debt of Inhibrx.
• Funding for New Inhibrx: Sanofi will capitalize New Inhibrx with $200 million in cash and retain an 8% equity stake.
• Total Transaction Value: Up to $2.2 billion, including the upfront cash, contingent milestone payments, and debt assumption.

3. Structure & Spin-Off of New Inhibrx

• New Inhibrx will retain all non-101 assets, including:
• INBRX-105 (PD-L1 x 4-1BB tetravalent therapeutic candidate).
• INBRX-106 (OX40 agonist).
• INBRX-109 (DR5 agonist for oncology).
• All non-101 discovery pipeline assets and certain corporate infrastructure.
• New Inhibrx will be publicly traded and led by Mark Lappe as Chairman and CEO, alongside the current management team.

4. Development & Commercialization Plans

• Sanofi will take full responsibility for the development, manufacturing, and commercialization of INBRX-101 following the transaction.
• New Inhibrx will focus on advancing its remaining oncology and orphan disease programs with $200 million in funding.

5. Strategic Impact

• Sanofi strengthens its rare disease portfolio with INBRX-101, a potential best-in-class therapy for Alpha-1 Antitrypsin Deficiency (AATD).
• Inhibrx shareholders benefit from immediate liquidity through cash payments, plus future upside via the CVR milestone and equity in New Inhibrx.
• New Inhibrx continues as an independent biotech with strong financial backing and a pipeline of promising clinical-stage assets.

Overall Summary

Sanofi has acquired INBRX-101 from Inhibrx, Inc. for up to $2.2 billion, including $30 per share in cash, a $5 per share contingent value right, and the assumption of all outstanding debt.
Inhibrx’s remaining assets will be spun out into New Inhibrx, a publicly traded company capitalized with $200 million in cash, with Sanofi retaining an 8% equity stake. The deal provides Sanofi with a high-potential rare disease therapy while allowing Inhibrx shareholders to benefit from immediate cash value and continued exposure to the company’s broader pipeline.

Parties Involved

• AC Immune SA
• Takeda

Collaboration Scope

• Takeda has been granted an exclusive option to license the global rights to ACI-24.060, an active immunotherapy targeting amyloid beta for the treatment of Alzheimer’s disease. This immunotherapy is designed to induce a robust antibody response against toxic forms of amyloid beta, aiming to slow or delay the progression of Alzheimer’s disease.

Rights & Responsibilities

• AC Immune: Will complete the ongoing Phase 1b/2 trial for ACI-24.060 and is responsible for advancing the therapy to Phase 3 development.
• Takeda: Upon exercising the option, Takeda will take over the responsibility for further clinical development, regulatory activities, and worldwide commercialization of ACI-24.060.

Financial Terms

• Upfront Payment: $100 million upon closing.
• Milestone Payments: Up to $2.1 billion in development, commercial, and sales-based milestones.
• Royalties: Tiered double-digit royalties on worldwide net sales upon commercialization.
• Option Exercise Fee: Not specified but part of the agreement.

Regulatory Approval

• ACI-24.060 is being investigated in the ongoing ABATE Phase 1b/2 trial. Takeda will assume responsibility for global regulatory activities following the option exercise.

Overall Summary

• AC Immune and Takeda have entered into an exclusive option and license agreement for ACI-24.060, a potential first-in-class active immunotherapy targeting amyloid beta in Alzheimer’s disease. AC Immune will receive $100 million upfront and is eligible for up to $2.1 billion in milestones. Takeda will handle all further clinical development, regulatory activities, and commercialization if the option is exercised. The agreement includes royalties on future sales.

Parties Involved

• MOMA Therapeutics
• Roche

Collaboration Scope

• MOMA will provide Roche with access to its proprietary KnowledgeBase platform to identify and target novel cancer dependencies involved in cancer cell growth and survival.
• The platform focuses on identifying dynamic, difficult-to-drug targets in oncology.
• The collaboration will cover multiple drug discovery programs, with MOMA responsible for early-stage work up to development candidate confirmation, while Roche will take over IND-enabling activities, clinical development, and commercialization.

Rights & Responsibilities

• MOMA will lead early-stage drug discovery and the identification of drug targets through its KnowledgeBase platform.
• Roche will handle the clinical development and commercialization of successful drug candidates, and may also co-fund late-stage development of one asset in exchange for increased royalties on that product in the US.

Financial Terms

• Upfront Payment: $66 million to MOMA.
• Milestone Payments: Up to $2 billion in discovery, development, and commercialization milestones.
• Royalties: Tiered royalties on sales, including potential for increased royalties on US sales if MOMA co-funds late-stage development.

Regulatory Approval

• Roche will be responsible for IND-enabling activities and the subsequent clinical development and commercialization processes.

Overall Summary

MOMA Therapeutics and Roche have entered into a five-year discovery collaboration where MOMA will use its KnowledgeBase platform to identify and target novel cancer dependencies. MOMA will receive an upfront payment of $66 million and is eligible for up to $2 billion in milestone payments, along with tiered royalties. Roche will manage clinical development and commercialization, with an option for MOMA to co-fund late-stage development in exchange for increased royalties.

Key Deal Terms Summary

1. Parties Involved

• Licensor: ImmuneOnco Biopharmaceuticals (HKEX: 1541.HK)
• Licensee: Instil Bio, Inc. (NASDAQ: TIL)

2. Agreement Scope

• Instil Bio obtains exclusive development and commercialization rights outside Greater China (China, Taiwan, Macau, and Hong Kong) for:
• IMM2510 – A PD-L1xVEGF bispecific antibody designed to improve tumor penetration and anti-tumor activity.
• IMM27M – A next-generation anti-CTLA-4 antibody with enhanced ADCC to improve efficacy while reducing toxicity.
• ImmuneOnco retains exclusive development and commercialization rights in Greater China.

3. Financial Terms

• Upfront and near-term milestone payments: Up to $50 million to ImmuneOnco.
• Additional milestone payments: Over $2 billion in development, regulatory, and commercial milestones.
• Royalties: Single-digit to low double-digit percentage royalties on global ex-China sales.

4. Strategic Rationale

• For Instil Bio:
• Expands pipeline with two novel oncology assets in solid tumors.
• Gains a potential best-in-class PD-L1xVEGF bispecific antibody (IMM2510).
• Strengthens global oncology footprint while leveraging ImmuneOnco’s progress in China.
• For ImmuneOnco:
• Gains non-dilutive funding while retaining Greater China rights.
• Expands global reach through Instil Bio’s development and commercialization expertise.
• Accelerates clinical progress with Instil’s resources.

5. Next Steps

• IMM2510 has completed dose-escalation trials and will progress to further clinical development for solid tumors.
• IMM27M is in combination studies with IMM2510 in China as of July 2024.
• Instil Bio will initiate additional trials outside Greater China.

Overall Summary

Instil Bio and ImmuneOnco have entered into a global license and collaboration agreement, granting Instil ex-China rights to IMM2510 (PD-L1xVEGF bispecific antibody) and IMM27M (anti-CTLA-4 antibody). ImmuneOnco receives up to $50 million upfront and near-term payments, plus over $2 billion in potential milestone payments, along with royalties on global ex-China sales. This partnership expands Instil Bio’s oncology pipeline while enabling ImmuneOnco to retain China market leadership and access global development resources.

Parties Involved

• AstraZeneca
• CSPC Pharmaceutical Group Ltd. (CSPC)

Collaboration Scope

AstraZeneca has entered into an exclusive license agreement with CSPC to advance the development of YS2302018, a pre-clinical small molecule Lp(a) disruptor aimed at addressing dyslipidaemia and related cardiovascular conditions. The therapy will be developed either alone or in combination with other treatments, such as the oral PCSK9 inhibitor AZD0780.

Rights & Responsibilities

• AstraZeneca: Will gain access to YS2302018, a novel lipid-lowering therapy with potential in cardiovascular disease indications. AstraZeneca is responsible for its further development, including clinical trials and commercialization.
• CSPC: Will provide YS2302018, which has been shown to effectively prevent the formation of Lp(a), a key target for cardiovascular disease. CSPC will also receive payments upon achieving development and commercialization milestones.

Financial Terms

• Upfront Payment: $100 million to CSPC from AstraZeneca.
• Milestone Payments: Up to $1.92 billion for further development and commercialization milestones.
• Royalties: Tiered royalties on net sales.

Regulatory Approval

The asset is currently in pre-clinical development, with AstraZeneca taking the lead in advancing it through clinical development and regulatory approval.

Overall Summary

AstraZeneca has secured an exclusive license agreement with CSPC for YS2302018, a novel small molecule Lp(a) disruptor with potential for treating dyslipidaemia and other cardiovascular diseases. AstraZeneca will manage the clinical development and commercialization of the therapy, while CSPC will receive an upfront payment and is eligible for milestones and royalties. This agreement strengthens AstraZeneca’s cardiovascular pipeline, addressing significant unmet needs in cardiometabolic diseases.

AbbVie and Gilgamesh Pharmaceuticals announced a collaboration and option-to-license agreement to develop next-generation therapies for psychiatric disorders

AbbVie and Gilgamesh have agreed to research and develop a portfolio of next-generation therapeutics for psychiatric disorders

Upon exercise of the option, AbbVie will lead development and commercialization activities

Gilgamesh will receive an upfront payment of $65 million from AbbVie and is eligible to receive up to $1.95 billion in aggregate option fees and milestones

Tiered royalties from mid-single to low-double digits on net sales

Parties Involved

• Merck (MSD) – A global biopharmaceutical company focused on innovative health solutions, with established expertise in cardiometabolic diseases.
• Hansoh Pharma – A leading Chinese biopharmaceutical company with a strong pipeline in oncology, metabolic diseases, and other therapeutic areas.

Collaboration Scope

• Goal: To develop, manufacture, and commercialize HS-10535, an investigational oral small molecule GLP-1 receptor agonist.
• Therapeutic Focus: The collaboration aims to evaluate HS-10535 for its potential cardiometabolic benefits, particularly in areas beyond weight reduction, such as broader cardiometabolic effects.

Rights & Responsibilities

• Merck
• Has secured an exclusive global license for the development, manufacturing, and commercialization of HS-10535.
• Merck will drive the clinical development and global commercialization of the asset.
• Hansoh Pharma
• Grants Merck the exclusive global license to the investigational product.
• May co-promote or solely commercialize HS-10535 in China, contingent on certain conditions.
• Responsible for providing Merck with access to the asset in its preclinical stage.

Financial Terms

• Upfront Payment: Hansoh Pharma will receive an upfront payment of $112 million from Merck.
• Milestone Payments: Hansoh Pharma is eligible to receive up to $1.9 billion in milestone payments associated with development, regulatory approval, and commercialization.
• Royalties: Hansoh Pharma is entitled to royalties on global sales of HS-10535.
• Commercialization in China: Subject to conditions, Hansoh Pharma may co-promote or solely commercialize the asset in China.

Regulatory Approval

• The agreement is contingent on regulatory approval for HS-10535. Merck will handle global regulatory submissions as part of its clinical development efforts.

Overall Summary

Merck and Hansoh Pharma have entered into an exclusive global license agreement for HS-10535, an investigational oral GLP-1 receptor agonist. The collaboration will leverage Merck's expertise in cardiometabolic diseases to develop and commercialize the asset globally, with potential additional benefits beyond weight reduction. Hansoh Pharma will receive $112 million upfront and is eligible for up to $1.9 billion in milestone payments, alongside royalties on product sales. Additionally, Hansoh Pharma may have the opportunity to co-promote or solely commercialize the drug in China.

Parties Involved

• Boehringer Ingelheim
• Suzhou Ribo Life Science Co., Ltd.
• Ribocure Pharmaceuticals AB (Ribo)

Collaboration Scope

• Boehringer Ingelheim and Ribo have entered a collaboration to develop novel treatments for nonalcoholic steatohepatitis (NASH) (also known as metabolic dysfunction-associated steatohepatitis, MASH).
• The partnership focuses on utilizing Ribo’s RIBO-GalSTAR™ RNA interference (RNAi) platform to target disease-causing genes in hepatocytes for treating NASH.

Rights & Responsibilities

• Ribo will contribute its expertise in RNAi therapeutics and development of small interfering RNA (siRNA) drugs.
• Boehringer Ingelheim will collaborate on the development of new treatments and utilize its expertise in cardiovascular, renal, and metabolic diseases.

Financial Terms

• Upfront Payment: Ribo will receive an upfront payment.
• Milestone Payments: Ribo is entitled to receive success-based milestones for clinical, regulatory, and commercial success.
• Royalties: Ribo will receive tiered royalties on sales of any resulting products.
• Total Deal Value: Over USD 2 billion.

Regulatory Approval

[No specific regulatory approval details were provided.]

Overall Summary

Boehringer Ingelheim and Ribo have formed a collaboration to develop RNAi-based therapies for NASH/MASH, a liver disease with no approved treatments. Ribo’s RIBO-GalSTAR™ platform will be central to the partnership, enabling targeted gene silencing in hepatocytes. Ribo will receive an upfront payment, milestone payments, and tiered royalties, with the collaboration valued at over USD 2 billion.

Key Deal Terms Summary

1. Parties Involved

• Licensor: Sangamo Therapeutics, Inc. (NASDAQ: SGMO)
• Licensee: Genentech (a member of the Roche Group)

2. Agreement Scope

• Genentech obtains an exclusive license to Sangamo’s zinc finger repressors targeting:
• Tau gene (associated with Alzheimer’s disease and other tauopathies).
• Undisclosed second neurology target.
• Genentech also licenses Sangamo’s proprietary neurotropic AAV capsid, STAC-BBB, designed for efficient blood-brain barrier penetration.
• Genentech will lead clinical development, regulatory interactions, manufacturing, and global commercialization.

3. Financial Terms

• Upfront and near-term milestone payments: $50 million to Sangamo.
• Milestone payments: Up to $1.9 billion in development and commercial milestones across multiple medicines.
• Royalties: Tiered royalties on net sales, subject to certain reductions.

4. Strategic Rationale

• For Sangamo:
• Gains non-dilutive funding while advancing its zinc finger epigenetic regulators.
• Strengthens its position as a leader in genomic medicine for neurodegenerative diseases.
• Leverages its capsid technology (STAC-BBB) for potential future collaborations.
• For Genentech:
• Gains access to novel gene regulation technology for neurological diseases.
• Expands its gene therapy capabilities for treating Alzheimer’s and related conditions.
• Strengthens its leadership in neuroscience drug development.

5. Next Steps

• Sangamo will complete a technology transfer and certain preclinical activities.
• Genentech will lead all further clinical trials, regulatory processes, and commercialization.
• Sangamo continues discussions with potential partners for additional capsid delivery platform collaborations.

Overall Summary

Sangamo Therapeutics has signed a global license agreement with Genentech, granting exclusive rights to its zinc finger repressors targeting tau and an undisclosed neurology target, along with its STAC-BBB AAV capsid technology. Sangamo will receive $50 million upfront, with potential milestone payments of up to $1.9 billion, plus tiered royalties on sales. Genentech will lead clinical development and commercialization, further strengthening its neuroscience and gene therapy pipeline. This partnership enhances Sangamo’s position in genomic medicine, while providing Genentech with a novel gene regulation approach for neurodegenerative diseases.

Parties Involved

• Medincell
• AbbVie

Collaboration Scope

Medincell and AbbVie have entered into a co-development and licensing agreement to develop up to six long-acting injectable therapies across multiple therapeutic areas. Medincell will provide its commercial-stage long-acting injectable technology, while AbbVie will handle clinical development, regulatory approval, manufacturing, and commercialization of the therapies.

Rights & Responsibilities

• Medincell will conduct formulation activities, preclinical studies, and supportive CMC work to advance candidates into clinical trials.
• AbbVie will fund and manage clinical development and bear responsibility for regulatory approval, manufacturing, and commercialization.

Financial Terms

• Upfront Payment: $35 million to Medincell.
• Milestone Payments: Up to $1.9 billion in potential development and commercial milestones ($315 million per program).
• Royalties: Medincell is eligible to receive mid-single to low-double-digit royalties on worldwide sales.

Regulatory Approval

Medincell’s technology was used in the development of its first FDA-approved product, UZEDY®, for the treatment of schizophrenia, approved in April 2023.

Overall Summary

Medincell has entered into a strategic partnership with AbbVie to co-develop up to six long-acting injectable therapies using Medincell’s innovative BEPO® technology. Medincell will receive a $35 million upfront payment and is eligible for up to $1.9 billion in potential milestones, plus royalties on sales. AbbVie will handle the clinical development, regulatory approval, manufacturing, and commercialization of the programs.

Mestag Therapeutics announced it entered into license and collaboration agreement with MSD to identify novel targets for development of therapies against inflammatory diseases

Mestag will employ its Reversing Activated Fibroblast Technology (RAFT) platform, a proprietary platform purposely built to model the pathogenic role of fibroblasts in human disease to identify drug targets

MSD has option to license one or more targets up to prespecified number and will be responsible for discovery, development and commercialization of resulting therapeutics

Mestag will provide MSD options to obtain exclusive licenses to develop and commercialize therapeutics directed against a prespecified number of potential targets identified under collaboration

Mestag will receive upfront payment and access fees

Eligible to receive option fees as well as downstream payments with potential to total $1.9 billion

Parties Involved

• Flare Therapeutics: Biotechnology company focused on drugging transcription factors to unlock therapeutic potential.
• Roche: Global healthcare company with expertise in oncology and drug development.

Collaboration Scope

• Flare Therapeutics will leverage its proteomic and mass spectrometry platform powered by its proprietary library of electrophilic compounds to discover novel small molecules targeting transcription factors in oncology.
• The collaboration aims to develop therapies for previously undrugged transcription factor targets in oncology, addressing unmet medical needs.

Rights & Responsibilities

• Flare Therapeutics will lead discovery and preclinical activities targeting multiple transcription factor targets.
• Roche will handle further preclinical and clinical development, as well as commercialization of potential products from the collaboration.
• Flare Therapeutics retains the right to co-fund development for one target, which will increase its royalties in the U.S. for that target.

Financial Terms

• Upfront Payment: US$70 million to Flare Therapeutics.
• Milestone Payments: Potentially exceeding US$1.8 billion in discovery, development, and commercialization milestones.
• Royalties: Royalties for products resulting from the collaboration.

Regulatory Approval

• Flare Therapeutics retains ownership of its existing pipeline, including its clinical-stage program FX-909 in advanced urothelial cancer, and other oncology programs in discovery.

Overall Summary

• Flare Therapeutics has entered into a strategic discovery collaboration with Roche to develop treatments targeting transcription factor targets in oncology.
• Flare will receive US$70 million upfront and is eligible for up to US$1.8 billion in milestone payments plus royalties.

Parties Involved

• Repertoire Immune Medicines
• Bristol Myers Squibb

Collaboration Scope

The collaboration between Repertoire Immune Medicines and Bristol Myers Squibb aims to develop tolerizing vaccines for up to three autoimmune diseases. The focus is to create selective and durable treatments that reset the immune system in patients with autoimmune conditions. Repertoire will utilize its DECODE™ platform to identify disease-associated epitopes and develop the vaccine candidates, while Bristol Myers Squibb will lead clinical development, regulatory affairs, and commercialization.

Rights & Responsibilities

• Repertoire Immune Medicines:
• Lead all activities through to development candidate nomination.
• Utilize its DECODE™ platform for T cell receptor (TCR)-epitope discovery and lipid nanoparticle delivery technology.
• Monitor immune responses during clinical development to provide key insights.
• Bristol Myers Squibb:
• Lead clinical development, regulatory affairs, and commercialization of the vaccines under an exclusive worldwide license.

Financial Terms

• Upfront Payment: $65 million to Repertoire Immune Medicines.
• Milestone Payments: Up to $1.8 billion for achievement of development, regulatory, and commercial milestones.
• Royalties: Tiered royalties for Repertoire Immune Medicines based on commercial success.

Overall Summary

Repertoire Immune Medicines has entered into a multi-year strategic collaboration with Bristol Myers Squibb to develop tolerizing vaccines for autoimmune diseases. Repertoire will provide its innovative DECODE™ platform for T cell epitope discovery and vaccine development, while Bristol Myers Squibb will lead the clinical and commercial development. Repertoire is set to receive $65 million upfront, with the potential for $1.8 billion in milestone payments and royalties based on the vaccines' success.

Parties Involved

• Ascidian Therapeutics
• Roche

Collaboration Scope

• Ascidian will provide Roche with exclusive, target-specific rights to its RNA exon editing technology for undisclosed neurological targets.
• The collaboration combines Ascidian's RNA exon editors with Roche's next-generation CNS delivery capabilities to develop therapies for neurological diseases.
• Ascidian will conduct discovery and certain preclinical activities, while Roche will be responsible for further preclinical development, clinical trials, manufacturing, and commercialization.

Rights & Responsibilities

• Ascidian: Responsible for discovery and certain preclinical activities, while retaining the right to pursue other internal or collaborative programs targeting neurological diseases or other areas.
• Roche: Leads preclinical and clinical development, manufacturing, and commercialization of the developed therapeutics.

Financial Terms

• Upfront Payment: $42 million to Ascidian.
• Milestone Payments: Up to $1.8 billion in research, clinical, and commercial milestone payments.
• Royalties: Royalties on global commercial sales of any products developed.

Regulatory Approval

• Roche will lead the clinical development and regulatory submission for any therapeutics resulting from the collaboration.

Overall Summary

Ascidian Therapeutics and Roche have entered into a collaboration to develop RNA exon editing therapeutics for neurological diseases. The deal, valued at up to $1.8 billion, will see Roche responsible for clinical development, manufacturing, and commercialization, while Ascidian focuses on discovery and preclinical activities. Ascidian will receive $42 million upfront, with additional milestones and royalties.

Parties Involved

• MediLink Therapeutics
• BioNTech SE

Collaboration Scope

• BioNTech will receive an exclusive option for a global license to use MediLink’s TMALIN® antibody-drug conjugate (ADC) platform on several novel targets selected by BioNTech.

Rights & Responsibilities

• MediLink Therapeutics: Retains the right of first negotiation for potential future collaboration if BioNTech wishes to exclusively license or assign rights for the ADC candidates in the Mainland China market or in combination with Hong Kong SAR, Macau SAR, or Taiwan.
• BioNTech: Holds the exclusive option to license MediLink's TMALIN® ADC platform for specific targets.

Financial Terms

• Upfront Payment: $25 million to MediLink.
• Milestone Payments: Potentially up to $1.8 billion for development, regulatory, and sales milestones.
• Royalties: Tiered royalties on future global annual net sales.

Regulatory Approval

• TMALIN® ADC technology platform is being used in preclinical studies, with several ADC products already entering clinical trials.

Overall Summary

• MediLink Therapeutics and BioNTech SE have expanded their partnership through a new agreement giving BioNTech the option for a global license to MediLink’s TMALIN® ADC platform for several novel targets. MediLink will receive an upfront payment of $25 million and could earn up to $1.8 billion in milestone payments. Additionally, MediLink has the right of first negotiation for licensing in Mainland China and other selected regions.

Parties Involved

• Ipsen
• Skyhawk Therapeutics

Collaboration Scope

Ipsen and Skyhawk Therapeutics have entered into an exclusive worldwide collaboration to discover and develop novel small molecules targeting RNA for rare neurological diseases. The collaboration will leverage Skyhawk’s RNA-targeting platform to explore previously undruggable RNA targets and expand the landscape of potential treatments for rare neurological conditions, including those related to movement disorders.

Rights & Responsibilities

• Ipsen has secured an option agreement to receive exclusive global rights to two successful development candidates (DC) arising from the collaboration.
• After DC validation, Ipsen will take over responsibility for further development and commercialization of the candidates, leveraging its existing expertise in movement disorders.
• Skyhawk will be responsible for early-stage research and discovery of the RNA-targeting small molecules, while Ipsen will drive the later-stage development.

Financial Terms

• Upfront Payment: Amount undisclosed to Skyhawk.
• Milestone Payments: Skyhawk is eligible to receive up to $1.8 billion in development, regulatory, and commercial milestones.
• Royalties: Skyhawk is also eligible for tiered royalties based on product sales.

Regulatory Approval

• The collaboration will focus on accelerating the development of RNA-targeting small molecules for rare neurological diseases, with the goal of addressing conditions for which no approved therapeutics currently exist.

Overall Summary

Ipsen and Skyhawk Therapeutics have formed a strategic partnership to develop RNA-targeting small molecules aimed at treating rare neurological diseases. Under the agreement, Ipsen will gain exclusive rights to two development candidates and assume responsibility for their future development and commercialization. Skyhawk is eligible for significant milestone payments, up to $1.8 billion, plus royalties. This collaboration aims to address unmet medical needs in movement disorders and other rare neurological conditions.

Parties Involved

• Isomorphic Labs
• Eli Lilly and Company

Collaboration Scope

• Isomorphic Labs will collaborate with Lilly to discover small molecule therapeutics targeting multiple disease indications.
• The collaboration will leverage Isomorphic Labs' advanced AI-driven platform, building on the next generation of AlphaFold to design novel therapeutics and understand biological mechanisms of drug targets.

Rights & Responsibilities

• Isomorphic Labs will apply its AI-first drug discovery platform to develop small molecule therapeutics.
• Lilly will collaborate with Isomorphic Labs on the discovery process, with the ultimate responsibility for further development and commercialization.

Financial Terms

• Upfront Payment: $45 million to Isomorphic Labs from Lilly.
• Milestone Payments: Up to $1.7 billion based on performance and development milestones.
• Royalties: Up to low double digits on net sales.

Regulatory Approval

[No specific regulatory approval details mentioned in the release.]

Overall Summary

Isomorphic Labs has entered into a strategic research collaboration with Lilly to discover small molecule therapeutics using its AI-driven platform, based on the next generation of AlphaFold. The deal includes an upfront payment of $45 million, with the potential for up to $1.7 billion in milestone payments and royalties on net sales. This marks Isomorphic Labs' first pharmaceutical partnership and aims to accelerate the development of novel drug candidates for multiple therapeutic targets.

Parties Involved

• Isomorphic Labs
• Eli Lilly and Company

Collaboration Scope

• Isomorphic Labs will partner with Lilly to discover small molecule therapeutics against multiple targets.
• The collaboration leverages Isomorphic Labs' AI-driven drug discovery platform, including next-generation AlphaFold, to support Lilly's development programs.

Rights & Responsibilities

• Isomorphic Labs will apply its AI-first approach to drug discovery to design novel molecules for Lilly.
• Lilly will utilize the resulting therapeutics in its development programs, benefiting from Isomorphic's advanced AI models.

Financial Terms

• Upfront Payment: $45 million to Isomorphic Labs.
• Milestone Payments: Up to $1.7 billion in performance-based milestone payments.
• Royalties: Tiered royalties of up to low double digits on net sales.

Regulatory Approval

[No specific regulatory approval details mentioned in the release.]

Overall Summary

Isomorphic Labs has entered into a strategic collaboration with Eli Lilly to apply its AI-driven drug discovery platform for the development of small molecule therapeutics. The deal includes an upfront payment of $45 million, with the potential for up to $1.7 billion in milestone payments and tiered royalties. This partnership marks Isomorphic Labs' first pharmaceutical collaboration and is aimed at advancing groundbreaking drug design approaches.

Parties Involved

• AbbVie
• FutureGen Biopharmaceutical (Beijing) Co., Ltd.

Collaboration Scope

• The agreement focuses on the development of FG-M701, a next-generation TL1A antibody for the treatment of inflammatory bowel disease (IBD).
• FG-M701 is a fully human monoclonal antibody targeting TL1A, a clinically validated target in IBD, with enhanced potential for greater efficacy and less frequent dosing compared to first-generation TL1A antibodies.

Rights & Responsibilities

• AbbVie will have an exclusive global license to develop, manufacture, and commercialize FG-M701.
• FutureGen will continue to play a role in advancing the development of the therapy through early milestones.

Financial Terms

• Upfront Payment: $150 million to FutureGen.
• Milestone Payments: Up to $1.56 billion in clinical, regulatory, and commercial milestones.
• Royalties: Tiered royalties up to low-double digits on net sales.

Overall Summary

AbbVie has secured an exclusive global license from FutureGen to develop, manufacture, and commercialize FG-M701, a next-generation TL1A antibody for inflammatory bowel disease (IBD). In return, FutureGen will receive an upfront payment of $150 million, with the potential for additional milestone payments of up to $1.56 billion and royalties on sales. This partnership combines AbbVie’s global expertise in autoimmune diseases with FutureGen’s innovative drug development platform.

Parties Involved

• Merck & Co., Inc. (MSD)
• Orion Corporation

Collaboration Scope

• Merck has gained global exclusive rights to develop and commercialize opevesostat (MK-5684/ODM-208), an investigational CYP11A1 inhibitor, for the treatment of metastatic castration-resistant prostate cancer (mCRPC).
• The agreement converts their prior co-development and co-commercialization collaboration into an exclusive global license.

Rights & Responsibilities

• Merck: Will assume full responsibility for all past and future development and commercialization expenses for opevesostat and other CYP11A1 inhibitors under the agreement.
• Orion: Will retain responsibility for the manufacturing of clinical and commercial supply for Merck. Orion will also receive development milestones, regulatory milestones, and sales-based milestone payments for the successful commercialization of opevesostat.

Financial Terms

• Development Milestones: Up to $30 million.
• Regulatory Milestones: Up to $625 million.
• Sales-based Milestones: Up to $975 million.
• Royalties: Orion will receive tiered royalties, ranging from low double-digit rates to the low twenties on net sales of any commercialized product.
• No upfront payment for the exercise of the option.

Regulatory Approval

• The agreement is subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions, and is expected to become effective in Q3 2024.

Overall Summary

Merck and Orion have exercised their option to convert their co-development agreement into an exclusive global license for opevesostat, an investigational treatment for metastatic castration-resistant prostate cancer (mCRPC). Merck now assumes full responsibility for the development and commercialization of the compound, while Orion retains manufacturing responsibilities. Orion will receive milestone payments and royalties based on future sales. The agreement is expected to become effective in Q3 2024, contingent on regulatory approval.

Key Deal Terms Summary

1. Agreement Overview

• Gilead Sciences and Merus have entered into a research collaboration, option, and license agreement to develop trispecific T-cell engager antibodies targeting dual tumor-associated antigens (TAAs).
• The collaboration will leverage Merus’ Triclonics® platform and Gilead’s oncology expertise to develop multiple preclinical programs.
• Gilead receives an exclusive option to license the resulting therapeutic programs.

2. Financial Terms

• Upfront Payment:
• Merus will receive $56 million in cash for initial targets.
• Equity Investment:
• Gilead will make a $25 million investment in Merus common stock.
• Milestone & Option Payments:
• Merus is eligible to receive up to $1.5 billion in additional near-term and option payments, as well as development and commercialization milestone payments.
• Royalties:
• Merus will receive tiered royalties ranging from mid-single to low-double digits on net product sales.
• Profit-Sharing Option:
• For the third potential program, Merus has the right to opt into a 50/50 net profit and loss split, instead of receiving milestone and royalty payments.

3. Development & Commercialization Responsibilities

• Merus will:
• Lead early-stage research for two programs, with an option for a third program.
• Gilead will:
• Have the exclusive right to license and take over development after early-stage research is completed.
• Be responsible for additional research, clinical development, and commercialization of any licensed programs.

4. Strategic Impact

• Expands Gilead’s Oncology Portfolio:
• The deal strengthens Gilead’s presence in trispecific antibody-based cancer therapies, an emerging immuno-oncology area.
• Validates Merus' Triclonics® Technology:
• The partnership highlights the potential of Merus’ proprietary trispecific antibody platform.
• Significant Financial Upside for Merus:
• The potential $1.5 billion in payments and equity investment provide long-term value creation.
• Strong Profitability Prospects:
• The option for profit-sharing on the third program offers Merus a potential greater financial return if successful.

Overall Summary

Gilead and Merus have entered into a trispecific antibody research and licensing agreement, under which Gilead will invest $25 million in Merus and pay $56 million upfront. Merus is eligible for up to $1.5 billion in milestone payments, along with tiered royalties on future sales. Gilead has the exclusive option to license the programs, while Merus may opt into profit-sharing for a third program. This collaboration enhances Gilead’s oncology pipeline while validating Merus’ Triclonics® platform as a next-generation immunotherapy approach.

Key Deal Terms Summary

1. Parties Involved

• Licensor: CureVac N.V. (NASDAQ: CVAC)
• Licensee: GSK plc (LSE/NYSE: GSK)

2. Agreement Scope

• GSK acquires full rights to develop, manufacture, and commercialize CureVac’s mRNA vaccine candidates for:
• Seasonal influenza
• COVID-19
• Combination vaccines (influenza + COVID-19)
• Avian influenza
• CureVac retains exclusive rights to undisclosed preclinical infectious disease programs and the freedom to independently develop/partner mRNA vaccines for other indications.
• This agreement replaces all financial considerations from the prior collaboration between the two companies.

3. Financial Terms

• Upfront payment: €400 million to CureVac.
• Milestone payments: Up to €1.05 billion based on development, regulatory, and sales milestones.
• Royalties: CureVac will receive tiered royalties in the high single to low teens range on net sales.

4. Strategic Rationale

• For GSK:
• Gains full control over late-stage mRNA vaccine programs for influenza and COVID-19.
• Advances mRNA capabilities, complementing AI/ML-based optimization, nanoparticle design, and manufacturing investments.
• Strengthens vaccine platform by integrating CureVac’s second-generation mRNA backbone into its pipeline.
• For CureVac:
• Secures non-dilutive funding of up to €1.45 billion to invest in its own R&D pipeline.
• Retains exclusive rights to additional infectious disease targets, allowing independent development and partnerships.
• Ensures continued financial stability while maintaining focus on expanding mRNA applications beyond vaccines.

5. Next Steps & Closing Conditions

• Regulatory & antitrust approvals required before the agreement becomes effective.
• Ongoing CureVac patent litigation against Pfizer/BioNTech is unaffected.

Overall Summary

GSK and CureVac have restructured their collaboration into a new licensing agreement, granting GSK full global rights to develop, manufacture, and commercialize CureVac’s mRNA vaccine candidates for influenza, COVID-19, and combinations. CureVac will receive €400 million upfront, up to €1.05 billion in milestone payments, and royalties in the high single to low teens range. The deal strengthens GSK’s mRNA vaccine pipeline, while CureVac retains select infectious disease programs and secures significant non-dilutive funding for its R&D pipeline. Regulatory approvals are pending.

Parties Involved

• TRIANA Biomedicines, Inc. A biopharmaceutical company focused on developing a molecular glue discovery platform to target and inactivate disease targets, particularly in oncology, using advanced structural insights, AI tools, and custom chemical libraries.

• Pfizer Inc. A global biopharmaceutical company committed to developing innovative medicines across various disease areas, including oncology, with a focus on cutting-edge technologies.

Collaboration Scope

• TRIANA will leverage its target-first and proximity-first molecular glue discovery platform to identify novel molecular glue degraders against multiple targets in oncology and other disease areas.
• Pfizer has an exclusive option to license these molecules for preclinical and clinical development.

Rights & Responsibilities

• TRIANA will lead the discovery and identification of potential drug candidates.
• Pfizer will have an exclusive option to license these molecules for further development after the discovery phase.

Financial Terms

• Upfront Payment: $49 million to TRIANA.
• Milestone Payments: Over $1.5 billion contingent on future development and commercialization milestones.
• Royalties: Tiered royalties on future sales.

Regulatory Approval

• Pfizer will have the exclusive option to continue preclinical and clinical development of the licensed molecules, assuming regulatory approval is obtained.

Overall Summary

TRIANA Biomedicines has entered a strategic collaboration with Pfizer to discover novel molecular glue degraders for a range of disease targets, including oncology. TRIANA will receive $49 million upfront, with potential milestone payments exceeding $1.5 billion and tiered royalties. Pfizer will have the exclusive option to license the discovered molecules for further development. This partnership leverages TRIANA's cutting-edge discovery platform to create innovative therapies for diseases with unmet needs.

Parties Involved

• SEED Therapeutics
• Eisai Co., Ltd.

Collaboration Scope

• SEED and Eisai have entered a strategic research collaboration to discover, develop, and commercialize novel molecular glue degraders for neurodegeneration and oncology indications.
• SEED will lead preclinical discovery activities, including E3 ligase selection and molecular glue degrader identification for selected targets, while Eisai will have exclusive rights to develop and commercialize the resulting compounds.

Rights & Responsibilities

• SEED: Leads preclinical discovery and molecular glue development for targeted diseases.
• Eisai: Holds exclusive rights for the development and commercialization of the compounds derived from the collaboration.

Financial Terms

• Upfront Payment: Not disclosed.
• Milestone Payments: Up to $1.5 billion upon the achievement of preclinical, clinical, regulatory, and sales milestones.
• Royalties: Tiered royalties on future sales, triggered upon Eisai’s exercise of their exclusive rights.

Regulatory Approval

• Not disclosed.

Overall Summary

SEED Therapeutics has formed a strategic research collaboration with Eisai to advance molecular glue degraders for neurodegeneration and oncology. The deal includes upfront and milestone payments totaling up to $1.5 billion plus tiered royalties for SEED. Alongside the collaboration, SEED has raised $24 million in a Series A-3 financing, which will support its clinical programs in cancer and neurodegenerative diseases.

Parties Involved

• Kura Oncology, Inc. – A clinical-stage biopharmaceutical company focused on precision cancer therapies, leading the U.S. development and commercialization of ziftomenib.
• Kyowa Kirin Co., Ltd. – A global specialty pharmaceutical company based in Japan, taking the lead on commercialization outside the U.S.
• Ziftomenib – A selective oral menin inhibitor being developed for the treatment of acute myeloid leukemia (AML), specifically for R/R NPM1-mutant AML.

Collaboration Scope

• Development & Commercialization:
• Kura Oncology will lead development, regulatory, and commercial strategy in the U.S. for ziftomenib, including manufacturing the drug.
• Kyowa Kirin will lead commercialization outside the U.S. and will be responsible for global commercialization.
• Both companies will jointly pursue a broad development program for AML, including frontline indications, combinations with targeted therapies, and post-transplant maintenance.

• Kura and Kyowa Kirin will share U.S. profits equally and will follow a shared governance structure for global development and commercialization.

• Opt-in for Solid Tumors:

• Kyowa Kirin has the option to opt-in for solid tumor indications, such as gastrointestinal stromal tumors (GIST), after the proof-of-concept study concludes.
• If Kyowa Kirin exercises its option, they will be eligible for upfront and milestone payments, with the same collaboration structure as AML.

Rights & Responsibilities

• Kura Oncology:
• U.S. Leadership: Responsible for leading U.S. development and commercial strategy, booking sales, and managing the frontline AML program.
• Royalties: Eligible for tiered royalties on sales outside the U.S. where Kyowa Kirin handles commercialization.
• Clinical Trials: Jointly conduct clinical trials as part of the global development plan.
• Kyowa Kirin:
• Global Leadership Outside U.S.: Responsible for commercialization outside the U.S., including marketing, sales, and strategy.
• Option for Solid Tumors: Has an opt-in right to participate in the development of solid tumor indications.

Financial Terms

• Upfront Payment: Kura will receive an upfront payment of $330 million from Kyowa Kirin.
• Milestone Payments: Kura is eligible to receive up to $1.2 billion in total milestone payments, including:
• $420 million in near-term milestones, including a payment upon the launch of ziftomenib in relapsed/refractory (R/R) setting.
• Additional $741 million in development, regulatory, and commercial milestones.
• Royalties: Kura will receive tiered double-digit royalties on net product sales outside the U.S.
• Solid Tumor Option: If Kyowa Kirin exercises its option for solid tumor indications, Kura is eligible for upfront and milestone payments totaling $228 million.

Regulatory Approval & Product Development

• FDA Breakthrough Therapy Designation: Ziftomenib has received Breakthrough Therapy Designation for R/R NPM1-mutant AML.
• New Drug Application (NDA): The companies anticipate filing an NDA for ziftomenib in 2025 for the R/R NPM1-mutant AML indication.
• Ongoing Trials: Kura is conducting Phase 2 and Phase 3 trials for ziftomenib in AML and evaluating its use in combination with current standards of care.
• Frontline Studies: Registrational Phase 3 studies for frontline AML are anticipated to begin in 2025.

Overall Summary

Kura Oncology and Kyowa Kirin have entered a global strategic collaboration to develop and commercialize ziftomenib, a selective oral menin inhibitor for AML. Kura will lead U.S. development and commercialization, while Kyowa Kirin will handle commercialization outside the U.S. Both companies will share profits and losses in the U.S. and have committed to a joint global development program. Kura is poised to receive up to $1.2 billion in milestone payments, along with royalties on global sales. This collaboration will also explore solid tumor indications, should Kyowa Kirin exercise its opt-in rights.

Parties Involved

• AbbVie A global biopharmaceutical company focused on developing innovative medicines in areas like oncology, immunology, and neuroscience.

• EvolveImmune Therapeutics Immuno-oncology company developing next-generation biotherapeutics to overcome cancer cell resistance to immunotherapies.

Collaboration Scope

• AbbVie and EvolveImmune will collaborate to develop multispecific biologics for oncology, combining AbbVie's expertise in cancer therapies with EvolveImmune’s EVOLVE T-Cell Engager Platform to create novel antibody-based therapies for solid and hematologic malignancies.

Rights & Responsibilities

• EvolveImmune will provide AbbVie access to its proprietary EVOLVE T-Cell Engager Platform to develop multispecific therapeutics aimed at overcoming the therapeutic challenges in cancer treatment.
• AbbVie will leverage its oncology expertise and resources to advance the development and commercialization of these therapies.

Financial Terms

• Upfront Payment: $65 million in aggregate upfront fees and equity investment from AbbVie to EvolveImmune.
• Milestone Payments: Up to $1.4 billion in option fees and milestones based on development progress.
• Royalties: Tiered royalty payments on net sales.

Regulatory Approval

• EvolveImmune anticipates first-in-human clinical trials for its platform in 2025.

Overall Summary

AbbVie and EvolveImmune Therapeutics have entered a collaboration and option-to-license agreement to develop next-generation cancer biotherapeutics. This partnership will combine AbbVie’s oncology expertise with EvolveImmune’s EVOLVE T-Cell Engager Platform to create innovative multispecific antibody therapies for both solid and hematologic cancers. EvolveImmune will receive $65 million in upfront payments and equity investment, with potential for up to $1.4 billion in milestones and tiered royalties on future sales. The collaboration marks a significant step towards developing therapeutics that could address cancer-driven immunodeficiency.

Parties Involved

• Neomorph, Inc.
• Novo Nordisk

Collaboration Scope

• Neomorph will collaborate with Novo Nordisk to discover, develop, and commercialize molecular glue degraders for cardiometabolic and rare diseases.
• Neomorph’s proprietary molecular glue discovery platform will be combined with Novo Nordisk's expertise in cardiometabolic and rare diseases to create novel therapeutics targeting "undruggable" targets.

Rights & Responsibilities

• Neomorph will lead discovery and preclinical activities on selected targets.
• Novo Nordisk has the right to exclusively pursue clinical development and commercialization of the compounds discovered in the collaboration.

Financial Terms

• Upfront and milestone payments to Neomorph, along with R&D funding.
• Total potential deal value: $1.46 billion across multiple targets, including tiered royalties.

Regulatory Approval

• Novo Nordisk will manage further clinical development and commercialization upon successful preclinical outcomes.

Overall Summary

Neomorph and Novo Nordisk have entered into a partnership to discover and develop molecular glue degraders aimed at addressing cardiometabolic and rare diseases. The collaboration leverages Neomorph’s innovative discovery platform and Novo Nordisk’s expertise in these therapeutic areas. Neomorph will lead early-stage discovery and preclinical work, while Novo Nordisk will handle clinical development and commercialization. The deal has a potential value of $1.46 billion, plus tiered royalties.

Parties Involved

• Biogen Inc. A biotechnology company focused on discovering and developing innovative therapies for patients with neurological, immunological, and rare diseases.

• Neomorph Inc. A biotechnology company specializing in the discovery and development of medicines targeting "undruggable" targets through molecular glue degraders.

Collaboration Scope

• The collaboration aims to discover and develop molecular glue degraders for priority targets in Alzheimer's, rare neurological, and immunological diseases.
• The companies will leverage Neomorph's proprietary molecular glue discovery platform and Biogen's expertise in drug development to accelerate the identification and validation of novel small molecule therapeutic candidates.

Rights & Responsibilities

• Biogen will advance clinical candidates for further development and potential commercialization.
• Neomorph will be responsible for identifying, validating, and optimizing the molecular glue degraders in collaboration with Biogen.

Financial Terms

• Upfront Payment: Neomorph will receive an upfront payment from Biogen.
• Milestone Payments: Neomorph is eligible for contingent milestone payments per target, including pre-clinical, clinical, regulatory, and commercial milestones, potentially totaling $1.45 billion.
• Royalties: Neomorph is eligible for mid-single digit to low double-digit royalties on net sales of any successful therapeutic candidates.

Regulatory Approval

• The collaboration will include research, development, and clinical validation, with Biogen ultimately advancing successful candidates through regulatory approval and commercialization.

Overall Summary

Biogen and Neomorph have entered a multi-target research collaboration to develop molecular glue degraders for key targets in Alzheimer's, rare neurological, and immunological diseases. The deal involves an upfront payment, milestone payments up to $1.45 billion, and royalties on successful sales. Neomorph will leverage its molecular glue discovery platform while Biogen provides its clinical expertise to move the candidates toward commercialization.

Parties Involved

• AbbVie
• Umoja Biopharma

Collaboration Scope

• AbbVie and Umoja Biopharma will collaborate to develop in-situ generated CAR-T cell therapies using Umoja's VivoVec™ gene delivery platform.
• The collaboration includes AbbVie obtaining an exclusive option to license Umoja's CD19-directed in-situ generated CAR-T cell therapy candidates, such as UB-VV111, currently in the IND-enabling phase.
• The second agreement allows for the development of up to four additional in-situ CAR-T cell therapy candidates for discovery targets selected by AbbVie.

Rights & Responsibilities

• AbbVie will have the exclusive option to license Umoja's CD19-directed CAR-T therapy candidates and will collaborate with Umoja on the discovery and development of additional CAR-T candidates.
• Umoja will provide its VivoVec™ platform for in-situ CAR-T cell therapy and will handle the development of the selected candidates under AbbVie's guidance.

Financial Terms

• Upfront Payments: Umoja received upfront payments and an equity investment from AbbVie.
• Milestone Payments: Up to $1.44 billion in option exercise fees, development, and regulatory milestones for the two agreements.
• Royalties: Tiered royalties on worldwide net sales.

Regulatory Approval

• The first candidate, UB-VV111, is currently in the IND-enabling phase for hematologic malignancies, and the collaboration will support advancement into clinical trials.

Overall Summary

AbbVie and Umoja Biopharma have entered into two exclusive option and license agreements to develop in-situ generated CAR-T cell therapies using Umoja's VivoVec™ gene delivery platform. AbbVie will have the option to license Umoja's CD19-directed CAR-T candidates and will collaborate on additional CAR-T therapies. The deal includes upfront payments, an equity investment, and the potential for up to $1.44 billion in milestone payments, along with tiered royalties on worldwide sales.

Parties Involved

• Caris Life Sciences
• Merck KGaA, Darmstadt, Germany (operating its healthcare business as EMD Serono in the U.S. and Canada)

Collaboration Scope

Caris Life Sciences and Merck KGaA, Darmstadt, Germany will collaborate to accelerate the discovery and development of first-in-class antibody-drug conjugates (ADCs) for cancer. The collaboration will leverage Caris Discovery’s AI-driven platform to identify novel cancer targets that could be used for ADC therapeutics.

Rights & Responsibilities

• Caris Life Sciences will focus on discovering and validating novel druggable targets using its ADAPT Biotargeting™ platform and other advanced AI technologies.
• Merck KGaA, Darmstadt, Germany will have an exclusive global license to develop, manufacture, and commercialize the ADC therapeutics for selected targets discovered by Caris.
• Merck will lead preclinical, clinical, development, and commercialization efforts for the resulting drug candidates.

Financial Terms

• Upfront Payment: Merck KGaA will provide an upfront payment to Caris.
• Research Funding: Merck will also provide research funding.
• Milestone Payments: Caris is eligible for discovery, development, regulatory, and sales-based milestone payments totaling up to $1.4 billion.
• Royalties: Caris will receive tiered royalties from any successful commercialization.

Regulatory Approval

No specific regulatory approval details were provided for this collaboration.

Overall Summary

Caris Life Sciences has entered a multi-year strategic partnership with Merck KGaA, Darmstadt, Germany, to discover novel cancer targets for antibody-drug conjugates (ADCs). Caris will utilize its AI-driven discovery platform to identify targets, while Merck will be responsible for the development and commercialization of the resulting therapeutics. Caris is eligible for upfront payment, milestone payments (up to $1.4 billion), and tiered royalties.

Parties Involved

• KeyBioscience A Swiss biotechnology company specializing in the development of novel treatments, particularly for obesity and related disorders.

• Eli Lilly and Company A global pharmaceutical company with a focus on diabetes, obesity, and cardiometabolic diseases.

Collaboration Scope

• The collaboration extension focuses on the DACRA platform, a new class of potential treatments for obesity and osteoarthritis (OA).
• This extension includes the development of a new DACRA molecule, which will enter Phase 2 clinical trials for obesity and OA later this year. The study aims to enroll 600 participants with dual primary endpoints on body weight and OA pain alleviation.
• The partnership also covers investigation of the DACRA platform for use in multiple indications beyond obesity and OA.

Rights & Responsibilities

• Lilly will have worldwide rights to develop and commercialize DACRA molecules.
• KeyBioscience will conduct and complete the Phase 2 study for the new molecule, focusing on obesity and OA.

Financial Terms

• Upfront Payment: Not disclosed.
• Milestone Payments: Up to $1.4 billion based on development, regulatory, and commercialization milestones.
• Royalties: Tiered mid-single digits to low double-digits on net sales.

Regulatory Approval

• Lilly will manage the development and commercialization of DACRA molecules globally, including those entering clinical trials for obesity and OA.

Overall Summary

KeyBioscience and Eli Lilly have extended their collaboration to develop DACRA molecules as a potential therapy for obesity and osteoarthritis. The extension includes a Phase 2 study for a new DACRA molecule and the investigation of the platform for multiple indications. Lilly will have global rights to develop and commercialize the molecules, while KeyBioscience will receive upfront payments, milestone payments up to $1.4 billion, and royalties based on net sales.

Parties Involved

• BioArctic AB – A Swedish biopharmaceutical company focused on innovative treatments for neurodegenerative diseases.
• Bristol Myers Squibb (BMS) – A global biopharmaceutical company with a focus on neuroscience and other therapeutic areas.

Collaboration Scope

• BioArctic has granted exclusive global rights to Bristol Myers Squibb for the development and commercialization of its PyroGlutamate-amyloid-beta (PyroGlu-Aβ) antibody program, which includes BAN1503 and BAN2803.
• BAN2803 leverages BioArctic’s proprietary BrainTransporter™ technology, designed to facilitate the delivery of biologics across the blood-brain barrier (BBB).
• Bristol Myers Squibb will take full responsibility for clinical development, regulatory approval, and global commercialization of the antibodies.

Rights & Responsibilities

• BioArctic
• Licenses intellectual property related to the PyroGlu-Aβ antibody program to BMS.
• Retains option to co-commercialize the products in the Nordic region.
• Retains rights to use BrainTransporter technology for other therapeutic areas and future collaborations.
• Bristol Myers Squibb
• Responsible for global development, regulatory filings, and commercialization of BAN1503 and BAN2803.
• Leverages BioArctic's BrainTransporter technology to enhance the delivery of the antibodies across the BBB.

Financial Terms

• Upfront payment of USD 100 million.
• Potential for up to USD 1.25 billion in milestone payments based on development, regulatory, and commercial progress.
• BioArctic will receive tiered low double-digit royalties on global sales of the antibodies.

Regulatory Approval

• The agreement is subject to filing and clearance under the US Antitrust legislation (Hart-Scott-Rodino Act).
• BMS will lead all regulatory filings and clinical development efforts for BAN1503 and BAN2803.

Overall Summary

BioArctic has entered into an exclusive global licensing agreement with Bristol Myers Squibb for its PyroGlu-Aβ antibody program, which includes BAN1503 and BAN2803, the latter incorporating BrainTransporter™ technology. Under the terms, BioArctic will receive a USD 100 million upfront payment, up to USD 1.25 billion in milestones, and royalties on sales. BMS will take full responsibility for the clinical development and commercialization of these assets, with BioArctic retaining an option to co-commercialize in the Nordic region. This collaboration has the potential to leverage innovative technology to improve the treatment of Alzheimer's disease and other neurodegenerative conditions by overcoming the blood-brain barrier.

Parties Involved

• Kumquat Biosciences
• Takeda

Collaboration Scope

Kumquat Biosciences and Takeda have entered into a strategic and exclusive collaboration to develop and commercialize a novel immuno-oncology small molecule inhibitor. The inhibitor is being explored as a mono- and/or combination-therapy for cancer treatment. Kumquat will lead the research and Phase 1 clinical development, with an option to co-develop and share profits/losses in the U.S. market.

Rights & Responsibilities

• Kumquat Biosciences will lead the research and Phase 1 clinical development of the candidate.
• Takeda will assume responsibility for all development and commercialization activities beyond Phase 1, globally.
• Kumquat has an option to co-develop and share in the profit/loss for the U.S. market.

Financial Terms

• Upfront Payment: Up to $130 million in near-term payments.
• Milestone Payments: Kumquat is eligible for up to $1.2 billion if all clinical, regulatory, and commercial milestones are met.
• Royalties: Kumquat will receive tiered royalties on net sales of any commercial products resulting from the agreement.

Regulatory Approval

• Kumquat will lead the Phase 1 clinical trial.
• After Phase 1, Takeda will take over development and commercialization responsibilities.

Overall Summary

Kumquat Biosciences has entered a strategic collaboration with Takeda to develop a novel immuno-oncology small molecule inhibitor. Kumquat will lead the research and Phase 1 clinical development, while Takeda will handle global development and commercialization beyond Phase 1. The agreement includes up to $130 million in near-term payments and up to $1.2 billion in milestone payments, with tiered royalties on any commercial sales. Kumquat also has the option to co-develop and share profits or losses for the U.S. market.

Parties Involved

• Sangamo Therapeutics – A genomic medicine company developing innovative treatments for neurological diseases.
• Astellas Pharma – A global pharmaceutical company focused on gene therapy, oncology, and rare diseases, with a gene therapy division specializing in CNS, ophthalmology, and neuromuscular disorders.

Collaboration Scope

• Astellas acquires a worldwide exclusive license to use Sangamo’s STAC-BBB capsid technology for one initial neurological disease target, with an option to add up to four additional targets.
• STAC-BBB is a neurotropic AAV capsid designed for blood-brain barrier penetration and efficient neuronal transduction in the central nervous system (CNS).
• The agreement supports Astellas’ gene therapy pipeline, enhancing its ability to deliver treatments for serious genetic neurological diseases.

Rights & Responsibilities

• Sangamo Therapeutics
• Conducts a technology transfer to Astellas for the STAC-BBB capsid.
• Receives upfront and milestone-based payments, as well as royalties on net sales.
• Astellas Pharma
• Takes responsibility for research, preclinical and clinical development, regulatory interactions, manufacturing, and global commercialization of gene therapy products utilizing the STAC-BBB capsid.

Financial Terms

• $20 million upfront license fee to Sangamo.
• Up to $1.3 billion in additional milestone payments, including licensed target fees for adding up to four additional targets.
• Tiered mid-to-high single-digit royalties on net sales of resulting gene therapy products.

Regulatory Approval

• The agreement enables Astellas to advance potential gene therapies using the STAC-BBB capsid, with a focus on overcoming challenges in delivering treatments to the CNS.
• Astellas will lead all regulatory interactions for the licensed programs.

Overall Summary

Sangamo Therapeutics and Astellas Pharma have entered into a capsid licensing agreement to develop gene therapies for neurological diseases. The deal grants Astellas worldwide exclusive rights to use Sangamo’s STAC-BBB capsid, initially for one neurological disease target, with an option to expand to four additional targets. Sangamo receives $20 million upfront and is eligible for up to $1.3 billion in milestone payments and tiered royalties on future net sales. Astellas will handle all research, development, regulatory, and commercialization efforts, further expanding its gene therapy capabilities.

Parties Involved

• Voyager Therapeutics
• Novartis Pharma AG

Collaboration Scope

• Voyager and Novartis will collaborate on the development of gene therapies for Huntington's disease (HD) and spinal muscular atrophy (SMA).
• Voyager will provide Novartis with a target-exclusive license to its TRACER™ capsids and other intellectual property for these diseases.
• The partnership will advance a preclinical gene therapy candidate for HD, with Voyager responsible for preclinical development and Novartis overseeing clinical development and commercialization.

Rights & Responsibilities

• Voyager grants Novartis exclusive rights to its TRACER capsids related to SMA for the duration of the agreement.
• Novartis will be responsible for the development and commercialization of the SMA gene therapy and will have worldwide rights to Voyager's AAV gene therapy for HD.
• Voyager will manage the preclinical advancement of the HD program, while Novartis will handle clinical development and commercialization.

Financial Terms

• Upfront Payment: $100 million to Voyager, including a $20 million purchase of newly issued equity.
• Milestone Payments: Up to $1.2 billion in preclinical, development, regulatory, and sales milestones.
• Royalties: Tiered royalties on global net sales of products incorporating Voyager’s TRACER capsids.

Regulatory Approval

[No specific regulatory approval details were provided.]

Overall Summary

Voyager Therapeutics has entered a strategic collaboration with Novartis to develop gene therapies for Huntington's disease (HD) and spinal muscular atrophy (SMA). Voyager will provide Novartis exclusive rights to its TRACER capsids for these diseases, with Voyager handling preclinical development for HD and Novartis overseeing clinical development and commercialization. The agreement includes an upfront payment of $100 million, with the potential for $1.2 billion in milestone payments and royalties on global sales.

Merck Animal Health has signed a definitive agreement to acquire the aqua business of Elanco Animal Health for $1.3 billion in cash, consisting of an innovative portfolio of medicines and vaccines, nutritionals and supplements for aquatic species; two related aqua manufacturing facilities in Canada and Vietnam; as well as a research facility in Chile.

The acquisition is expected to be completed by mid-year 2024, subject to approvals from regulatory authorities and other customary closing conditions.

Parties Involved

• Ascentage Pharma
• Takeda

Collaboration Scope

• Ascentage Pharma has entered an exclusive option agreement with Takeda for the potential global licensing of olverembatinib, a third-generation BCR-ABL tyrosine kinase inhibitor (TKI).
• Takeda would have the option to license global rights to develop and commercialize olverembatinib, excluding China, Hong Kong, Macau, and Taiwan.

Rights & Responsibilities

• Ascentage Pharma: Responsible for all clinical development of olverembatinib before the option exercise, including ongoing Phase 3 studies.
• Takeda: Would acquire global rights to olverembatinib if the option is exercised and will assume responsibility for commercialization and further development upon exercising the option.

Financial Terms

• Option Payment: $100 million USD upon agreement closure.
• Option Exercise Fee: Additional fee upon exercise of the option.
• Milestone Payments: Up to $1.2 billion USD in research, clinical, and commercial milestones.
• Royalties: Double-digit royalties on annual sales.
• Equity Investment: Takeda will purchase a minority equity stake in Ascentage Pharma.

Regulatory Approval

• Olverembatinib is approved in China for TKI-resistant chronic myeloid leukemia (CML) and has received Priority Review and Breakthrough Therapy Designations in China.
• Orphan Drug Designation (ODD) from the US FDA and EMA for the treatment of CML.

Overall Summary

Ascentage Pharma has signed an option agreement with Takeda for the potential global license of olverembatinib outside of China and select other regions. Ascentage will receive an option payment of $100 million and could earn up to $1.2 billion in milestones and royalties. If Takeda exercises the option, they will assume global commercialization and further development responsibilities for olverembatinib, which is already approved in China for CML treatment. Additionally, Takeda will make a minority equity investment in Ascentage.

Merck and Curon Biopharmaceutical announced that they entered into definitive agreement under which Merck through a subsidiary has agreed to acquire CN201 investigational clinical-stage bispecific antibody for treatment of B-cell associated diseases

Merck will acquire full global rights to CN201 for an upfront payment of $700 million in cash

Curon is eligible to receive up to $600 million in milestone payments associated with the development and regulatory approval of CN201

Parties Involved

• Keros Therapeutics, Inc. – A clinical-stage biopharmaceutical company focused on developing therapeutics for disorders linked to dysfunctional signaling of the TGF-ß family of proteins.
• Takeda – A global biopharmaceutical company with a focus on hematologic oncology and other therapeutic areas.

Collaboration Scope

• Product: The collaboration centers on elritercept, an engineered ligand trap in development for treating cytopenias (e.g., anemia, thrombocytopenia) in patients with myelodysplastic syndrome (MDS) and myelofibrosis (MF).
• Clinical Development: Elritercept is currently in two ongoing Phase 2 trials for MDS and MF, with a Phase 3 trial (RENEW) for transfusion-dependent anemia in MDS scheduled to begin enrollment soon.
• License: Takeda gains an exclusive worldwide license (excluding mainland China, Hong Kong, and Macau) to develop, manufacture, and commercialize elritercept.

Rights & Responsibilities

• Keros Therapeutics:
• Upfront Payment: Keros will receive an upfront cash payment of $200 million.
• Royalties: Keros will receive tiered royalties on net sales of elritercept.
• Milestone Payments: Keros is eligible for development, approval, and commercial milestones totaling up to $1.1 billion.
• Takeda:
• Development, Manufacturing, and Commercialization: Takeda will be responsible for the development, manufacturing, and commercialization of elritercept worldwide, outside of mainland China, Hong Kong, and Macau.

Financial Terms

• Upfront Payment: Keros will receive $200 million upfront upon agreement execution.
• Milestone Payments: Keros is eligible for up to $1.1 billion in development, approval, and commercial milestones as elritercept progresses.
• Royalties: Keros will receive tiered royalties on the net sales of elritercept.

Regulatory Approval

• The agreement's effectiveness is contingent upon clearance under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act).
• Phase 3 Trial: The RENEW Phase 3 clinical trial for elritercept in MDS will begin soon. Takeda will be responsible for clinical development beyond this point.

Overall Summary

Keros Therapeutics has entered into an exclusive global license agreement with Takeda to advance elritercept, an engineered ligand trap for treating cytopenias in MDS and MF patients. Keros will receive an upfront payment of $200 million and is eligible for up to $1.1 billion in milestone payments, along with tiered royalties on net sales. Takeda will take over the responsibility for development, manufacturing, and commercialization of elritercept globally, excluding specific regions in Asia. The agreement is subject to regulatory clearance.

Parties Involved

• Isomorphic Labs
• Novartis

Collaboration Scope

• Isomorphic Labs will collaborate with Novartis to discover small molecule therapeutics against three undisclosed targets.
• The collaboration leverages Isomorphic Labs' AI-driven platform, including the next-generation AlphaFold model, to support Novartis' drug discovery efforts.

Rights & Responsibilities

• Isomorphic Labs will apply its AI-first approach to drug discovery to design novel molecules for Novartis.
• Novartis will fund certain research costs and utilize the therapeutics in its development programs.

Financial Terms

• Upfront Payment: $37.5 million to Isomorphic Labs.
• Milestone Payments: Up to $1.2 billion in performance-based milestone payments.
• Royalties: Tiered royalties from mid-single to low double digits on net sales.

Regulatory Approval

[No specific regulatory approval details mentioned in the release.]

Overall Summary

Isomorphic Labs has entered into a strategic collaboration with Novartis to discover small molecule therapeutics against three undisclosed targets. The deal includes an upfront payment of $37.5 million, with the potential for up to $1.2 billion in milestone payments and tiered royalties. The collaboration will leverage Isomorphic Labs' AI-driven platform, including the next-generation AlphaFold model, to enhance Novartis' drug discovery capabilities.

Key Deal Terms Summary

1. Agreement Overview

• Day One Biopharmaceuticals has entered into an exclusive licensing agreement with MabCare Therapeutics for the development and commercialization of MTX-13 (DAY301).
• DAY301 is a novel antibody-drug conjugate (ADC) targeting PTK7, a protein overexpressed in multiple adult and pediatric solid tumors.
• The agreement grants Day One exclusive rights to develop, manufacture, and commercialize DAY301 worldwide, excluding Greater China.

2. Financial Terms

• Upfront Payment: $55 million paid to MabCare.
• Milestone Payments: Up to $1.152 billion in development, regulatory, and commercial success-based milestones.
• Royalties: MabCare is entitled to low-to-mid single-digit percentage royalties on net sales outside of Greater China.

3. Development Plan

• DAY301’s IND application was cleared by the FDA in April 2024.
• Preclinical studies demonstrated antitumor activity across multiple solid tumors.
• First patient dosing in Phase 1 clinical trials is expected in Q4 2024 or Q1 2025.

4. Target Indications

• Adult cancers: Esophageal, ovarian, lung, and endometrial cancers.
• Pediatric cancers: Neuroblastoma, rhabdomyosarcoma, and osteosarcoma.
• PTK7 is an attractive therapeutic target due to its high expression in tumors and limited expression in normal tissues.

Overall Summary

Day One Biopharmaceuticals has secured exclusive global rights (excluding Greater China) to DAY301, a first-in-class ADC targeting PTK7, under a $55 million upfront payment deal with MabCare Therapeutics. The agreement includes potential milestone payments of up to $1.152 billion and low-to-mid single-digit royalties on sales. DAY301 has received FDA IND clearance, with Phase 1 trials expected to begin in late 2024 or early 2025. This acquisition aligns with Day One’s strategy to expand its pipeline with targeted therapies for pediatric and adult cancers.

Lonza has signed an agreement to acquire the Genentech manufacturing facility in Vacaville (US) from Roche for USD 1.2 billion in cash

Vacaville (US) site is one of the largest biologics manufacturing facilities in the world by volume

Acquisition is set to increase Lonza’s large-scale biologics manufacturing capacity for mammalian therapies and significantly extend the presence of its facility network in the US

Lonza plans to invest approximately CHF 500 million to upgrade the facility and enhance capabilities at the site to accommodate the next generation of mammalian biologics therapies

Roche products currently manufactured at the site will be supplied by Lonza, with committed volumes over the medium term, phasing out as the site transitions to serve alternative customers

Key Deal Terms Summary

1. Agreement Overview

• Sanofi and Novavax have entered into a co-exclusive licensing agreement to co-commercialize Novavax’s adjuvanted COVID-19 vaccine and develop flu-COVID-19 combination vaccines.
• Sanofi receives a sole license to use Novavax’s adjuvanted COVID-19 vaccine in combination with its flu vaccines.
• Novavax retains rights to develop and commercialize its own flu-COVID-19 vaccines and adjuvanted products independently.

2. Financial Terms

• Upfront payment: $500 million to Novavax.
• Milestone payments: Up to $700 million in development, regulatory, and launch milestones.
• Total potential deal value: Up to $1.2 billion.
• Royalty payments:
• Tiered double-digit royalties on Sanofi’s sales of COVID-19 and flu-COVID-19 vaccines.
• Additional mid-single digit royalties on each Sanofi vaccine product developed using Novavax’s Matrix-M adjuvant.
• Equity investment: Sanofi will take a minority (<5%) equity stake in Novavax.
• Additional milestones:
• Up to $200 million in launch and sales milestones for additional Sanofi products developed with Matrix-M adjuvant.

3. Commercialization and Development

• Starting in 2025, Sanofi will book sales of Novavax’s adjuvanted COVID-19 vaccine and support R&D, regulatory, and commercial expenses.
• Sanofi is solely responsible for developing and commercializing any flu-COVID-19 combination vaccine containing a Sanofi flu vaccine.
• Both companies retain the right to independently develop flu-COVID-19 combination vaccines and adjuvanted products at their own cost.
• Regulatory approvals and launch milestones will dictate further commercialization timelines.

4. Strategic Impact

• Enhances global access to a non-mRNA adjuvanted COVID-19 vaccine.
• Accelerates the development of next-generation flu-COVID-19 combination vaccines, leveraging Sanofi’s flu vaccine portfolio and Novavax’s adjuvanted COVID-19 vaccine.
• Strengthens Novavax’s financial position, allowing it to refocus on R&D and expand its pipeline.
• Sanofi reinforces its leadership in vaccines with a differentiated offering beyond mRNA-based technologies.

Overall Summary

Sanofi and Novavax have signed a co-exclusive licensing agreement for the co-commercialization of Novavax’s adjuvanted COVID-19 vaccine and the development of flu-COVID-19 combination vaccines. Sanofi will pay Novavax up to $1.2 billion, including $500 million upfront and $700 million in milestones, along with tiered double-digit royalties on vaccine sales. Sanofi will book sales of Novavax’s COVID-19 vaccine starting in 2025 and lead the development of combination vaccines. The deal expands patient access to protein-based vaccines and strengthens Novavax’s financial position while bolstering Sanofi’s vaccine portfolio.

Degron Therapeutics announced it has entered into a collaboration and exclusive license agreement with Takeda to discover and develop novel molecular glue degraders for multiple targets in oncology, neuroscience, and inflammation

Degron Therapeutics will receive an upfront payment

Eligible to receive potential future preclinical, clinical development and commercial milestone payments that could total $1.2 billion if all related milestones are achieved

Degron is also eligible to receive tiered royalty payments on sales of any potential commercialized products

Parties have option to expand the collaboration to include more targets

Takeda will make an equity investment in Degron

Degron Therapeutics will retain full ownership of its pipeline programs

Parties Involved

• Ipsen
• Marengo Therapeutics Inc.

Collaboration Scope

• Ipsen and Marengo are expanding their ongoing oncology research collaboration to include Marengo's TriSTAR platform, a next-generation precision T cell engager (TCE) technology.
• The research will focus on reinforcing and mobilizing selective Vβ T cells to enhance anti-tumor activity, specifically targeting ‘cold’ tumors—tumors that traditionally do not trigger a strong immune response.

Rights & Responsibilities

• Ipsen will take responsibility for all activities following the development candidate nomination.
• Marengo will provide the TriSTAR T cell engager technology and continue to collaborate on early development.

Financial Terms

• Upfront Payment: Not disclosed.
• Milestone Payments: Up to $1.2 billion if all milestones are met.
• Royalties: Tiered sales royalty payments for any commercial success.

Overall Summary

Ipsen and Marengo Therapeutics are enhancing their partnership by focusing on Marengo's TriSTAR platform, which aims to improve T cell engager therapies for ‘cold’ tumors. The collaboration is expected to boost the immune response in these traditionally hard-to-treat cancers. The deal includes potential milestone payments of up to $1.2 billion and tiered sales royalties.

Key Deal Terms Summary

1. Parties Involved

• Licensor: Evaxion Biotech A/S (NASDAQ: EVAX)
• Licensee (Option Holder): MSD (Merck & Co., Inc., Rahway, NJ, USA)

2. Agreement Scope

• MSD receives an exclusive option to license Evaxion’s preclinical vaccine candidates:
• EVX-B2 – A protein-based vaccine for Gonorrhea.
• EVX-B3 – Targets an undisclosed infectious agent.
• If MSD exercises its option, it will gain exclusive global rights to one or both vaccine candidates.

3. Financial Terms

• Upfront payment: $3.2 million to Evaxion.
• Option exercise payment: Up to $10 million in 2025, contingent on MSD exercising its option for one or both vaccine candidates.
• Milestone payments:
• Up to $592 million per product in development, regulatory, and sales milestones.
• Royalties: Evaxion is eligible for royalties on net sales.

4. Strategic Rationale

• Expands an existing collaboration between Evaxion and MSD.
• Strengthens Evaxion’s AI-Immunology™ platform by validating its AI-designed vaccine candidates.
• Aligns with MSD’s focus on infectious disease vaccine development.

5. Previous Collaboration & Investment

• MSD and Evaxion have collaborated on EVX-B3 since 2023.
• MSD’s Global Health Innovation Fund (MGHIF) is Evaxion’s largest shareholder, having led a private placement round in 2023 and participated in Evaxion’s public offering in February 2024.

Overall Summary

Evaxion has expanded its vaccine development collaboration with MSD, granting MSD an option to license two AI-designed preclinical vaccine candidates (EVX-B2 for Gonorrhea and EVX-B3 for an undisclosed infectious agent). Evaxion receives $3.2 million upfront, with up to $10 million in 2025 if MSD exercises its option. The deal includes milestones of up to $592 million per product and royalties on future sales. This agreement reinforces MSD’s commitment to infectious disease vaccines and validates Evaxion’s AI-Immunology™ platform.

Parties Involved

• Chengdu Baiyu Pharmaceutical Co., Ltd. (Baiyu) A pharmaceutical company based in Chengdu, China, specializing in the development of innovative medicines and botanical drugs.

• Novartis A global healthcare leader, with a focus on developing and commercializing innovative medicines.

Collaboration Scope

• Baiyu has licensed its anti-tumor small molecule asset to Novartis for worldwide development and commercialization.

Rights & Responsibilities

• Baiyu will receive an upfront payment and is eligible for milestone payments tied to development, regulatory approval, and commercialization.
• Novartis has been granted an exclusive worldwide license for the development and commercialization of the asset.

Financial Terms

• Upfront Payment: $70 million to Baiyu.
• Milestone Payments: Up to $1.1 billion in additional payments based on development, regulatory, and commercial milestones.
• Royalties: Tiered royalties on future product sales.

Regulatory Approval

• The collaboration allows Novartis to develop and commercialize the asset globally, with milestone payments contingent upon regulatory approvals.

Overall Summary

Chengdu Baiyu Pharmaceutical has entered into an exclusive license agreement with Novartis for the development and commercialization of its anti-tumor small molecule asset. Baiyu will receive $70 million upfront, with the potential for up to $1.1 billion in milestone payments, as well as royalties.

Key Deal Terms Summary

1. Agreement Overview

• Arvinas, Inc. has entered into a global exclusive license agreement with Novartis for the development and commercialization of ARV-766, a PROTAC® androgen receptor (AR) protein degrader for prostate cancer.
• The transaction also includes an asset purchase agreement for Arvinas’ preclinical AR-V7 program, which Novartis will fully acquire.
• Novartis will assume responsibility for the clinical development, manufacturing, and commercialization of ARV-766 worldwide.

2. Financial Terms

• Upfront Payment: Arvinas will receive $150 million in upfront cash.
• Milestone Payments: Arvinas is eligible for up to $1.01 billion in potential development, regulatory, and commercial milestones.
• Royalties: Arvinas will receive tiered royalties on net sales of ARV-766.

3. Development & Commercialization Responsibilities

• Novartis will be responsible for all clinical development, regulatory submissions, manufacturing, and global commercialization of ARV-766.
• Novartis also acquires full rights to Arvinas' preclinical AR-V7 program, a potential next-generation treatment for androgen receptor-driven cancers.

4. Strategic Rationale

• The partnership accelerates the development of ARV-766, leveraging Novartis' global reach, resources, and oncology expertise.
• ARV-766 is designed to target wild-type and mutated androgen receptor tumors, addressing resistance mechanisms seen with current AR-targeted therapies.
• The transaction validates Arvinas' PROTAC® protein degrader platform as a promising approach in oncology drug development.

5. Closing Conditions

• The transaction is subject to regulatory approvals, including compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
• Goldman Sachs & Co. LLC acted as the exclusive financial advisor to Arvinas.

Overall Summary

Arvinas has entered into an exclusive global licensing agreement with Novartis for ARV-766, a potential first-in-class PROTAC® androgen receptor degrader for prostate cancer. Novartis will take full responsibility for development, manufacturing, and commercialization, while Arvinas receives $150 million upfront and is eligible for up to $1.01 billion in additional milestone payments, plus tiered royalties. The deal accelerates the clinical development of ARV-766, expands Novartis' oncology pipeline, and validates Arvinas' PROTAC® protein degradation platform.

Parties Involved

• Aktis Oncology
• Eli Lilly and Company (Lilly)

Collaboration Scope

• Aktis Oncology and Lilly have entered into a multi-target discovery collaboration to develop novel anticancer radiopharmaceuticals using Aktis' proprietary miniprotein discovery platform.
• The collaboration focuses on discovering targeted radiopharmaceuticals for solid tumors, with Aktis responsible for program discovery through initial human imaging studies.
• Lilly will take over clinical development and commercialization of the products starting from Phase 1 onward.

Rights & Responsibilities

• Aktis Oncology: Responsible for program discovery and initial human imaging studies of the radiopharmaceuticals.
• Lilly: Responsible for the clinical development and worldwide commercialization of the products from Phase 1 onwards.

Financial Terms

• Upfront Payment: $60 million to Aktis Oncology.
• Equity Investment: Lilly will make an equity investment in Aktis.
• Milestone Payments: Up to $1.1 billion based on preclinical, clinical, regulatory, and commercial milestones.
• Royalties: Aktis is eligible for royalties on sales of the products.

Regulatory Approval

• The collaboration will involve the development of radiopharmaceuticals, with clinical trials and regulatory approval to follow as part of Lilly's responsibilities.

Overall Summary

• Aktis Oncology has entered into a strategic discovery collaboration with Lilly to develop novel anticancer radiopharmaceuticals using Aktis' miniprotein technology. Aktis will focus on discovery and early-stage imaging studies, while Lilly will handle the clinical development and global commercialization from Phase 1 onward. Aktis will receive a $60 million upfront payment, an equity investment from Lilly, and the potential for milestone payments and royalties.

Recordati announces agreement with Sanofi to acquire global rights to Enjaymo (sutimlimab) biologic which is only approved targeted product for treatment of cold agglutinin disease rare B-cell lymphoproliferative disorder

Enjaymo (sutimlimab) is a humanized monoclonal antibody indicated for treatment of hemolysis in adults with CAD

Recordati will make upfront payment of US$ 825 million

Commercial milestone payments of up to US$ 250 million

Deal will be funded by existing cash and new committed bank debt facilities

Net debt is expected to be approximately 2.4 - 2.5x EBITDA (pro-forma) at the end of 2024, de-leveraging to less than 2.0x EBITDA at the end of 2025, assuming no additional business development transactions

Group’s dividend and capital allocation policy remains unchanged

Parties Involved

• Sarepta Therapeutics, Inc. – A leader in precision genetic medicine focused on rare diseases, particularly in muscle, central nervous system (CNS), and pulmonary disorders. Known for leadership in Duchenne muscular dystrophy (DMD) and limb-girdle muscular dystrophies (LGMDs), Sarepta is advancing gene therapy, RNA therapies, and gene editing.
• Arrowhead Pharmaceuticals, Inc. – A biotechnology company specializing in RNA interference (RNAi) therapies, particularly utilizing its Targeted RNAi Molecule (TRiM™) platform to deliver siRNA-based treatments for genetic diseases.