GSK and Flagship Pioneering announced they have entered collaboration with goal of discovering and developing portfolio of future transformational medicines and vaccines starting in respiratory and immunology

GSK and Flagship will initially fund up to $150 million upfront to support an exploration phase to identify most promising concepts for further research and development with Flagship's bioplatform companies

Collaboration aims to identify portfolio of up to 10 novel medicines and vaccines which will each be subject to an exclusive option by GSK for further clinical development

Flagship and its bioplatform companies will be eligible to receive up to $720 million in upfront, development and commercial milestones from GSK as well as preclinical funding and tiered royalties for each acquired programme

Prime Medicine announced strategic research collaboration and license agreement with Bristol Myers Squibb to develop reagents for the next generation of ex vivo T-cell therapies

Prime Medicine will design optimized Prime Editor reagents for select number of targets, including reagents that use its Prime Assisted Site-Specific Integrase Gene Editing (PASSIGE) technology

Bristol Myers Squibb will be responsible for development, manufacturing and commercialization of next generation cell therapies, with support from Prime Medicine in gene editing strategy and reagent development

Prime Medicine will receive a $55 million upfront payment

$55 million equity investment from Bristol Myers Squibb

Prime Medicine is also eligible to receive more than $3.5 billion in milestones, including up to $1.4 billion in development milestones and more than $2.1 billion in commercialization milestones

Royalties on net sales

Dren Bio announced that it has entered into strategic collaboration with Novartis Pharma

Collaboration will focus on discovery and development of therapeutic bispecific antibodies for cancer using Dren Bio’s proprietary Targeted Myeloid Engager and Phagocytosis Platform

Dren Bio will receive total upfront consideration of $150 million from Novartis including $25 million equity investment in the Company

Dren Bio is also eligible to receive up to $2.85 billion in additional cash payments upon achieving certain preclinical, clinical, regulatory, and commercial milestones

Tiered royalties on future net sales of any commercialized products resulting from the collaboration

Dren Bio and Novartis will collaborate to advance selected targeted myeloid engager programs in oncology through clinical candidate selection, at which point Novartis will assume full responsibility for all remaining development, manufacturing, regulatory, and commercialization activities

PeptiDream announces expansion of peptide discovery collaboration with Novartis

New agreement expands upon the peptide-drug conjugate collaboration announced in 2019

PeptiDream will receive an upfront payment of $180 million USD from Novartis

PeptiDream is eligible to receive up to $2.71 billion USD in payments based on the achievement of specified development, regulatory and commercial milestones

Tiered royalties on net sales of any such products arising from the collaboration

Schrödinger announced research collaboration and license agreement with Novartis to advance multiple development candidates into Novartis’s portfolio for further development

Companies also announced expanded three-year software agreement that substantially increases Novartis's access to Schrödinger’s computational predictive modeling technology and enterprise informatics platform

Expanded access enables Novartis to deploy Schrödinger’s full suite of drug discovery technologies at industry-leading scale across its research sites

Schrödinger will provide comprehensive support to ensure full integration and optimization of the platform enabling Novartis to rapidly integrate computation at scale into its drug discovery programs

Schrödinger and Novartis will combine their existing research efforts to identify and advance therapeutics for undisclosed targets in Novartis’s core therapeutic areas

Agreement is intended to advance multiple development candidates for development and commercialization by Novartis

Schrödinger and Novartis will share responsibility for discovery of development candidates under collaboration

Novartis will be responsible for clinical development, manufacturing and global commercialization

Novartis will pay Schrödinger $150 million upfront

Schrödinger will also be eligible to receive up to $892 million in research, development and regulatory milestone payments

Schrödinger is eligible for up to $1.38 billion in commercial milestones

Tiered mid single-digit to low double-digit royalties on net sales of each product commercialized by Novartis

The agreement is subject to customary closing conditions including regulatory clearance. For more information regarding the financial and other terms of the collaboration, please refer to the Current Report on Form 8-K which will be filed by Schrödinger with the U.S. Securities & Exchange Commission on November 12, 2024.

Monte Rosa Therapeutics announced global exclusive development and commercialization license agreement with Novartis to advance VAV1 MGDs, including MRT-6160

MRT-6160 is currently in an ongoing Phase 1, single ascending dose/multiple ascending dose healthy volunteer study for immune-mediated conditions

Novartis will obtain exclusive worldwide rights to develop, manufacture and commercialize MRT-6160 and other VAV1 MGDs and will be responsible for all clinical development and commercialization, starting with Phase 2 clinical studies

Monte Rosa remains responsible for completion of the ongoing Phase 1 clinical study of MRT-6160

Novartis has agreed to pay Monte Rosa $150 million up front

Monte Rosa is eligible to receive up to $2.1 billion in development, regulatory, and sales milestones, beginning upon initiation of Phase 2 studies

Tiered royalties on ex-U.S. net sales

Monte Rosa will co-fund any Phase 3 clinical development and will share any profits and losses associated with the manufacturing and commercialization of MRT-6160 in the U.S.

AviadoBio and Astellas Pharma announced exclusive option and license agreement for AVB-101 investigational AAV-based gene therapy in Phase 1/2 development for patients with frontotemporal dementia with progranulin mutations

Astellas will have option to receive worldwide exclusive license for development and commercialization rights to AVB-101 in FTD-GRN and other potential indications

Astellas will make $20 million equity investment

$30 million in upfront payments for option to license AVB-101

AviadoBio is also eligible to receive up to $2.18 billion in license fees and milestone payments plus royalties if Astellas exercises its option

Takeda and AC Immune announced an exclusive, worldwide option and license agreement for AC Immune’s active immunotherapies targeting toxic forms of amyloid beta including ACI-24.060 for the treatment of Alzheimer’s disease

AC Immune will receive an upfront payment of $100 million

Eligible to receive an option exercise fee and additional potential development, commercial and sales-based milestones of up to approximately $2.1 billion

AC Immune will be entitled to receive tiered double-digit royalties on worldwide net sales

AC Immune will be responsible for completing the ABATE trial

Following option exercise, Takeda would conduct and fund all further clinical development and be responsible for all global regulatory activities as well as worldwide commercialization

MOMA Therapeutics announced a strategic collaboration and licensing agreement with Roche.

This partnership provides Roche with access to MOMA’s proprietary KnowledgeBase platform for the identification and prosecution of a certain number of novel drug targets involved in promoting cancer cell growth and survival.

MOMA will receive $66 million as an upfront cash payment and is also eligible to receive discovery, development, and commercialization milestone payments potentially exceeding US$2 billion, as well as tiered royalties.

MOMA will be primarily responsible for all activities for selected targets through to development candidate confirmation, whereas Roche will be responsible for IND-enabling activities and clinical development and commercialization.

Additionally, if multiple collaboration assets reach pivotal clinical studies, MOMA will receive a right to co-fund late-stage development of one product in exchange for increased royalties in the US on this product.

Instil Bio and ImmuneOnco Biopharmaceuticals announced definitive agreement pursuant to which Instil is in-licensing ex-China development and commercial rights to ImmueOnco’s proprietary PD-L1xVEGF bispecific antibody IMM2510 as well as its next-generation anti-CTLA-4 antibody IMM27M

Wholly owned subsidiary of Instil will receive global development and commercialization rights for IMM2510 and IMM27M outside of Greater China

ImmuneOnco will retain development and commercialization rights in Greater China including Taiwan, Macau, and Hong Kong

ImmuneOnco will receive upfront payment

Near-term payments of up to $50 million

Development, regulatory and commercial milestones exceeding $2 billion

Single digit to low double-digit percentage royalties on global ex-China sales

AstraZeneca entered exclusive license agreement with CSPC Pharmaceutical Group to advance the development of early stage small molecule Lipoprotein (a) (Lp(a)) disruptor that has potential to offer additional benefits for patients with dyslipidaemia

CSPC will receive an upfront payment of $100 million from AstraZeneca

CSPC to receive up to $1.92 billion for further development and commercialisation milestones

Tiered royalties

AstraZeneca will receive access to CSPC’s pre-clinical candidate small molecule, YS2302018, an oral Lp(a) disruptor, with aim of developing this as a novel lipid-lowering therapy with potential in range of cardiovascular disease indications alone or in combination, including with the oral small molecule PCSK9 inhibitor, AZD0780

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

Suzhou Ribo Life Science and Ribocure Pharmaceuticals announced a collaboration with Boehringer Ingelheim to develop novel treatments for nonalcoholic or metabolic dysfunction-associated steatohepatitis.

The partnership brings together Ribo’s leading experience in the discovery and clinical development of small interfering RNA therapeutics with Boehringer’s commitment to improving the lives of people living with cardiovascular, renal and metabolic diseases.

Ribo will receive an upfront payment.

In this multi-target collaboration, Ribo is entitled to receiving success-based milestones for clinical, regulatory, and commercial success and tiered royalties with an overall deal value that exceeds USD 2 billion.

Sangamo Therapeutics announced it entered into license agreement with Genentech

Sangamo granted Genentech exclusive license to Sangamo’s proprietary zinc finger repressors that are directed to tau gene

Sangamo has agreed to exclusively license to Genentech for tau and a second neurology target, Sangamo’s proprietary, neurotropic adeno-associated virus capsid, STAC-BBB, which has demonstrated potent blood-brain barrier penetration and brain transduction in nonhuman primates

Sangamo is responsible for completing technology transfer and certain preclinical activities

Genentech is responsible for all clinical development, regulatory interactions, manufacturing and global commercialization

Genentech is expected to pay Sangamo $50 million in near-term upfront license fees and milestone payments

Sangamo is eligible to earn up to $1.9 billion in development and commercial milestones spread across multiple potential products under agreement

Tiered royalties on net sales of such products subject to certain specified reductions

Medincell announced a collaboration with AbbVie to co-develop and commercialize up to six therapeutic products across multiple therapeutic areas and indications

Medincell will receive a $35 million upfront payment

Medincell is eligible to receive up to $1.9 billion in development and commercial milestones ($315 million for each program)

Medincell is also eligible to receive mid-single to low-double-digit royalties on net sales

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

Flare Therapeutics announced it entered strategic discovery collaboration with Roche

Partnership will leverage Flare Therapeutics’ proteomic and mass spectrometry platform and expertise, powered by its proprietary library of electrophilic compounds, to discover novel small molecule drugs aimed at previously undrugged transcription factor targets in oncology

Flare Therapeutics will receive a US$70 million upfront cash payment

Discovery, development, and commercialization milestone payments potentially exceeding US$1.8 billion

Royalties

Flare Therapeutics will lead discovery and preclinical activities targeting multiple transcription factor targets in oncology

Roche will pursue the further preclinical and clinical development and commercialization of potential products from collaboration

Flare Therapeutics retains right to co-fund development for one target under collaboration in exchange for increased royalties in the United States for this target

Flare Therapeutics will retain ownership of its existing pipeline, including its lead clinical-stage program, FX-909, in advanced urothelial cancer, its prostate cancer program entering IND-enabling studies, and other programs in discovery and early development in oncology and other therapeutic areas

Repertoire Immune Medicines and Bristol Myers Squibb announce multi-year strategic collaboration to develop tolerizing vaccines for autoimmune diseases

Collaboration combines Repertoire’s DECODE platform that maps the immune synapse to develop T cell targeted immune medicines with Bristol Myers Squibb’s expertise in developing and commercializing innovative immune medicines

Repertoire will lead all activities through to development candidate nomination, while BMS will lead clinical development, regulatory affairs, and commercialization of the tolerizing vaccines under an exclusive world-wide license

Repertoire will receive an upfront payment of $65 million

Eligible to receive up to $1.8 billion in milestone and other payments

Tiered royalties

Ascidian Therapeutics announced a research collaboration and licensing agreement with Roche for discovery and development of RNA exon editing therapeutics targeting neurological diseases

Ascidian will provide Roche exclusive, target-specific rights to Ascidian's RNA exon editing technology for undisclosed neurological targets

Ascidian will conduct discovery and certain preclinical activities in collaboration with Roche

Roche will be responsible for certain preclinical activities, and further clinical development, manufacturing, and commercialization

Ascidian will receive an initial payment of $42 million

$1.8 billion in research, clinical, and commercial milestone payments

Royalties on commercial sales worldwide

Ascidian is free to develop programs against other neurological targets internally or with other collaborators

MediLink Therapeutics announces a new strategic collaboration with BioNTech

BioNTech will receive an exclusive option to an exclusive global license to apply MediLink’s TMALIN antibody-drug conjugate platform for several novel targets chosen by BioNTech

MediLink will receive an upfront payment of $25 million

Development, regulatory and sales milestone payments potentially totaling up to $1.8 billion

Tiered royalties on potential future global annual net sales

MediLink will hold right of first negotiation for future collaboration of these ADC product candidates if BioNTech wishes to exclusively license or assign rights in such ADC product candidates solely on the Mainland China market or Mainland China market together with one or more of the markets including of Hong Kong Special Administrative Region, Macau SAR or Taiwan region

MediLink and BioNTech entered into a strategic collaboration and global license agreement to develop BNT326/YL202, a next-generation anti-HER3 ADC

Both parties have decided to expand their collaboration and have reached this new platform collaboration license agreement

Ipsen and Skyhawk Therapeutics announced the signing of an exclusive worldwide collaboration to discover and develop novel small molecules that modulate RNA for rare neurological diseases

Agreement includes an option pursuant to which Ipsen would acquire exclusive license for the worldwide rights to develop successful development candidates

Ipsen will be responsible for all activities

Skyhawk is eligible to receive up to $1.8 billion in development, regulatory and commercial milestones, including an upfront payment, for the option and research collaboration, plus potential for tiered royalties

Isomorphic Labs has entered into a strategic research collaboration with Eli Lilly and Company.

This marks Isomorphic Labs' first pharmaceutical partnership.

Isomorphic Labs will partner with Lilly to discover small molecule therapeutics against multiple targets and will receive an upfront cash payment of $45 million.

Isomorphic Labs is eligible to receive up to $1.7 billion in performance-based milestone payments, excluding the upfront payment and any subsequent tiered royalties of up to low double digits on net sales.

AbbVie and FutureGen Biopharmaceutical announced license agreement to develop FG-M701, a next generation TL1A antibody for the treatment of IBD currently in preclinical development

AbbVie will receive an exclusive global license to develop, manufacture and commercialize FG-M701

FutureGen will receive $150 million in upfront and near-term milestone payments

Additional $1.56 billion in clinical development, regulatory and commercial milestones

Tiered royalties up to low-double digits on net sales

Isomorphic Labs has entered into a strategic research collaboration with Eli Lilly.

Isomorphic Labs will partner with Lilly to discover small molecule therapeutics against multiple targets and will receive an upfront cash payment of $45 million.

Isomorphic Labs is eligible to receive up to $1.7 billion in performance-based milestone payments, excluding the upfront payment and any subsequent tiered royalties of up to low double digits on net sales.

Merck and Orion announced that notice has been provided of mutual exercise of an option to convert the companies’ ongoing co-development and co-commercialization agreement for opevesostat (MK-5684/ODM-208), an investigational CYP11A1 inhibitor, and other candidates targeting CYP11A1 into an exclusive global license for Merck

Each party was granted an option to convert the co-exclusive license into an exclusive global license for Merck

Merck will gain global exclusive rights to develop and commercialize opevesostat and other candidates targeting CYP11A1 covered by the agreement

Orion is now eligible to receive development milestone payments up to $30 million

Regulatory milestone payments up to $625 million

Sales-based milestone payments up to $975 million

Annually tiered royalty payments ranging from a low double-digit rate up to a rate in the low twenties on net sales for any commercialized licensed product

Development and regulatory milestones are determined by scope of number of treatment indications and multiple geographies

Annual sales exceeding several billion US dollars would be required to reach the total amount of the sales milestones and higher end of the royalty rate

Merck will now assume full responsibility for all past and future development and commercialization expenses associated with the candidates covered by the agreement

Orion announced it will release €60 million that was reserved in July 2022 to cover Orion’s share of development cost to be accrued from the balance sheet to net sales and operating profit in Q3 2024

Orion will retain responsibility for the manufacture of clinical and commercial supply for Merck

No payment is associated with the exercise of this option

Gilead Sciences announced a research collaboration, option and license agreement to discover novel dual tumor-associated antigens targeting trispecific antibodies.

Gilead and Merus agreed to collaborate on the use of Merus’ proprietary Triclonics platform along with Gilead’s oncology expertise to research and develop multiple, separate preclinical research programs.

Merus will lead early-stage research activities for two programs, with an option to pursue a third.

Gilead will have the right to license programs developed under the collaboration after the completion of select research activities.

If Gilead exercises its option to license any such program from the collaboration, Gilead will be responsible for additional research, development and commercialization activities for such program.

Merus will receive an upfront cash payment of $56 million for initial targets as well as an equity investment by Gilead of $25 million in Merus common shares.

Merus is also eligible to receive up to $1.5 billion including additional near term and option payments, potential development and commercialization milestones, as well as tiered royalties ranging from the mid-single to low-double digits on product sales should Gilead successfully commercialize a therapy from the collaboration.

Merus may opt-in to share 50/50 split of net profits and net losses, in lieu of future milestone and royalty payments.

Gilead does not exclude acquired IPR&D expenses from its non-GAAP financial measures.

This transaction with Merus is expected to reduce Gilead’s GAAP and non-GAAP 2024 EPS by approximately $0.03 - $0.05.

GSK and CureVac announced they have restructured their existing collaboration into a new licensing agreement, allowing each company to prioritize investment and focus their respective mRNA development activities

GSK will assume full control of developing and manufacturing these candidate vaccines

GSK will have worldwide rights to commercialise the candidate vaccines

GSK continues to develop and optimize its mRNA capabilities through investments and partnerships, including in AI/ML-based sequence optimisation, nanoparticle design and manufacturing

CureVac will receive an upfront payment of €400 million

Additional €1.05 billion in development, regulatory and sales milestones

Tiered royalties in high single to low teens range

New agreement replaces all previous financial considerations from the prior collaboration agreement between GSK and CureVac

CureVac further retains exclusive rights to the additional undisclosed and preclinically validated infectious disease targets from the prior collaboration together with freedom to independently develop and partner mRNA vaccines in any other infectious disease or other indication

TRIANA Biomedicines announced it entered into strategic collaboration and licensing agreement with Pfizer to discover novel molecular glue degraders for multiple targets in several disease areas including oncology

TRIANA will receive an upfront payment of $49 million

Eligible to receive potential future milestone payments exceeding $1.5 billion

Tiered royalties

TRIANA will leverage its target-first and proximity-first molecular glue discovery platform to identify novel molecular glue degraders against multiple targets across various disease areas including oncology

TRIANA will lead the discovery and identification of potential development candidates

Pfizer has exclusive option for exclusive license to pursue further preclinical and clinical development

SEED Therapeutics announced strategic research collaboration with Eisai to discover, develop, and commercialize novel molecular glue degraders for multiple undisclosed neurodegeneration and oncology targets

Collaboration is coupled with Series A-3 financing led by Eisai

SEED will lead preclinical discovery activities for selected targets including E3 ligase selection and identification of appropriate molecular glue degraders

Eisai will have exclusive rights to develop and commercialize compounds derived from this collaboration

SEED is entitled to receive upfront payment and preclinical, clinical, regulatory and sales milestone payments of up to $1.5 billion

Tiered royalties upon Eisai’s exercise of exclusive rights under strategic research collaboration

SEED–Eisai collaboration follows separate and on-going research collaboration between SEED and Eli Lilly to discover and develop Molecular Glue Degraders for undisclosed targets

AbbVie and EvolveImmune Therapeutics announced collaboration and option-to-license agreement to develop multispecific biologics for multiple targets in oncology

Discovery partnership will leverage EvolveImmune’s T-cell engager platform to develop novel antibody-based therapies for solid and hematologic malignancies

EvolveImmune’s proprietary EVOLVE platform is designed to deliver potent, selective and integrated T-cell co-stimulation to amplify and sustain the tumor killing capacity of the T-cells

EvolveImmune will receive $65 million in aggregate upfront fees

Equity investment from AbbVie

$1.4 billion in aggregate option fees and milestones

Tiered royalty payments on net sales

Neomorph has entered into a collaboration and licensing agreement with Novo Nordisk to discover, develop and commercialize molecular glue degraders.

Neomorph will receive an upfront and near-term milestone payments, plus R&D funding.

Neomorph is also eligible to receive future clinical, commercial and sales milestone payments bringing the total potential deal value for multiple targets to $1.46B, plus tiered royalties.

Neomorph will lead discovery and preclinical activities against selected targets with Novo Nordisk having the right to exclusively pursue further clinical development and commercialization of the compounds.

Biogen and Neomorph announced research collaboration to discover and develop molecular glue degraders for priority targets in Alzheimer’s, rare neurological and immunological diseases

Companies aim to utilize Neomorph's proprietary molecular glue discovery platform to accelerate identification and validation of novel small molecule therapeutic molecular glue degraders

Collaboration will leverage Neomorph’s research strengths in targeted protein degradation and Biogen’s deep scientific expertise and drug development capabilities

Biogen and Neomorph will collaborate to identify, validate, and optimize small molecule molecular glue degraders for several high-priority targets

Biogen will advance clinical candidates for further development and potential commercialization

Neomorph will receive upfront payment and is eligible to receive contingent milestone payments per target as collaboration progresses through various stages

These include certain pre-clinical milestones payable in the near-term and certain clinical, regulatory, commercial and sales milestones that are anticipated to occur later this decade and beyond

Total consideration of up to $1.45B

Biogen will reimburse Neomorph for certain research development costs

Neomorph is also eligible to receive potential future royalties in the mid-single digit to low double-digit range

AbbVie and Umoja Biopharma announced two exclusive option and license agreements to develop multiple in-situ generated CAR-T cell therapy candidates in oncology using Umoja's proprietary VivoVec platform.

The first agreement provides AbbVie an exclusive option to license Umoja's CD19 directed in-situ generated CAR-T cell therapy candidates.

This includes UB-VV111, Umoja's lead clinical program for hematologic malignancies currently at the IND-enabling phase.

AbbVie and Umoja will develop up to four additional in-situ generated CAR-T cell therapy candidates for discovery targets selected by AbbVie.

Umoja received upfront payments and an equity investment from AbbVie.

Additionally, for the two agreements combined, Umoja may be eligible to receive up to $1.44B in aggregate for option exercise fees, development and regulatory milestones, with the potential for Umoja to earn additional sales-based milestones and tiered royalties on worldwide net sales.

Caris Discovery announced a multi-year strategic partnership with Merck KGaA to accelerate the discovery and development of first-in-class antibody-drug conjugates for cancer patients

Merck KGaA will provide Caris with an upfront payment as well as research funding

Caris will be eligible for discovery, development, regulatory and sales-based milestone payments that may total up to $1.4 billion along with tiered royalties

Merck KGaA will receive an exclusive global license to develop, manufacture and commercialize ADC therapeutics for selected targets

Targets discovered and validated by Caris can be pursued by Merck KGaA

Merck will be responsible for the preclinical and clinical research, as well as the development and commercialization of drug candidates emanating from these programs

KeyBioscience and Eli Lilly and Company have agreed to extend their collaboration on the development of Dual Amylin Calcitonin Receptor Agonists a new class of potential treatments for obesity and related disorders

Collaboration extends Lilly’s rights to KeyBioscience’s DACRA platform, including a new molecule that is anticipated to enter a Phase 2 study in people with obesity and osteoarthritis

KeyBioscience will conduct and complete study which is planning to enroll 600 people and have dual primary endpoints on body weight and alleviation of OA pain

Lilly will receive worldwide rights to develop and commercialize DACRA molecules

KeyBioscience will receive an initial payment

Downstream consideration totaling up to USD 1.4B, subject to the achievement of certain development, regulatory, and commercialization milestones

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

Kumquat Biosciences announced a strategic and exclusive collaboration with Takeda to develop and commercialize a novel immuno-oncology small molecule inhibitor as a mono- and/or combination-therapy

Kumquat granted Takeda an exclusive, global, and royalty bearing license to develop and commercialize a selected small molecule inhibitor

Subject to Kumquat's option, Takeda will assume and fund all development and commercialization activities beyond the phase 1 trial activities led by Kumquat

Kumquat will receive up to $130 million in near-term payments and potentially more than $1.2 billion if all future clinical, regulatory, and commercial milestones are achieved during the term of the agreement

Tiered royalties on potential net sales of any commercial products resulting from this license

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.

Ascentage Pharma announced signing of an option agreement with Takeda to enter into an exclusive license agreement for olverembatinib an oral third-generation BCR-ABL tyrosine kinase inhibitor which is currently in development for chronic myeloid leukemia and other hematological cancers

Option would allow Takeda to license exclusive global rights to develop and commercialize olverembatinib in all territories outside of among others, mainland China, Hong Kong, Macau, Taiwan, China

Ascentage Pharma is set to receive 100 million USD from Takeda to acquire the option to license olverembatinib

Ascentage will also be eligible for an option exercise fee and additional potential milestones of up to approximately 1.2 billion USD

Ascentage Pharma is expected to receive a minority equity investment from Takeda

Ascentage Pharma will continue to be solely responsible for all clinical development of olverembatinib before the potential exercise of the option to license olverembatinib

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

Isomorphic Labs has entered into a strategic research collaboration with Novartis to discover small molecule therapeutics against three undisclosed targets.

Isomorphic Labs will receive an upfront payment of $37.5 million from Novartis, in addition to Novartis funding of select research costs.

Isomorphic Labs is eligible to receive up to $1.2 billion in performance-based milestone payments, excluding the upfront payment and any subsequent tiered royalties from mid-single up to low double-digit royalties on net sales.

Day One Biopharmaceuticals announced it has entered into an exclusive licensing agreement with MabCare Therapeutics for MTX-13, an ADC targeting protein-tyrosine kinase 7

Day One has exclusive rights to develop, manufacture, and commercialize MTX-13 worldwide, excluding Greater China

MabCare will receive $55 million upfront

Additional $1.152 billion in development, regulatory and commercial success-based milestones

Low-to-mid single-digit royalties on net sales outside of Greater China

Day One expects the first patient to be dosed in the Phase I study in the fourth quarter of 2024 or first quarter of 2025

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

Sanofi and Novavax announce co-exclusive licensing agreement to co-commercialize COVID-19 vaccine and develop novel flu-COVID-19 combination vaccines

Novavax will receive an upfront payment of $500 million and up to $700 million in development, regulatory and launch milestones, up to $1.2 billion in total

Starting in 2025, Sanofi will book sales of Novavax’s adjuvanted COVID-19 vaccine and will support certain R&D, regulatory, and commercial expenses

Novavax will receive tiered double-digit percentage royalty payments on sales by Sanofi of COVID-19 vaccines and flu-COVID-19 combination vaccines

Sanofi will be solely responsible for development and commercialization of any novel flu-COVID-19 combination vaccine containing a Sanofi flu vaccine

Each party may develop and commercialize their own flu-COVID-19 vaccines and adjuvanted products at their own cost

Novavax is entitled to additional launch and sales milestones opportunities of up to $200 million plus mid-single digit royalties for each additional Sanofi vaccine product developed under a non-exclusive license with Novavax’s Matrix-M adjuvant technology

Sanofi will take a minority (<5%) equity investment in Novavax

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

Ipsen and Marengo Therapeutics announced expansion of their ongoing oncology research partnership, to include TriSTAR, Marengo’s next-generation, precision T cell engager technology

Teams will focus on exploring potential in ‘cold’ tumors which typically fail to trigger a strong immune response when treated with TCEs

Ipsen will assume responsibility for all activities following development candidate nomination

Marengo will receive an upfront payment and potential payments up to a total of $1.2 billion if all milestones are met in addition to tiered sales royalty payments

Evaxion Biotech announced it entered into option and license agreement with MSD for two preclinical vaccine candidates

Agreement expands the companies’ current collaboration and carries significant value for Evaxion

Evaxion has granted MSD an option to exclusively license Evaxion’s preclinical vaccine candidates EVX-B2 and EVX-B3

EVX-B2 is a protein-based candidate for Gonorrhea

EVX-B3 targets an undisclosed infectious agent

Evaxion receives an upfront payment of $3.2 million and up to $10 million in 2025, contingent upon MSD exercising its option to license either one or both candidates

Evaxion is eligible for development, regulatory and sales milestone payments with a potential value of up to $592 million per product

Royalties on net sales

Chengdu Baiyu Pharmaceutical announced it entered into exclusive license agreement with Novartis for small molecule anti-tumor asset

Baiyu will receive an upfront payment of $70 million

Development, regulatory and commercial milestones payments of up to $1.1 billion

Tiered royalties

Novartis has been granted exclusive worldwide license for the development and commercialization of asset

Arvinas enters into a transaction with Novartis, including a global license agreement for the development and commercialization of PROTAC androgen receptor protein degrader ARV-766 for the treatment of prostate cancer

Arvinas to receive a $150 million upfront payment for the license of ARV-766 and the sale of Arvinas’ preclinical AR-V7 program

Potential under the License Agreement for up to $1.01 billion in development, regulatory, and commercial milestones as well as tiered royalties

Novartis to be responsible for worldwide clinical development and commercialization of ARV-766

Partnership expected to accelerate and broaden the development of ARV-766 as a potential first-in-class treatment option for patients with prostate cancer

Aktis Oncology announced a multi-target discovery collaboration agreement with Eli Lilly and Company to generate anticancer radiopharmaceuticals using Aktis Oncology's novel miniprotein technology platform

Collaboration draws on Aktis' proprietary radiopharmaceutical platform together with Lilly's expertise in oncology drug development and commercialization, with the goal of developing first-in-class and differentiated therapeutics for a range of solid tumors

Aktis will receive a $60 million upfront cash payment

Equity investment in Aktis by Lilly

Aktis will be eligible to receive up to an additional $1.1 billion in potential preclinical, clinical, regulatory and commercial milestones

Tiered royalties

Lilly will receive worldwide rights to develop radiopharmaceutical therapeutic and diagnostic products discovered by Aktis on a defined set of targets selected by Lilly

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

Generate:Biomedicines announced multi-target collaboration with Novartis to discover and develop protein therapeutics across multiple disease areas

Collaboration leverages Generate’s proprietary generative AI platform to create potentially first- and best-in-class molecules through AI-based optimization and de novo generation

Generate will receive a total upfront payment of $65 million in cash which includes $15 million for purchase of equity in Generate

Generate is also eligible to receive more than $1 billion in performance-based milestone payments

Tiered royalties up to low double-digits

Number of targets and therapeutic areas are not being disclosed

Fulcrum Therapeutics announced that it has entered into a collaboration and license agreement with Sanofi for the development and commercialization of losmapimod

Under collaboration and license agreement, Sanofi obtains exclusive commercialization rights for losmapimod outside of the U.S.

Fulcrum will receive an upfront payment of $80.0 million

Eligible to receive up to an additional $975.0 million in specified regulatory and sales-based milestones

Tiered escalating royalties starting in the low-teens on annual net sales of losmapimod outside the U.S.

Fulcrum and Sanofi will equally share future global development costs

MediLink Therapeutics has entered into a worldwide collaboration and license agreement with Roche on the development of a next-generation antibody-drug conjugate candidate YL211, targeting c-Mesenchymal epithelial transition factor (c-Met) against solid tumors.

MediLink will grant Roche exclusive global rights for the development, manufacturing, and commercialization of MediLink's ADC asset, YL211.

MediLink will work together with Roche's R&D unit China Innovation Center of Roche to initiate the Phase I clinical trial of YL211 and Roche will then take over the further development and commercialization globally.

MediLink will receive upfront and near-term milestone payments totaling $50 million and, together with additional development, regulatory and commercial milestone payments potentially reaching a total deal value nearing $1 billion, as well as tiered royalties on future global annual net sales.

Samsung Bio revealed a new manufacturing accord with a large, unnamed U.S. drugmaker worth 1.46 trillion Korean won (about $1.05 billion)

Deal represents more than 39% of Samsung Biologics' total sales haul from last year, which clocked in at around 3.7 trillion won (roughly $2.7 billion)

Samsung Bio and the unnamed company signed a letter of intent around the deal on June 5

Dyno Therapeutics announced its second research collaboration with Roche to develop next-generation adeno-associated virus vectors for gene therapies targeting neurological diseases

Dyno and Roche previously announced research collaboration and license agreement for neurological diseases and liver-directed therapies in October 2020

Dyno Therapeutics provides Roche further access to company’s platform and sequence design technologies enabling in vivo gene delivery

Dyno is responsible for design and discovery of novel AAV capsids with improved functional properties

Roche is responsible for conducting capsid validation studies and further preclinical, clinical, and commercialization activities for multiple neurological gene therapy product candidates leveraging novel Dyno capsids

Roche will pay Dyno US$50 million upfront

Additional payments during research phase of the collaboration, plus potential preclinical, clinical, and sales milestone payments totaling over US$1 billion

Royalties on net sales of commercial products

Remix Therapeutics announced a collaboration and license agreement with Roche for the discovery and development of small molecule therapeutics that modulate RNA processing using Remix's REMaster drug discovery platform.

Remix will receive an upfront payment of $30 million and are eligible to receive up to $12 million in near-term milestone payments, as well as preclinical, clinical, commercial and sales milestones of up to $1 billion and tiered royalties.

Roche will have exclusive rights to specific targets.

Remix will conduct discovery and preclinical activities with Roche, and Roche will be responsible for development and commercialization of any resulting products.

Ipsen and Foreseen Biotechnology announced exclusive global licensing agreement for FS001 antibody-drug conjugate

FS001 targets tumor-associated antigen that is overexpressed in many solid tumors and plays a critical role in tumor proliferation and metastasis

Tumor antigen was identified using Foreseen’s high throughput, integrated translational proteomics, and artificial intelligence-powered screening platforms

FS001 utilized innovative, stable and cleavable linker coupled to potent topoisomerase I inhibitor

Preclinical efficacy of FS001 was demonstrated in multi-drug resistant cancer models

Agreement gives Ipsen exclusive worldwide rights to develop, manufacture and commercialize FS001

Foreseen Biotechnology is eligible to receive up to $1.03bn comprising upfront, development, regulatory and commercial milestone payments, and tiered royalties on global sales, contingent upon successful development and regulatory approvals

Ipsen will assume responsibility for Phase I preparation activities, including submission of the Investigational New Drug application and all subsequent clinical-development, manufacturing, and global commercialization activities

Avenzo Therapeutics has entered into an exclusive licensing agreement with Allorion Therapeutics to develop and commercialize AVZO-021 (formerly ARTS-021), a potentially best-in-class cyclin-dependent kinase 2 selective inhibitor globally (excluding Greater China).

Avenzo also receives an exclusive option for an additional preclinical program planned for IND submission in early 2025.

Allorion will receive an upfront payment of $40 million and be eligible to receive additional payments based on achievement of certain development, regulatory and commercial milestones and tiered royalties on net sales by Avenzo.

Potential payments for both programs may total more than $1 billion.

The collaboration will initially focus on discovery and development of biologic therapies for the treatment of cancer leveraging Pearl’s exclusive GRO technology, unique ability to work in both cell-based and cell-free systems and proprietary tethered ribosomes to encode synthetic monomers and target previously inaccessible epitopes.

Pearl is eligible to receive payments totaling up to $1B across upfront, option and milestone payments in addition to potential royalties on sales of approved products derived from the collaboration

Ochre Bio announces partnership with Boehringer Ingelheim to develop regenerative treatments for patients with advanced liver disease

Multiple targets to be investigated during the course of a multi-year collaboration

Ochre Bio will receive up to USD 35 million in upfront and near-term research-based milestone payments

Ochre may also receive milestones for clinical, regulatory, and commercial success as well as tiered royalties with an overall deal value with the potential to exceed USD 1 billion

Adcendo and Multitude Therapeutics announced they have signed licensing agreement for development of a highly differentiated antibody-drug conjugate targeting Tissue Factor with development code ADCE-T02

Adcendo will obtain exclusive development and commercialization rights for asset globally except for Greater China region (Mainland China, Hong Kong Special Administrative Region, Macao Special Administrative Region, and Taiwan) where Multitude will retain development and commercialization rights

Multitude would receive upfront and milestone payments upon achieving development, regulatory, and commercial milestones totally over $1 billion

Single-digit to low double-digit tiered royalties on potential future product sales

HAYA Therapeutics announced multi-year agreement with Eli Lilly to apply HAYA’s advanced RNA-guided regulatory genome platform to support preclinical drug discovery efforts in obesity and related metabolic conditions

Partners will identify multiple regulatory genome derived RNA-based drug targets to address these chronic conditions

HAYA will receive an upfront payment including an equity investment

$1 billion in pre-clinical, clinical and commercial milestone payments

Royalties on product sales

Lindy Biosciences announced multi-target exclusive global licensing agreement and strategic collaboration with Novartis

Collaboration will focus on transitioning select innovative medicines from the Novartis portfolio to convenient, self-administered subcutaneous injections using Lindy Biosciences’ proprietary microglassification suspension technology

Upfront payment of US$20 million

Lindy Biosciences is also eligible to receive up to US$934 million in additional payments across multiple targets upon achieving certain regulatory, development and commercial milestones as well as tiered single-digit royalties on net sales

Apollo Therapeutics and Sunshine Lake Pharma have entered exclusive license agreement for development of APL-18881 (HEC88473)

Sunshine Lake will retain development, manufacturing and commercialization rights in China and has granted Apollo development, manufacturing and commercialization rights in the rest of the world for all current and future therapeutic indications

Sunshine Lake is to receive $12m upfront

$926m in development, regulatory and commercial milestone payments

Commercial milestone payments are contingent upon reaching defined annual sales thresholds across major markets

Tiered royalties ranging from high single to low double digits on net sales

Tenet Healthcare entered into definitive agreement with Orlando Health for the sale of Tenet’s 70% majority ownership interest in Brookwood Baptist Health in Birmingham for approximately $910 million in cash (after-tax proceeds of approximately $790 million)

Transaction will include five hospitals – Brookwood Baptist Medical Center, Princeton Baptist Medical Center, Walker Baptist Medical Center, Shelby Baptist Medical Center, Citizens Baptist Medical Center – as well as affiliated physician practices and other related operations

Brookwood Baptist Health will remain joint venture with Baptist Health System

Tenet’s Conifer Health Solutions subsidiary will enter into new and expanded ten-year contract to provide revenue cycle management services for Birmingham hospitals and related operations

Agios Pharmaceuticals announced that the company has agreed to sell its rights to its 15% royalty on potential U.S. net sales of Servier’s vorasidenib to Royalty Pharma

Agios will receive an upfront payment of $905 million upon approval of vorasidenib by the U.S. Food and Drug Administration

Royalty Pharma will receive the entirety of the 15% royalty on annual U.S. net sales of vorasidenib up to $1 billion

12% royalty on annual U.S. net sales greater than $1 billion

Agios will retain a 3% royalty on annual U.S. net sales greater than $1 billion

Agios is owed from Servier a milestone payment of $200 million upon vorasidenib’s approval by the FDA

Ipsen and Sutro Biopharma announce exclusive global licensing agreement for an ADC targeting solid tumors

The agreement gives Ipsen exclusive worldwide rights to develop and commercialize STRO-003

Ipsen will assume responsibility for Phase I preparation activities, including submission of the Investigational New Drug application, and all subsequent clinical-development activities and global commercialization activities

Sutro Biopharma is eligible to receive up to $900m in potential upfront, development, regulatory and commercial milestone payments including approximately $90m in near-term payments, including an equity investment, and tiered royalties on global sales, contingent upon successful development and commercialization

Jazz Pharmaceuticals and Redx Pharma have signed a definitive agreement under which Jazz will acquire Redx's KRAS (Kirsten rat sarcoma virus) inhibitor program.

Jazz and Redx will collaborate to advance candidates through IND-enabling studies; Jazz will be responsible for all clinical development, regulatory, manufacturing and commercialization activities.

Jazz will make an upfront payment to Redx of $10 million for all rights, patents, title and interest relating to Redx's proprietary KRAS inhibitor program, which includes G12D selective and pan-KRAS molecules.

Redx is eligible to receive up to $870 million in development, regulatory and commercial milestone payments from Jazz, with the next milestone being an IND clearance from this program from the US Food and Drug Administration.

Redx is also eligible for tiered, mid-single digit percentage royalties based on any future net sales.

As part of a separate collaboration agreement, signed in parallel, Jazz will pay Redx to perform research and preclinical development activities with the goal of completing IND-enabling studies for both KRAS profiles.

Astellas Pharma and Kelonia Therapeutics announced that Xyphos Biosciences and Kelonia have entered into a research collaboration and license agreement to develop novel Immuno-Oncology therapeutics.

Under the terms of the agreement, the companies plan to combine Kelonia's iGPS with Xyphos' ACCEL technology to develop innovative in vivo CAR-T Cell therapies*2 targeting up to two programs.

Xyphos will be responsible for the development and commercialization of products created from the collaborative research.

Kelonia will receive US $40 million upfront for the first program, and an additional US $35 million should Xyphos exercise its options for the second program, and potential milestones and contingency payments approaching US $800 million in total.

Kelonia will receive R&D funding for work performed in the collaboration and is eligible for tiered royalties on net sales up to the double digit percentage.

Regor Pharmaceuticals entered definitive purchase agreement whereby Genentech will acquire a portfolio of next-generation CDK inhibitors from Regor for treatment of breast cancer

Regor will receive an upfront cash payment of $850 million

Additional cash payments based on achievement of certain predetermined development, regulatory and commercial milestones

Genentech will be responsible for clinical development, manufacturing and commercialization worldwide

Regor will continue to manage the two ongoing Phase 1 trials to their completion

Regor will also advance its other distinct assets, unrelated to this deal, in oncology, metabolic diseases and auto-immunity

GSK and Chimagen Biosciences announced agreement for GSK to acquire CMG1A46 clinical-stage dual CD19 and CD20-targeted T cell-engager from Chimagen for $300 million upfront

GSK plans to develop and commercialise CMG1A46 with focus on B cell-driven autoimmune diseases such as systemic lupus erythematosus and lupus nephritis with potential to expand into related autoimmune diseases

GSK will pay $300 million upfront to acquire full global rights to CMG1A46

Chimagen will be eligible to receive success-based development and commercial milestone payments for CMG1A46 totalling $550 million

Boehringer Ingelheim is paying €25 million ($27.3 million) upfront

further milestone payments of up to €670 million ($732.6 million) in a deal with Sosei Heptares to develop potential first-in-class treatments targeting all symptoms of schizophrenia

Under the agreement, Boehringer Ingelheim has the exclusive option to license Sosei Heptares’ portfolio of GPR52 agonists, which are a G protein-coupled receptor target.

Sosei is also eligible for an option payment of €60 million ($65.5 million) and possible development, regulatory and commercialization milestone payments.

The London-based pharma, whose parent company is Japan’s Sosei Group Corporation, will also net customary tiered royalties on future product sales.

Boehringer will have the exclusive option to license the portfolio of GPR 52 agonists after the completion of Sosei’s Phase I and Phase Ib trials and Phase II enabling activities with the antipsychotic HTL0048149.

Sosei will retain control and sponsor the trials until the potential option is exercised, which is estimated to occur in 2025. The portfolio that Boehringer gains will include the HTL’149 asset and other “differentiated backup compounds” that are designed by Sosei.

STERIS to sell dental segment to an affiliate of Peak Rock Capital

Transaction expected to close in STERIS’s first quarter of fiscal 2025

Divestiture allows STERIS to focus on Customers within core markets

Proceeds primarily to be used to repay debt

Transaction is structured as an equity sale

STERIS has entered a definitive agreement to divest its Dental segment to Peak Rock Capital for $787.5 million

Transaction terms also include the opportunity for STERIS to receive an additional earnout of up to $12.5 million, subject to the achievement of certain revenue targets of the Dental segment in fiscal 2025

Elektrofi has entered a multi-target worldwide research collaboration and license agreement with Janssen Biotech.

This collaboration will initially focus on developing an at home self-administered subcutaneous version of a lead oncology asset.

The agreement was facilitated by Johnson & Johnson Innovation.

Elektrofi will receive an upfront payment of $18 million in exchange for Janssen receiving the exclusive right to a lead Janssen oncology target and up to four additional targets.

Elektrofi will be eligible to receive future milestones surpassing $155 million per target, subject to achieving developmental, regulatory, and sales-based milestones, as well as a tiered upper mid-single digit royalty on global net sales for commercialized products.

Janssen will be responsible for each product’s clinical development and commercialization.

Vertex obtains an exclusive license to TreeFrog's C-Stem manufacturing technology in type 1 diabetes

TreeFrog and Vertex to collaborate on scale-up of fully differentiated, insulin-producing pancreatic islet cells

TreeFrog will receive a $25M upfront payment plus equity investment

$215M in milestones paid in connection with the development of a scaled-up process for fully differentiated islet cells

TreeFrog is also eligible to receive an additional $540M in clinical, regulatory and commercial milestones on up to two future products

Tiered single digit royalties

Vertex will fund all research and development costs related to the collaboration

Vertex will be responsible for all development and commercialization of its cell therapies

Collaboration Focused on Two Targeted Protein Degraders from C4T’s Internal Discovery Pipeline

C4T to Receive a $16 Million Upfront Payment; Merck KGaA, Darmstadt, Germany, to Cover Discovery Research Costs Under the Collaboration

C4T Eligible for up to Approximately $740 Million in Discovery, Development and Commercial Milestone Payments, in Addition to Future Royalties, Across Entire Collaboration

C4T is eligible for mid-single to low-double digit tiered royalties on future sales for each program

Merck KGaA, Darmstadt, Germany, will be responsible for clinical development and commercialization for drug candidates coming out of these programs

Belharra Therapeutics announced a strategic collaboration with Sanofi to advance the discovery of novel small molecule therapeutics for immunological diseases

Collaboration will leverage Belharra’s proprietary non-covalent chemoproteomics platform to screen and validate hits against undisclosed Sanofi-designated immunology targets

Belharra is eligible to receive up to $40 million in upfront and near-term milestone payments

Total deal value of up to nearly $700 million in payments over the course of the collaboration in research, development and commercial milestones

Tiered royalties on net sales

Capricor Therapeutics announced it entered into binding term sheet with Nippon Shinyaku for the commercialization and distribution in Europe of deramiocel, for treatment of Duchenne muscular dystrophy

Potential transaction covered by the term sheet is similar to the existing Commercialization and Distribution Agreements with Nippon Shinyaku in the United States and Japan with an opportunity for further product reach globally

Nippon Shinyaku has agreed to purchase approximately $15 million of Capricor common stock at a 20% premium to the 60-day VWAP

Capricor will be responsible for development and manufacturing of deramiocel for potential approval in all countries in the European Union, United Kingdom and several other countries in the region

Nippon Shinyaku will be responsible for sales and distribution of deramiocel in those territories

Capricor will also receive an upfront payment of $20 million subject to execution of the Definitive Agreement

Development and sales-based milestone payments to Capricor of up to $715 million

Capricor will receive a double-digit share of product revenue

Galapagos has entered into a strategic collaboration and licensing agreement with BridGene Biosciences.

Galapagos and BridGene aim to discover and develop new precision medicines against clinically validated oncology targets by leveraging Galapagos’ expertise in small molecule drug discovery and translational research along with BridGene’s proprietary IMTAC chemoproteomics platform.

The parties will advance the molecules into clinical candidates, and Galapagos has exclusive rights for further development and commercialization of any product candidates developed under the agreement.

BridGene will receive from Galapagos up to $27 million in upfront and preclinical research milestone payments and potentially over $700 million in clinical and commercial milestones, assuming success of the programs.

BridGene will be entitled to receive single-digit tiered royalties on net sales of each product resulting from the collaboration.

AbbVie and OSE Immunotherapeutics announced a strategic partnership to develop OSE-230, a monoclonal antibody designed to resolve chronic and severe inflammation, currently in the pre-clinical development stage.

AbbVie will receive an exclusive global license to develop, manufacture and commercialize OSE-230.

OSE Immunotherapeutics will receive a $48 million upfront payment and will be eligible to receive up to an additional $665 million in clinical development, regulatory and commercial milestones.

OSE Immunotherapeutics will be eligible to receive potential tiered royalties on global net sales of OSE-230.

Alphamab Oncology and 3DMedicines entered into a license agreement with Glenmark Specialty for the subcutaneous injection PD-L1 antibody drug (R&D code: KN035, generic name: Envafolimab), pursuant to which, Glenmark was granted exclusive licensing interests in clinical development and commercialization of oncology indications in India, Asia Pacific(except Singapore, Thailand, Malaysia), the Middle East and Africa, Russia, CIS and Latin America.

Glenmark will develop and commercialize KN035 in the Field in the Territory at its own cost and expense.

Licensors will receive from GSSA

(a) a total of up to US$700.8 million of a non-refundable upfront payment and milestones payments subject to the achievement of certain development, regulatory and commercialization milestones, and

(b) a single to double digits percentage royalty fee according to the level of net sales of KN035.

The Licensors' respective entitlement to the payments (including the upfront payment, milestone payment and the royalty fees) under the License Agreement are subject to the agreements between Jiangsu Alphamab and 3D Medicines.

Jiangsu Alphamab retains its sole right to manufacture KN035 for any purpose within or outside the Territory.

3D Medicines retains the right to develop and commercialize KN035 for any purpose in the field of tumor outside the Territory.

Johnson Matthey Plc signed a definitive agreement to sell 100% of its Medical Device Components business (MDC) to Montagu Private Equity for cash consideration of US$700 million (£550 million) on a cash free debt free basis

• Value Businesses divestment programme set out in May 2022 as part of the group's strategic milestones includes the sale of Diagnostic Services, Battery Systems and Medical Device Components

• The sale agreement is in respect of the whole of Johnson Matthey's Medical Device Components business, including assets, technology and licences, as well as related assets.This transaction constitutes a Class 2 transaction for Johnson Matthey under the UK Listing Rules

The gross assets that are the subject of this transaction amounted to £60 million as at 30th September 2023

For the financial year ended 31st March 2023, these assets generated reported profit before tax of £17 million

Proceeds after tax and divestment costs for the disposal of MDC are expected to be c.£450 million

Ono Pharmaceutical announced it entered license agreement with LigaChem Biosciences for LCB97, a pre-clinical stage antibody-drug conjugate

LCB97 is an ADC generated and developed by leveraging LCB’s proprietary ConjuAll ADC platform, targeting at L1 cell adhesion molecule which has been reported to be highly expressed in multiple solid tumors

LCB97 has demonstrated strong anti-tumor effects in various mouse cancer models conducted so far by LCB

Ono will have an exclusive worldwide right to develop, manufacture and commercialize LCB97 for solid tumors

Ono will make an upfront payment to LCB, along with milestone payments based on research and development progress and sales, up to a maximum of 700 million US dollars

Tiered royalties based on net sales

Prothena Corporation announced that Bristol Myers Squibb obtained exclusive global license for PRX019 and will pay Prothena $80 million

Prothena will be eligible to receive additional development, regulatory, and sales milestone payments of up to $617.5 million

Prothena also will be eligible to receive tiered royalties on net sales

VantAI and Bristol Myers Squibb have entered into a strategic collaboration to discover new molecular glues for therapeutic targets of interest.

The partnership leverages VantAI's geometric deep learning capabilities with Bristol Myers Squibb’s expertise in targeted protein degradation to discover and develop new small molecule therapeutics.

The collaboration will focus on leveraging VantAI’s generative AI platform to design molecular glues as small molecule therapeutics.

These efforts advance VantAI's mission to unlock the potential of proximity modulation as a powerful tool against therapeutic targets.

VantAI is eligible to receive up to $674 million in discovery, development, clinical, regulatory, and sales milestone payments plus tiered royalties from Bristol Myers Squibb, with an option to further expand to additional therapeutic programs.

Galapagos and Adaptimmune Therapeutics announced they have entered into clinical collaboration agreement with an option to exclusively license Adaptimmune’s next-generation TCR T-cell therapy, uza-cel, targeting MAGE-A4 for head & neck cancer and potential future solid tumor indications, using Galapagos’ decentralized cell manufacturing platform

Adaptimmune will receive an upfront exclusivity payment of $70 million

$15 million in R&D funding at signing

$15 million in R&D funding will follow subject to the start of dosing in the proof-of-concept trial

Adaptimmune will be responsible for clinical proof-of-concept trial in head & neck cancer and supply of vector for manufacturing of uza-cel

Galapagos will be responsible for the delivery of fresh uza-cel product for the head & neck cancer proof-of-concept trial using its decentralized cell therapy manufacturing platform

Adaptimmune will retain the right to develop, manufacture, commercialize, and otherwise exploit uza-cel for platinum-resistant ovarian cancer

Galapagos has an exclusive option to license global rights to uza-cel for a maximum of $100 million, depending on the number of indications in relation to which the option is exercised

Adaptimmune is eligible to receive development, regulatory and sales milestone payments of up $465 million, unless the agreement is terminated

Tiered royalties on net sales in the mid-single to low-double digit range

Xilio granted Gilead an exclusive global license to develop and commercialize XTX301, Xilio’s tumor-activated IL-12

Xilio will receive $43.5 million in upfront payments, including a cash payment of $30.0 million and an initial equity investment by Gilead of $13.5 million in Xilio common stock at a premium

Xilio will be eligible to receive up to $604.0 million in additional contingent payments, including additional equity investments by Gilead, a transition fee and specified development, regulatory and sales-based milestones

Xilio will also be eligible to receive tiered royalties ranging from high single digits to mid-teens on annual global net product sales

Xilio will be responsible for conducting clinical development of XTX301 in the ongoing Phase 1 clinical trial through dose expansion

Following the delivery by Xilio of a specified clinical data package for XTX301, Gilead can elect to transition responsibilities for the development and commercialization of XTX301 to Gilead, subject to the terms of the agreement and payment by Gilead of a $75 million transition fee

Prior to the potential transition fee, Xilio is eligible to receive up to a total of $29.0 million in additional equity investments and a development milestone payment

Gilead does not exclude acquired IPR&D expenses from its non-GAAP financial measures

This transaction is expected to reduce Gilead’s GAAP and non-GAAP 2024 EPS by approximately $0.03 – $0.04

GenEdit announced a multiyear collaboration and license agreement with Genentech.

The companies will employ GenEdit’s NanoGalaxy platform to discover and develop novel nanoparticles to deliver Genentech’s nucleic acid-based medicines for treatment of autoimmune disease.

GenEdit will collaborate with Genentech to discover and develop hydrophilic nanoparticles that can be used to develop nucleic acid-based medicines for autoimmune indications.

Genentech will be responsible for preclinical, clinical, and regulatory development as well as commercialization of products resulting from the use of GenEdit’s nanoparticles.

GenEdit will receive an upfront payment of $15 million and is eligible to receive up to $629 million in near-term, preclinical and clinical development, commercial, and net sales milestone payments over the course of the collaboration as well as tiered royalties on global net sales for resulting products.

EpimAb Biotherapeutics and Vignette Bi announced that they entered into license agreement for EpimAb’s BCMA-targeting T-cell engager EMB-06

EpimAb will grant Vignette the exclusive rights to develop and commercialize EMB-06 outside of Greater China (mainland China, Hong Kong, Macau and Taiwan)

EpimAb shall retain rights to EMB-06 in Greater China

EpimAb will receive total upfront considerations of $60 million in cash and equity of Vignette

$575 million development, regulatory and commercial milestones

Royalties on net sales

QurAlis Corporation announced that it has entered into an exclusive license agreement with Eli Lilly

QurAlis is granting Lilly global rights to develop and commercialize QRL-204, a splice-switching antisense oligonucleotide designed to restore UNC13A function in amyotrophic lateral sclerosis, frontotemporal dementia and other neurodegenerative diseases

QurAlis granted Lilly an exclusive, worldwide license to develop and commercialize QRL-204 and other UNC13A-targeting compounds in exchange for an upfront payment of $45 million plus an additional equity investment

QurAlis is also eligible for future milestone payments of up to $577 million and tiered royalties on net sales

Agreement includes a research and development collaboration to identify and develop additional candidates targeting UNC13A

Aditum Bio and Leads Biolabs announced formation of Oblenio Bio which is being formed in conjunction with an exclusive option and license agreement to develop LBL-051 first-in-class CD19xBCMAxCD3 tri-specific T-cell engager antibody for autoimmune diseases

Aditum Bio will fund Oblenio Bio and the parties will collaborate to bring LBL-051 into clinical studies

Leads Biolabs will grant Oblenio an exclusive option to develop, manufacture, and commercialize LBL-051 worldwide

Leads Biolabs is eligible to receive up to $35 million in upfront and near-term payments

$579 million in development, regulatory, and commercialization milestone payments

Royalties on sales

Leads Biolabs is entitled to receive equity stake in Oblenio Bio

Revitope Oncology announced it signed license agreement providing Genmab access to Revitope's conditional TCE technology, TwoGATE

Genmab is granted exclusive rights to utilize TwoGate for multiple drug target pairs during a multi-year research period including option to take up to three exclusive licenses for worldwide development and commercialization of resulting products

Revitope will receive an upfront payment of USD $9 million

Target pair-by-target pair basis eligible to receive option-exercise fees and development, regulatory and commercial milestone payments up to USD $600 million

Tiered single-digit royalties on commercial sales

Boehringer Ingelheim and Circle Pharma announce research collaboration and license agreement with shared goal to develop a cyclin inhibitor that can halt the growth of cancer cells

Circle Pharma will receive upfront payment

Development, regulatory, and sales milestone payments of up to USD $607 million

Nona Biosciences announced that it has entered into a license agreement with AstraZeneca for preclinical monoclonal antibodies that will be used to create targeted therapies in oncology

Nona Biosciences shall receive US$19 million upon completion of the transaction

Nona is eligible to receive an additional US$10 million in potential near-term milestone payments

Up to US$575 million upon achieving specified development, regulatory, and commercial milestones

Tiered royalty payments on net sales

Nona is eligible to receive payments for the option programs should AstraZeneca exercise these options

Flagship Pioneering and Metaphore Biotechnologies announce research collaboration with Novo Nordisk to develop next-generation therapeutics for obesity management

Third research collaboration signed under strategic partnership between Novo Nordisk and Flagship Pioneering to develop treatment approaches for cardiometabolic and rare diseases

Collaboration leverages Metaphore's MIMICTM platform in discovery and development of up to two multitarget therapeutics leveraging GLP-1R and related biology for obesity management

Metaphore will jointly conduct R&D programs with Pioneering Medicines, Flagship's in-house drug development unit, and Novo Nordisk to advance foundational and preclinical development activities

Novo Nordisk may pay up to $600 million in upfront, development, and commercial milestone payments

Tiered royalties on annual net sales of licensed products, to be shared between Metaphore and Pioneering Medicines

Novo Nordisk will also reimburse R&D costs and participate in a future financing round for Metaphore

NanoVation Therapeutics announced multi-year partnership with Novo Nordisk to advance development of novel genetic medicines targeting cardiometabolic and rare diseases

Partnership combines NanoVation Therapeutics’ proprietary long-circulating lipid nanoparticle technology for RNA delivery to cells outside of liver with Novo Nordisk’s expertise in cardiometabolic and rare disease R&D and clinical translation

Novo Nordisk and NanoVation will collaborate on two lead programs to develop base-editing therapies for certain rare genetic diseases and up to five additional future targets for cardiometabolic and rare diseases

Novo Nordisk will receive defined exclusive, worldwide license to use NanoVation’s LNP technology for two lead programs

NanoVation will receive research funding and is eligible to receive up to approximately US$600 million in up-front cash and potential milestone payments

Tiered royalties on future product sales as part of multi-year deal

Cytokinetics announced they have entered into a strategic funding collaboration Royalty Pharma providing capital to support commercialization of aficamten and advance company’s expanding cardiovascular pipeline while diversifying access to capital as company advances its muscle biology-directed specialty cardiology business

Transaction includes funding for planned commercialization, development funding, royalty restructuring and revenue sharing and the purchase of Cytokinetics equity, together, affording Cytokinetics $250 million on closing and up to a total of $575 million to support the company’s further maturation and corporate development

The key components of this strategic funding collaboration include:

Commercial launch funding: Cytokinetics to receive $50 million and is eligible to draw an additional $175 million within 12 months of approval of aficamten in oHCM; the capital will be repayable over 10 years in quarterly installments (totaling 1.9x)

Royalty restructuring: Royalty Pharma’s royalty on aficamten was restructured so that Royalty Pharma will now receive 4.5% up to $5.0 billion of annual net sales of aficamten and 1% above $5.0 billion of annual net sales compared to the prior 4.5% up to $1.0 billion of annual net sales and 3.5% above $1.0 billion of annual net sales

Development funding: Cytokinetics will receive $100 million in upfront capital to fund a confirmatory Phase 3 clinical trial of omecamtiv mecarbil in patients with heart failure and reduced ejection fraction

If Phase 3 clinical trial is positive and FDA approval is received within specified time frames, Royalty Pharma will receive fixed payments totaling $100 million following approval, as well as an incremental 2.0% royalty on annual net sales and/or fixed quarterly payments

If the Phase 3 trial is not successful or does not lead to FDA approval, Cytokinetics will repay Royalty Pharma up to $237.5 million over eighteen or twenty-two quarters, in fixed quarterly payments

Development funding: Cytokinetics to receive $50 million in upfront capital to fund a proof-of-concept Phase 2 clinical trial for CK-586 in patients with heart failure and preserved ejection fraction

Royalty Pharma will have an option to invest up to an additional $150 million to fund Phase 3 development of CK-586, for which it would be eligible to receive a $150 million milestone payment upon FDA approval and a 4.5% royalty on annual net sales of CK-586

If Royalty Pharma does not opt-in to fund Phase 3 development, Royalty Pharma will receive a 1.0% royalty on annual net sales of CK-586

Equity Purchase: Royalty Pharma will purchase $50 million of Cytokinetics’ common stock in a private placement that will be concurrent with the underwritten public offering that Cytokinetics plans to launch

Cytokinetics anticipates receipt of up to $250 million in nearer-term funding together with its proforma cash at the end of the first quarter of 2024

This funding from Royalty Pharma enables Cytokinetics extended cash runway based on expected 2024 expenditures, inclusive of planned commercialization activities and expanded pipeline development programs

Full-Life Technologies announced that it has entered into license agreement with SK Biopharmaceuticals for exclusive worldwide clinical research, development, manufacturing, and commercialization rights to Full-Life's "FL-091" radiopharmaceutical compound targeting neurotensin receptor 1 positive cancers

Licensing deal worth $571.5 million includes upfront payment

Development and commercial milestones

Royalties

SK Biopharmaceuticals will in-license the NTSR1-targeting Radionuclide Drug Conjugate program FL-091 – as well as its back-up compounds – aimed at developing and commercializing it as an innovative anti-cancer drug

SK Biopharmaceuticals also has right of first negotiation to license other pre-selected RDC programs of Full-Life

Astellas and Poseida Therapeutics Enter Into Research Collaboration and License Agreement to Develop Novel Allogeneic Cell Therapies in Oncology

The companies plan to combine Poseida's proprietary allogeneic CAR-T platform with Xyphos' ACCEL™ technology to create one Poseida-developed CAR-T construct to form the basis of two convertibleCAR® product candidates targeting solid tumors

Xyphos will reimburse Poseida for costs incurred as part of the research agreement and will be responsible for the development and future commercialization of products generated from the collaboration

Poseida will receive US $50 million upfront plus potential development and sales milestones and contingency payments of up to US $550 million in total

Poseida is eligible for up to low double digit tiered royalties as a percentage of net sales

Bayer and NextRNA Therapeutics announced they entered into collaboration and license agreement to develop small molecule therapeutics targeting lncRNAs in oncology

lncRNAs represent a vast class of therapeutic targets that recruit RNA-binding proteins to drive pathological processes across diseases

Disrupting lncRNA-RBP interactions with small molecules represents an innovative approach to develop a new class of therapeutic agents

Bayer and NextRNA will collaborate to jointly advance two oncology programs in high unmet need indications

First program is a lncRNA-targeting small molecule program currently in early preclinical development at NextRNA

Second program, NextRNA will prosecute lncRNA targets that its platform has already identified and Bayer will have the option to select one target for joint development

Bayer gains access to NextRNA’s differentiated approach to inhibit the function of lncRNAs by disrupting the interaction between lncRNAs and RBPs with small molecules

NextRNA’s proprietary platform combines its computational engine NextMap with deep lncRNA biology expertise and a diverse set of biochemical, biophysics, and chemistry capabilities

NextRNA will receive up to $547 million for both programs, including upfront and near-term milestone payments, research funding, and development and commercial milestone payments, as well as tiered royalties on net sales

Allorion Therapeutics has entered into an exclusive option and global license agreement with AstraZeneca to develop and commercialize a novel epidermal growth factor receptor L858R mutated allosteric inhibitor, as a potential new treatment for advanced EGFR-mutant non-small cell lung cancer.

AstraZeneca will be granted an exclusive option to license a novel EGFR L858R allosteric inhibitor to develop and commercialize globally.

Allorion is eligible to receive upfront and near-term payments of up to $40 million, and additional development and commercial milestone payments of over $500 million, as well as tiered royalties on net sales worldwide.

Boehringer Ingelheim Pharmaceuticals and 3T Biosciences have entered into a new strategic collaboration and licensing agreement focused on discovering and developing next-generation life-changing cancer immunotherapies.

This second research partnership with 3T builds on the successful completion of the initial research partnership announced last year by the two companies.

It brings together 3T's best-in-class 3T-TRACE (T-Cell Receptor Antigen and Cross-Reactivity Engine) discovery platform with Boehringer Ingelheim's commitment to develop first-in-class immuno-oncology treatments that boost the immune system's ability to recognize, attack and kill tumors.

Boehringer Ingelheim will provide patient-derived T-cell receptor data to fuel 3T's target discovery efforts to identify cognate antigens using its 3T TRACE discovery platform.

3T will receive an upfront payment and research and development support, and is eligible for discovery, preclinical, clinical, regulatory, and commercial milestones for both agreements totaling $538.5 million in addition to royalties on future Boehringer Ingelheim product sales.

Boehringer Ingelheim is eligible to receive royalties on future product sales by 3T Biosciences arising from the agreement.

Korro Bio announced collaboration with Novo Nordisk to advance the discovery and development of new genetic medicines

Initial target to treat cardiometabolic diseases

Collaboration brings together Novo Nordisk’s deep cardiometabolic disease understanding and drug development experience with Korro’s proprietary platform to develop RNA editing product candidates for two undisclosed targets

Korro is eligible to receive up to $530 million in upfront, development and commercial milestone payments

Tiered royalties and R&D funding

Korro will advance up to two programs through preclinical development after which point Novo Nordisk could further advance the programs through clinical studies

Royalty Pharma announced that it will acquire royalties and milestones on frexalimab owned by ImmuNext for approximately $525 million in cash including estimated transaction costs

ImmuNext is entitled to receive an upward tiering net royalty ranging from a high-single digit to low-double digit percentage of worldwide net sales of frexalimab

Royalty Pharma will receive 100% of net royalties on annual worldwide net sales of frexalimab of up to $2.0 billion and share a minority of the royalties above this threshold with ImmuNext shareholders

Acquisition will include substantial potential milestone payments from Sanofi

August 2024

Seres Therapeutics announced it signed agreement with Société des Produits Nestlé for sale of VOWST business to Nestlé Health Science

Seres will receive capital infusions, including an upfront payment, a prepaid milestone payment and an equity investment

Seres due to receive installment payments in 2025 as well as potential future payments based on VOWST net sales targets

Seres will support ongoing VOWST availability by providing transition services through first quarter of 2025 and manufacturing support through end of 2025 and will continue to share 50/50 in profit and loss of business through end of 2025

Seres is due to receive:

• Payment of $100M, less approximately $20M in settlement of net obligations payable to Nestlé at closing
• Prepayment of $60M milestone payment at closing
• Installment payments of $50M in January 2025 and $25M (less up to approximately $1.5M in employment related payments to Nestlé), in July 2025

Future milestone payments based on VOWST worldwide net sales as follows:

$125M upon achievement of annual worldwide net sales of $400M

$150M upon achievement of annual worldwide net sales of $750M

Nestlé will purchase $15M of Seres common stock at closing representing purchase of 14,285,715 shares at price per share of $1.05 (reflecting a 10% premium to the 30-day volume weighted average price prior to announcement of Memorandum of Understanding)

Seres plans to use capital from transaction to fully retire its senior secured debt facility with Oaktree Capital Management and support further advancement of SER-155 and its other cultivated product candidates

Company expects to reduce workforce by more than one-third

June 2024

Seres Therapeutics announced that it has agreed to a non-binding memorandum of understanding with Nestle Health Science

Nestle Health Science will acquire certain tangible and intangible assets associated with VOWST (fecal microbiota spores, live-brpk) capsules

Transaction upersedes any prior agreements between Nestle and Seres concerning VOWST

Nestle Health Science has been the lead commercialization party for product since its launch in June 2023 in the United States

Transaction will allow Nestle Health Science full control over further development, commercialization, and manufacturing of VOWST in US and worldwide

Menarini Group and Stemline Therapeutics have entered into an exclusive licensing agreement granting Stemline the global rights to develop and commercialize a novel, small molecule KAT6A inhibitor designed using Insilico’s AI platform, as a potential treatment for hormone sensitive cancers and other oncology indications.

Stemline will provide a $12 million upfront payment to Insilico.

The combined value of the deal, including all development, regulatory, and commercial milestones, is over $500 million, followed by royalties up to double digits.

Pinetree Therapeutics announced it has entered into exclusive option and global license agreement with AstraZeneca for preclinical EGFR degrader candidate

AstraZeneca will be granted exclusive option to license Pinetree's preclinical EGFR degrader for global development and commercialization

Pinetree will receive upfront and near-term payments of up to $45 million and is eligible to receive additional development and commercial milestone payments for a total deal value of over $500 million

Tiered royalties on net sales worldwide

Daiichi Sankyo and Merck & Co have entered into a global development and commercialization agreement for three of Daiichi Sankyo’s DXd antibody drug conjugate candidates: patritumab deruxtecan (HER3-DXd), ifinatamab deruxtecan (I-DXd) and raludotatug deruxtecan (R-DXd).

The companies will jointly develop and potentially commercialize these ADC candidates worldwide, except in Japan where Daiichi Sankyo will maintain exclusive rights.

Daiichi Sankyo will be solely responsible for manufacturing and supply.

Merck will pay Daiichi Sankyo upfront payments of $1.5 billion for ifinatamab deruxtecan due upon execution; $1.5 billion for patritumab deruxtecan, where $750 million is due upon execution and $750 million is due after 12 months; and $1.5 billion for raludotatug deruxtecan, where $750 million is due upon execution and $750 million is due after 24 months.

Merck also will pay Daiichi Sankyo up to an additional $5.5 billion for each DXd ADC contingent upon the achievement of certain sales milestones.

When combined with the additional refundable upfront payment of $1 billion described below, total potential consideration across the three programs is up to $22 billion.

Merck may opt out of the collaboration for patritumab deruxtecan and raludotatug deruxtecan and elect not to pay the two continuation payments of $750 million each that are due after 12 months and 24 months, respectively.

If Merck opts out of patritumab deruxtecan and/or raludotatug deruxtecan, the upfront payments already paid will be retained by Daiichi Sankyo and rights related to such DXd ADCs will be returned to Daiichi Sankyo.

As referenced above, Merck will pay an additional upfront payment of $1 billion ($500 million each for patritumab deruxtecan and ifinatamab deruxtecan), a pro-rated portion of which may be refundable in the event of early termination of development with respect to each program.

For raludotatug deruxtecan, Merck will be responsible for 75% of the first $2 billion of R&D expenses.

Except as outlined above with respect to R&D expenses, the companies will equally share expenses as well as profits worldwide, except for Japan where Daiichi Sankyo retains exclusive rights and Merck receives a royalty based on sales revenue.

Daiichi Sankyo will generally book sales worldwide.

In aggregate, the three programs have multi-billion dollar worldwide commercial revenue potential for each company approaching the mid-2030s.

SystImmune and Bristol Myers Squibb announced an exclusive license and collaboration agreement for SystImmune’s BL-B01D1, a potentially first-in-class EGFRxHER3 bispecific antibody-drug conjugate.

The companies will jointly develop and commercialize BL-B01D1 in the United States.

Through its affiliates, SystImmune will be solely responsible for development, commercialization, and manufacturing in Mainland China and will be responsible for manufacturing certain drug supplies for use outside of Mainland China.

Bristol Myers Squibb will assume sole responsibility for development and commercialization in the rest of the world.

Bristol Myers Squibb will pay SystImmune $800 million in an upfront payment and up to $500 million in contingent near-term payments.

SystImmune is eligible to receive additional payments of up to $7.1 billion contingent upon the achievement of certain development, regulatory and sales performance milestones for a total potential consideration of up to $8.4 billion.

The companies will share certain global development expenses and profits and losses in the United States.

Through its affiliates, SystImmune will retain exclusive development and commercialization rights in Mainland China, where Bristol Myers Squibb will receive a royalty on net sales.

Outside the United States and Mainland China, SystImmune will receive a tiered royalty on net sales.

Nurix Therapeutics has entered into a multi-year, multi-target strategic collaboration agreement with Seagen to advance a new class of medicines called Degrader-Antibody Conjugates for use in cancer.

The collaboration between the two companies will focus on an innovative approach to combine two powerful technologies to target cancer—antibody-drug conjugation and targeted protein degradation—with the goal of creating drugs with new mechanisms of action as well as improved specificity and anti-cancer activity.

Nurix will receive an upfront payment of $60 million and has the potential to receive up to approximately $3.4 billion in research, development, regulatory and commercial milestone payments across multiple programs.

Nurix will be eligible for mid-single to low double digit tiered royalties on future sales, and Nurix retains an option for US profit sharing and co-promotion on two products arising from the collaboration.

Nurix will use its proprietary DELigase platform to develop a suite of targeted protein degraders against multiple targets nominated by Seagen that are suitable for antibody conjugation.

Seagen will be responsible for conjugating these degraders to antibodies to make DACs and advancing these DAC drug candidates through preclinical and clinical development and commercialization.

Given the potential to conjugate multiple antibodies to unique degraders, several DAC drugs may be developed and commercialized within this collaboration.

Alnylam Pharmaceuticals has entered into a strategic agreement with Roche to develop and commercialize zilebesiran, Alnylam’s investigational RNAi therapeutic for the treatment of hypertension, which is currently in Phase 2 of development.

The partnership allows for a bold development plan with the goal of disrupting the hypertension treatment paradigm globally while advancing Alnylam’s P5x25 strategy.

Alnylam will receive an upfront cash payment of $310 million and is eligible to receive additional substantial near-term payments, including development milestone payments over the next few years, as well as regulatory and sales milestones, for a potential deal value of up to $2.8 billion.

Alnylam is entitled to an equal profit share in the US, where Alnylam and Roche will co-commercialize zilebesiran.

Roche obtained the exclusive right to commercialize zilebesiran outside the US in exchange for low double digit royalties on net sales of zilebesiran outside of the US.

Alnylam believes that this partnership will allow the companies to pursue a joint development plan and commercialization approach that has the potential to unlock the full value of zilebesiran.

Alnylam will lead a joint clinical development plan for the first indication with Roche’s participation, which includes a cardiovascular outcomes trial prior to submission of zilebesiran for regulatory approval, with all development costs shared 40% by Alnylam and 60% by Roche.

Roche may lead development for additional indications in the future.

Novo Nordisk and Valo Health have entered into an agreement to discover and develop novel treatments for cardiometabolic diseases based on Valo’s large human dataset and computation powered by artificial intelligence.

The collaboration between the two organizations will leverage the capabilities of Valo’s Opal Computational Platform including access to real-world patient data, AI-enabled small molecule discovery and Biowire human tissue modelling platform designed to speed up the discovery and development process.

Valo’s preclinical capabilities enable identification and validation of novel druggable targets, as well as development of drug candidates against these targets, and can help predict compound safety and efficacy.

In addition to target discovery and validation as part of the collaboration, Novo Nordisk is licensing three preclinical drug discovery programmes in cardiovascular diseases discovered and developed by Valo using the Opal Computational Platform.

Valo will receive an upfront payment and a potential near-term milestone payment, totalling 60 million US dollars, and is eligible to receive milestone payments for up to 11 programmes, totalling up to 2.7 billion dollars, plus R&D funding and potential royalty payments.

The partnership between Novo Nordisk and Valo will leverage key joint capabilities in human data and genetics with a stronghold in cardiometabolic diseases.

January 2024

NANOBIOTIX announced achievement of operational requirements in NANORAY-312, an ongoing pivotal Phase 3 study evaluating potential first-in-class radioenhancer NBTXR3 for elderly patients with head and neck cancer, resulting in a $20M milestone payment from strategic partner Janssen Pharmaceutica.

July 2023

NANOBIOTIX announced a global licensing, co-development, and commercialization agreement with Janssen Pharmaceutica for the investigational, potential first-in-class radioenhancer NBTXR3.

Under the terms of the license agreement, in collaboration with the Interventional Oncology R&D Unit at Johnson & Johnson, Nanobiotix will grant Janssen a worldwide license for the development and commercialization of NBTXR3.

The license is exclusive, excepting territories previously licensed to Nanobiotix partner LianBio.

Nanobiotix will receive near term cash and operational support valued up to $60 million.

This includes an upfront cash licensing fee of $30 million, and in-kind regulatory and development support for study NANORAY-312 valued at up to $30 million that Janssen may provide at its sole discretion.

Nanobiotix will maintain operational control of NANORAY-312 and all other currently ongoing studies, along with NBTXR3 manufacture, clinical supply, and initial commercial supply.

Janssen will be fully responsible for an initial Phase 2 study evaluating NBTXR3 for patients with stage three lung cancer and will have the right to assume control of studies currently led by Nanobiotix.

Nanobiotix is eligible for success-based payments of up to $1.8 billion, in the aggregate, relating to potential development, regulatory, and sales milestones.

Moreover, the agreement includes a framework for additional success-based potential development and regulatory milestone payments of up to $650 million, in the aggregate, for five new indications that may be developed by Janssen at its sole discretion; and of up to $220 million, in the aggregate, per indication that may be developed by Nanobiotix in alignment with Janssen.

Following commercialization, Nanobiotix will also receive tiered double-digit royalties on net sales of NBTXR3.

Proxygen announced a multi-year research collaboration and license agreement with Merck & Co to jointly identify and develop molecular glue degraders against multiple therapeutic targets.

Proxygen will receive an upfront payment from MSD and be eligible for future payments of up to $2.55 billion based on the achievement of specified research, development, and commercial milestones across all programs.

Proxygen is eligible to receive royalties on net sales of any such products.

Bausch + Lomb has entered into a definitive agreement with Novartis to acquire XIIDRA (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease focusing on inflammation associated with dry eye.

Bausch + Lomb, through an affiliate, has agreed to acquire XIIDRA, libvatrep and AcuStream from Novartis for up to $2.5 billion, including an upfront payment of $1.75 billion in cash with potential milestone obligations up to $750 million based on sales thresholds and pipeline commercialization.

Bausch + Lomb will also bring on the sales force supporting XIIDRA.

C4 Therapeutics has entered into an exclusive license and collaboration agreement with Merck & Co to develop degrader-antibody conjugates, an emerging modality designed to selectively target and neutralize disease-causing proteins in cancer cells.

C4T will receive a $10 million upfront payment.

C4T and Merck will collaborate to develop DACs directed to an initial undisclosed oncology target that is exclusive to the collaboration.

For DACs directed to this initial target, C4T is eligible to receive milestone payments totaling approximately $600 million, as well as tiered royalties on future sales.

The agreement also provides Merck with the option to extend the collaboration to include three additional targets that would be exclusive to the collaboration, which could yield option exercise payments as well as potential milestones and royalties.

If Merck exercises all of its options to extend the collaboration, C4T would be eligible to receive up to approximately $2.5 billion in potential payments across the entire collaboration.

Avidity Biosciences announced a global licensing and research collaboration with Bristol Myers Squibb focused on the discovery, development and commercialization of multiple cardiovascular targets with potential cumulative payments of up to $2.3 billion.

AOCs are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of diseases previously untreatable with RNA therapeutics.

This strategic collaboration broadens the reach of AOCs through the expansion of the existing relationship with Bristol Myers Squibb.

Avidity continues to advance its internal research and development programs in rare cardiac indications.

Avidity will receive $100 million upfront, which includes a $60 million cash payment as well as the purchase of approximately $40 million of Avidity common stock at a purchase price of $7.88 per share.

Avidity is also eligible to receive up to approximately $1.35 billion in research and development milestone payments, up to approximately $825 million in commercial milestone payments, and tiered royalties up to low double-digits on net sales.

Bristol Myers Squibb will fund all future clinical development, regulatory and commercialization activities coming from this collaboration.

Cellectis has entered into a Joint Research Collaboration Agreement with AstraZeneca.

The Collaboration Agreement aims to accelerate the development of next generation therapeutics in areas of high unmet need, including oncology, immunology and rare diseases.

AstraZeneca will leverage Cellectis’ proprietary gene editing technologies and manufacturing capabilities to design novel cell and gene therapy candidate products.

25 genetic targets have been exclusively reserved for AstraZeneca, from which up to 10 candidate products could be explored for development.

AstraZeneca will have an option for a worldwide exclusive license on the candidate products, to be exercised before IND filing.

Pursuant to the Collaboration Agreement, Cellectis’ research costs under the collaboration will be funded by AstraZeneca and Cellectis will receive an upfront payment of $25M.

Cellectis is also eligible to receive an investigational new drug option fee and development, regulatory and sales-related milestone payments, ranging from $70M up to $220M, per each of the 10 candidate products, plus tiered royalties.

AstraZeneca has entered into a collaboration, exclusive option and license agreement with Quell Therapeutics to develop multiple engineered T-regulator cell therapies that have the potential to be curative in Type 1 Diabetes and Inflammatory Bowel Disease indications.

Quell’s proprietary toolbox of Treg cell engineering modules, including its innovative Foxp3 Phenotype Lock will be leveraged to develop autologous multi-modular Treg cell therapy candidates for major autoimmune disease indications.

AstraZeneca will have the option to further development and commercialisation of successful clinical candidates in T1D and IBD.

Quell will receive $85 million upfront from AstraZeneca, which comprises a predominant cash payment and an equity investment.

Quell is also eligible to receive over $2 billion for further development and commercialisation milestones, if successful, plus tiered royalties.

In addition, Quell retains an option, which can be exercised either after approval of an Investigational New Drug application or at the end of the Phase I/II clinical study, to co-develop Treg cell therapies from the T1D programme with AstraZeneca in the United States in exchange for additional milestone payments and increased royalties on US net sales.

Belharra Therapeutics announced a multi-year collaboration with Genentech.

The companies will collaborate employing Belharra’s proprietary platform to discover and develop small molecule medicines in multiple therapeutic areas including oncology, immuno-oncology, autoimmune, and neurodegenerative diseases.

Belharra will be responsible for discovery and early preclinical development of small molecules against Genentech’s designated targets, while Genentech will be responsible for late preclinical, clinical, and regulatory development, and commercialization of such small molecules.

Belharra will receive an upfront cash payment of $80 million.

Belharra is eligible to receive development, commercial, and net sales milestones that could exceed $2 billion and a tiered royalty on Genentech’s sale of collaboration products.

For certain oncology or immunology programs to be designated by Genentech, Belharra will have an option to co-develop such programs’ compounds through Phase 1 and to co-fund the remaining development of those programs’ compounds in exchange for a US cost/profit split and ex-US milestone payments and royalties.

Monte Rosa Therapeutics has entered into a strategic collaboration and licensing agreement with Roche to discover and develop MGDs against targets in cancer and neurological diseases previously considered impossible to drug.

Monte Rosa Therapeutics will receive an upfront payment of $50 million, and is eligible to receive future preclinical, clinical, commercial and sales milestone payments that could exceed $2 billion, as well as tiered royalties.

The parties also agreed on a mechanism to expand the collaboration on multiple targets within the first two years.

In that case, additional payments for nomination, preclinical, clinical, commercial and sales milestones are due, as well as tiered royalties on the resulting products.

Monte Rosa Therapeutics will lead discovery and preclinical activities against multiple select cancer and neurological disease targets to a defined point.

Roche gains the right to exclusively pursue further preclinical and clinical development of the compounds.

Monte Rosa retains full ownership of its pipeline programs.

Orionis Biosciences announced a multi-year collaboration with Genentech to discover novel small molecule medicines for challenging targets in major disease areas, including oncology and neurodegeneration.

Orionis will be responsible for the discovery and optimization of molecular glues for Genentech’s designated targets, while Genentech will be responsible for subsequent later-stage preclinical, clinical development, regulatory filing, and commercialization of such small molecules.

Orionis will receive an upfront payment of $47 million and is eligible for development milestone payments, as well as commercial and net sales milestone payments that could exceed $2 billion and a tiered royalty upon sale of collaboration products.

Astellas Pharma and Cullgen announced a research collaboration and exclusive option agreement to discover multiple innovative protein degraders.

the two companies aim to develop multiple targeted protein degraders by combining Cullgen's proprietary uSMITE targeted protein degradation platform featuring novel E3 ligands with Astellas' drug discovery capabilities.

Cullgen and Astellas will collaboratively conduct joint research to identify clinical development candidates.

Astellas will then have an exclusive option of exclusively license the rights for clinical development and commercialization of the protein degrader compounds identified during the research activities.

Cullgen will have the option during the initial stages of clinical development to participate equally in the costs, profits and losses, and to co-promote partnered products in the US for the lead program, previously identified by Cullgen as a cell cycle protein degrader for the treatment of breast cancer and other solid tumors.

Astellas will provide Cullgen an upfront payment of $35M USD.

Cullgen is also entitled to receive an additional $85M USD upon Astellas' exercise of the license option with respect to the lead program.

Total compensation to Cullgen could exceed $1.9 billion if Astellas exercises all of its license options and all milestones for all programs are achieved.

Cullgen is also eligible to receive royalty payments from Astellas on any potential commercial sales.

Eccogene entered into an exclusive license agreement with AstraZeneca under which AstraZeneca will develop and commercialize Eccogene's small molecule GLP-1 receptor agonist ECC5004 for the potential treatment of obesity, type-2 diabetes and other comorbidities.

Eccogene will receive an initial upfront payment of $185 million.

Eccogene will be eligible to receive up to an additional $1.825 billion in future clinical, regulatory, and commercial milestones.

Eccogene is further eligible to receive tiered royalties on net product sales.

AstraZeneca will receive exclusive rights to develop and commercialize Eccogene's ECC5004 small molecule GLP-1RA for any indication in all territories except China.

Eccogene and AstraZeneca will partner for co-development and co-commercialization of ECC5004 in China.

Synaffix announced the signing of a licensing agreement with Amgen to develop next generation ADCs.

Amgen will gain access to Synaffix's antibody conjugation technology platforms comprising GlycoConnect, HydraSpace and select toxSYN linker-payloads for one ADC program with the option to exercise exclusive research and commercial licenses for an additional four programs at a later date.

Synaffix will be eligible to receive up to $2 billion in payments spanning signature, program nomination and milestone payments, plus tiered royalties on commercial sales which are consistent with the financials of the recently signed licenses of Synaffix ADC technology platform.

Amgen will be responsible for the research, development, manufacturing and commercialization of the ADCs and Synaffix will continue to be responsible for the manufacturing of components that are specifically related to its proprietary technologies.

Bliss Biopharmaceutical announced a clinical trial collaboration agreement with option for strategic collaboration with Eisai, for BB-1701, eribulin-payload based ADC directed against Human Epidermal Growth Factor Receptor 2 for the treatment of cancers.

This collaboration with Eisai is an important advancement in BlissBio's corporate development plan to further develop BB-1701 globally and help advance BB-1701 toward late stage of development.

BB-1701 is currently in Phase I/II studies in the US and China with over one hundred patients dosed in various types of cancers.

BlissBio will receive upfront and milestone payments, and BlissBio and Eisai will conduct co-development activities related to BB-1701 through an option period.

Upon Eisai's exercise of its option to enter into a strategic collaboration license of BB-1701, BlissBio will receive an option exercise payment and be eligible for development and commercial milestone payments up to an aggregate of $2 billion, as well as royalties on sales.

Upon the exercise of the option, Eisai will receive worldwide (excluding Greater China) rights to develop and commercialize BB-1701.

Moderna and Immatics announced a strategic research and development collaboration to pioneer novel and transformative therapies for cancer patients with high unmet medical need.

This broad multi-platform collaboration will leverage the deep scientific expertise and core operational capabilities of both companies, combining Immatics' TCR platform with Moderna's cutting-edge mRNA technology, and span various therapeutic modalities including bispecifics, cell therapy and cancer vaccines.

The strategic R&D collaboration between Moderna and Immatics focuses on three pillars:

Applying Moderna's mRNA technology for in vivo expression of Immatics' next-generation, half-life extended TCR bispecifics (TCER) targeting cancer-specific HLA-presented peptides.

Enabling the discovery and development of novel mRNA-based cancer vaccines by leveraging Moderna's deep knowledge of mRNA science and customized information from Immatics' wealth of tumor and normal tissue data included in the target discovery platform XPRESIDENT and its bioinformatics and AI platform XCUBE.

Evaluating Immatics' IMA203 TCR-T therapy targeting PRAME in combination with Moderna's PRAME mRNA-based cancer vaccine. The collaboration contemplates conducting preclinical studies and a Phase 1 clinical trial evaluating the safety and efficacy of the combination with the objective of further enhancing IMA203 T cell responses.

Immatics will receive an upfront payment of $120 million.

Immatics will also receive research funding and is eligible to receive development, regulatory, and commercial milestone payments that could exceed $1.7 billion.

Immatics is also eligible to receive tiered royalties on global net sales of TCER products and certain vaccine products that are commercialized under the agreement.

Immatics has an option to enter into a global profit and loss share arrangement for the most advanced TCER.

Moderna will lead the clinical development and commercialization of cancer vaccines and TCER therapeutics resulting from the collaboration.

Immatics will be responsible for conducting the preclinical studies and a potential Phase 1 clinical trial investigating IMA203 TCR-T in combination with the PRAME mRNA vaccine to further enhance IMA203 T cell responses.

Each party will retain full ownership of its investigational PRAME compound, and the parties will fund the clinical study on a cost sharing basis.

Within the collaboration, preclinical activities conducted by Immatics will be managed by the Immatics Discovery Unit, a recently created internal division at Immatics integrating its technology platforms into one interdisciplinary team focused on all early-stage preclinical pipeline and collaboration programs.

Bicycle Therapeutics has entered into a strategic collaboration agreement with Novartis to develop, manufacture and commercialize Bicycle radio-conjugates for multiple agreed upon oncology targets.

Bicycle will utilize its proprietary phage platform to discover Bicycles to be developed into BRCs.

Novartis will be responsible for further development, manufacture and commercialization of the BRCs.

Novartis will fund all pre-clinical and clinical development and commercialization activities.

Bicycle will receive a $50 million upfront payment and is eligible for development and commercial-based milestone payments totaling up to $1.7 billion.

Bicycle will also be eligible to receive tiered royalties on Bicycle-based medicines commercialized by Novartis.

Elpiscience Biopharma and Astellas Pharma announced a research collaboration and license agreement for novel bi-specific macrophage engagers, ES019 and another program.

The two companies will collaboratively conduct early-stage research for these two programs.

Elpiscience will also grant Astellas the right to add up to two additional programs to be included in the collaboration.

If Astellas exercises its option, Elpiscience will grant Astellas the exclusive right to further research, develop, manufacture and commercialize the products for each program.

Elpiscience will receive up to US $37 million, including the upfront payment and license option fees.

Elpiscience will receive research funding from Astellas to advance the programs.

After Astellas exercises its option, Elpiscience is eligible to potentially receive more than US $1.7 billion in payments for the achievement of future development, regulatory, and commercial milestones.

Elpiscience is also eligible to receive single-digit to lower double-digit percent royalty payments on net sales for licensed products per each program.

GSK and Hansoh Pharma have entered into an exclusive license agreement for HS-20093, a B7-H3 targeted antibody-drug conjugate utilising a clinically validated topoisomerase inhibitor payload.

GSK will obtain exclusive worldwide rights (excluding China’s mainland, Hong Kong, Macau, and Taiwan) to progress clinical development and commercialisation of HS-20093.

GSK will pay $185 million upfront.

Hansoh will be eligible to receive up to $1.525 billion in success-based milestones for HS-20093.

Upon commercialisation of HS-20093, GSK will pay tiered royalties on global net sales outside of China’s mainland, Hong Kong, Macau, and Taiwan.

Bayer and Bicycle Therapeutics have entered into a strategic collaboration agreement to discover, develop, manufacture, and commercialize Bicycle radioconjugates for multiple agreed upon oncology targets.

Bayer and Bicycle will collaborate on the development of bicyclic peptides for multiple oncology targets.

Bicycle will utilize its proprietary phage platform to discover and develop bicyclic peptides and Bayer will be responsible for, and fully fund, all further preclinical and clinical development, manufacturing, and commercialization activities.

Bicycle will receive a $45 million upfront payment and with potential development and commercial-based milestone fees, payments to Bicycle could total up to $1.7 billion.

Bicycle will also be eligible to receive mid-single to double-digit tiered royalties on Bicycle-based medicines commercialized by Bayer.

LegoChem Biosciences has entered into a license agreement with Janssen Biotech to develop and commercialize LCB84, a Trop2 directed antibody drug conjugate.

LCB will grant Janssen an exclusive, worldwide license for the development and commercialization of LCB84.

LCB is eligible for up to potentially USD 1.7 billion in total consideration including an upfront payment of USD 100 million, an option exercise payment of USD 200 million as well as potential development, regulatory, and commercial milestone payments, plus tiered royalties on net sales.

The companies will collaborate during the ongoing Phase 1/2 clinical trial, with Janssen solely responsible for clinical development and commercialization after option exercise.

August 2023

Duality Biologics has expanded its collaboration with BioNTech to develop, manufacture and commercialize a third ADC candidate DB-1305 globally, excluding Mainland China, Hong Kong Special Administrative Region and Macau Special Administrative Region.

DB-1305 is currently in a Phase 1/2 clinical trial for solid tumors. The agreement further builds upon the strategic collaboration the companies announced in April 2023.

DualityBio will receive upfront payments, additional development, regulatory and commercial milestone payments, and single-digit to low-double digit tiered royalties on net sales of DB-1305.

BioNTech will hold commercial rights globally (excluding Mainland China, Hong Kong Special Administrative Region and Macau Special Administrative Region), while DualityBio will retain commercial rights for Mainland China, Hong Kong Special Administrative Region and Macau Special Administrative Region.

April 2023

BioNTech and Duality Biologics have entered into exclusive license and collaboration agreements for two ADC assets to develop, manufacture and commercialize the two assets globally, excluding Mainland China, Hong Kong Special Administrative Region and Macau Special Administrative Region.

With this collaboration, ADCs will become an additional drug class in BioNTech’s oncology portfolio with the aim to further support BioNTech’s mission of developing highly efficacious therapies for cancer patients at every stage of disease.

BioNTech will gain access to DualityBio’s lead candidate, DB-1303, which is a topoisomerase-1 inhibitor-based ADC directed against Human Epidermal Growth Factor Receptor 2, a target that is overexpressed in a variety of cancers, which contributes to the aggressive growth and spread of cancer cells.

Antibody therapy targeting HER2 has been shown to be an effective treatment strategy for HER2-expressing cancers.

The DB-1303 program received the Fast Track designation from the US Food and Drug Administration and is currently in a Phase 2 clinical trial (NCT05150691) for HER2-expressing advanced solid tumors.

BioNTech will also gain access to a second topoisomerase-1 inhibitor-based ADC candidate, DB-1311.

DualityBio will receive upfront payments for both asset licenses totaling $170 million, and additional development, regulatory and commercial milestone payments for both assets, potentially totaling over $1.5 billion.

DualityBio will be eligible to receive single-digit to double-digit tiered royalties on net sales for both ADC assets.

BioNTech will hold commercial rights globally (excluding Mainland China, Hong Kong Special Administrative Region and Macau Special Administrative Region), while DualityBio will retain commercial rights for Mainland China, Hong Kong Special Administrative Region and Macau Special Administrative Region.

As part of the agreement for DB-1311, DualityBio has the right to exercise a co-development cost and profit/loss sharing option for DB-1311 for the US market, as well as a co-promotion option for the US market.

Scribe Therapeutics announced a strategic collaboration with Prevail Therapeutics granting Prevail exclusive rights to Scribe’s CRISPR X-Editing technologies for the development of in vivo therapies directed to specified targets known to cause serious neurological and neuromuscular diseases.

Scribe will receive $75 million consisting of an upfront payment and equity investment in the form of a convertible note, and is eligible to receive more than $1.5 billion in development and commercial milestone payments.

Prevail will pay research funding and tiered royalties ranging into the low double-digits on net future sales.

Scribe also has the right to opt-in to co-fund and share profits in the US on one collaboration program.

WuXi Biologics announced a license agreement with GSK under which GSK will have exclusive licenses for up to four bi- & multi-specific TCE antibodies developed using WuXi Biologics' proprietary technology platforms.

GSK will be granted an exclusive global license for the research, development, manufacturing, and commercialization of a pre-clinical bispecific antibody that crosslinks tumor cells and T cells by targeting a tumor-associated antigen on tumor cells and CD3 expression on T cells and up to three additional pre-clinical TCE antibodies currently at an earlier discovery stage.

WuXi Biologics will receive a $40 million upfront payment and up to $1.46 billion in additional payments for research, development, regulatory and commercial milestones across the four TCE antibodies.

WuXi Biologics is also eligible to receive tiered royalties on net sales.

Otsuka Pharmaceutical and ShapeTX announced a multi-target collaboration to develop intravitreally-delivered adeno-associated viruses for ocular diseases, with options to add additional targets and tissue types.

The companies will collaborate to apply ShapeTX’s AAVid capsid discovery platform and transgene engineering technology along with Otsuka’s expertise in genetic payload design and ophthalmology to develop novel treatment options for people living with serious eye diseases.

ShapeTX will also apply the company’s transgene engineering technology to optimize payloads provided by Otsuka for therapeutic levels of gene expression in targeted cell types.

ShapeTX will receive an initial payment from Otsuka and is eligible to receive development, regulatory, and sales milestone payments potentially exceeding $1.5 billion in aggregate value.

ShapeTX is also eligible to receive tiered royalties on future sales of products resulting from the collaboration.

Sanofi and Teva Pharmaceuticals announced a collaboration to co-develop and co-commercialize asset TEV’574, currently in Phase 2b clinical trials for the treatment of Ulcerative Colitis and Crohn's Disease, two types of inflammatory bowel disease.

Teva will receive an upfront payment of €469 million ($500 million) and up to €940 million ($1 billion) in development and launch milestones.

Each company will equally share the development costs globally and net profits and losses in major markets, with other markets subject to a royalty arrangement and Sanofi will lead the development of the Phase 3 program.

Teva will lead commercialization of the product in Europe, Israel and specified other countries, and Sanofi will lead commercialization in North America, Japan, other parts of Asia and the rest of the world.

PTC Therapeutics announced an agreement with Royalty Pharma to monetize up to $1.5 billion of the Evrysdi royalty stream.

Royalty Pharma acquires additional royalties on Evrysdi for $1.0 billion upfront.

The agreement includes options for PTC to sell up to all of its retained royalties on Evrysdi for up to $500 million or for Royalty Pharma to acquire half of such retained royalties for up to $250 million at a later date.

PTC maintains all economics associated with up to $250 million in remaining commercial sales milestones associated with Evrysdi global net sales.

Merck KGaA announced a strategic collaboration with Jiangsu Hengrui Pharmaceuticals.

The partnership includes an exclusive license worldwide (ex-China) to develop, manufacture and commercialize Hengrui’s next-generation potent and selective PARP1 (poly (ADP-ribose) polymerase 1) trapping inhibitor HRS-1167.

The agreement also includes an option to an exclusive license worldwide (ex-China) to develop, manufacture and commercialize Hengrui’s Claudin-18.2 antibody-drug conjugate SHR-A1904.

Merck KGaA has the option to co-promote both assets in China.

Additionally, should the company exercise its option, SHR-A1904 would complement Merck KGaA's internal preclinical and clinical ADC portfolio applying different linker payload technologies.

The first ADC developed using Merck KGaA's own technology, M9140, a CEACAM5-targeting ADC, is being evaluated in an ongoing Phase Ia/b study in patients with metastatic colorectal cancer.

Merck KGaA will provide Hengrui with an upfront payment of €160 million.

Hengrui will receive payments for the achievement of certain development, regulatory and commercial milestones and tiered royalties on net sales by Merck KGaA.

Potential payments may total up to €1.4 billion.

BeiGene and Ensem Therapeutics announced an agreement for BeiGene to acquire an exclusive global license to an Investigational New Drug application-ready oral cyclin-dependent kinase 2 inhibitor.

ENSEM will receive an upfront payment, and will be eligible for additional payments upon the achievement of certain development, regulatory, and commercial milestones, totaling up to $1.33 billion, in addition to tiered royalties.

Chong Kun Dang Pharmaceutical has signed a $1.3 billion deal with Novartis to license out a new drug candidate, CKD-510.

Novartis will have global exclusive rights to develop and commercialize CKD-510, a small molecule histone deacetylase 6 inhibitor developed by CKD Pharm worldwide, excluding Korea.

The termination date will be the royalty expiration date from the date of signing the contract and be based on the later of 10 years after the first release, the patent expiration date, or the expiration of the licensee's exclusive rights.

CKD Pharm will receive a non-refundable upfront payment of $80 million, milestone payments of up to $1.225 billion for future development and approval milestones, and sales royalties based on sales.

It will also receive an ongoing technology fee based on net sales.

CKD-510 is a drug candidate with a platform technology that selectively inhibits HDAC6.

CKD Pharm has completed a European phase 1 clinical trial of CKD-510 for treating Charcot-Marie-Tooth, a rare disease caused by a genetic abnormality.

AbbVie and Immunome announced a worldwide collaboration and option agreement directed to the discovery of up to 10 novel antibody-target pairs arising from three specified tumor types using Immunome's Discovery Engine.

Immunome will grant AbbVie the option to purchase worldwide rights for up to 10 novel target-antibody pairs arising from the selected tumors.

Immunome will receive an upfront payment of $30M and will be eligible to receive additional platform access payments in the aggregate amount of up to $70M based on AbbVie's election for Immunome to continue research using its Discovery Engine.

Immunome is also eligible to receive development and first commercial sale milestones of up to $120M per target with respect to certain products derived from target-antibody pairs that AbbVie elects to purchase, with potential for further sales-based milestones as well as tiered royalties on global sales.

BeiGene and DualityBio announced an agreement for BeiGene to acquire an exclusive option for a global clinical and commercial license to an investigational, preclinical ADC therapy for patients with select solid tumors.

DualityBio will receive an upfront payment, and will be eligible for a payment contingent upon BeiGene exercising its option and additional payments based upon the achievement of certain development, regulatory, and commercial milestones, totaling up to $1.3 billion, in addition to tiered royalties.

Upon exercising its option, BeiGene will hold global clinical, manufacturing, and commercial rights while DualityBio will perform all research activities through IND-enabling studies and support future IND filings by BeiGene.

Novo Nordisk has agreed to acquire ocedurenone for uncontrolled hypertension with potential application in cardiovascular and kidney disease from KBP Biosciences for up to 1.3 billion US dollars.

CytomX Therapeutics and Moderna announced a collaboration and licensing agreement to create investigational mRNA-based conditionally activated therapies utilizing Moderna’s mRNA technologies and CytomX’s Probody therapeutic platform.

The research collaboration will leverage core scientific advances at Moderna and CytomX.

Moderna's mRNA platform builds on continuous advances in basic and applied mRNA science, delivery technology and manufacturing, and has allowed the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases, and autoimmune diseases.

CytomX’s Probody technology enables proteins to be activated locally in diseased tissue, while remaining masked in systemic circulation.

These advances open up the strategy of encoding potent, masked biologics with mRNA, for the potential treatment of a wide range of diseases.

CytomX will receive an upfront payment of $35 million, including $5 million of pre-paid research funding.

CytomX will continue to receive research funding and is eligible to receive up to approximately $1.2 billion in future development, regulatory, and commercial milestone payments.

CytomX is also eligible to receive tiered royalties on global net sales of any products that are commercialized under the agreement.

Moderna and CytomX will collaborate on discovery and pre-clinical development and Moderna will lead clinical development and commercialization of therapeutics resulting from the agreement.

The agreement additionally provides Moderna with an option to participate in a future equity financing by CytomX subject to certain terms, conditions and regulatory requirements.

Recludix Pharma has entered into a strategic collaboration with Sanofi US to develop and commercialize first-in-class oral small molecule STAT6 (signal transducer and activator of transcription 6) inhibitors for patients with immunological and inflammatory diseases.

STAT6 is believed to play a key role in multiple dermatological and respiratory diseases.

Sanofi will have global rights to small molecule STAT6 inhibitors.

Recludix will advance STAT6 inhibitors from preclinical research and development until the start of Phase 2 clinical trials.

Sanofi will assume worldwide clinical development and commercialization responsibilities thereafter.

Recludix has the option to participate in US profit/loss share, which includes the ability to share equally in the costs, profits and losses, and to certain co-promotion activities for the partnered product in the US.

Recludix will receive $125 million in near-term payments, and additionally, Recludix may receive more than $1.2 billion in potential development, regulatory and sales milestones, as well as up to double-digit royalties on possible future product sales.

Sangamo Therapeutics has signed an evaluation and option agreement with Prevail Therapeutics through which Prevail has been granted rights to evaluate certain proprietary adeno-associated virus capsids developed by Sangamo and may exercise certain options to license these capsids for multiple undisclosed neurological targets.

Generated through Sangamo’s AAV capsid engineering platform, SIFTER (Selecting In vivo For Transduction and Expression of RNA), these capsids have demonstrated a potential for high efficiency delivery of investigatory gene therapy constructs to the central nervous system in pre-clinical animal models following administration into the cerebrospinal fluid and seek to optimize delivery of therapeutics to a range of previously inaccessible areas.

Prevail will evaluate Sangamo’s proprietary capsids by performing in vitro and in vivo studies, with an option to obtain an exclusive license to use the capsids for certain neurological targets.

Sangamo will provide the capsids to Prevail for evaluation in exchange for an upfront payment.

If Prevail exercises its option for all targets, and a Prevail product is approved in the US and Europe for each target, Sangamo would be eligible to receive exercise fees and developmental milestones of up to approximately $415 million and commercial milestones of up to approximately $775 million, in addition to tiered royalties based on net sales of Prevail products incorporating the licensed capsids.

Prevail would lead all further development, manufacturing and commercialization of products incorporating the licensed capsids.

Keymed Biosciences and Lepu Biopharma announced a global exclusive licence agreement with AstraZeneca for CMG901, a potential first-in-class Claudin 18.2 antibody drug conjugate.

AstraZeneca will be responsible for the research, development, manufacture and commercialisation of CMG901 globally.

KYM Biosciences, the joint venture established by Keymed and Lepu Biopharma, will receive an upfront payment of $63m on transaction closing and additional development and sales-related milestone payments of up to $1.1bn as well as tiered royalties up to low double-digits.

Neurocrine Biosciences and Voyager Therapeutics announced the formation of a new strategic collaboration to advance multiple gene therapies for the treatment of neurological diseases.

The collaboration includes Voyager’s preclinical, intravenously administered GBA1 gene therapy program for Parkinson’s disease and other GBA1-mediated diseases, which combines a GBA1 gene replacement payload with novel capsids from Voyager’s TRACER (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) platform.

Neurocrine Biosciences and Voyager have agreed to collaborate on three new gene therapy programs directed to rare CNS targets, each also leveraging Voyager’s novel TRACER capsids.

The collaboration builds upon the long-standing strategic partnership between Neurocrine Biosciences and Voyager and continues to combine Voyager’s expertise in novel capsid discovery, payload design, and neuropharmacology with Neurocrine Biosciences’ expertise in neuroscience and the clinical and commercial development of therapies for patients suffering from serious neurological diseases.

Neurocrine Biosciences has agreed to pay Voyager $175 million up front, of which Neurocrine Biosciences has agreed to pay approximately $136 million in cash and to purchase approximately $39 million of newly issued equity in Voyager at a price of $8.88 per share, which represents a 50% premium to the average daily volume-weighted average price of Voyager’s stock over the 30 trading days prior to the execution of the transaction.

Neurocrine Biosciences has agreed to fund all costs incurred under the collaboration, subject to the cost- and profit-sharing option terms below.

Regarding the GBA1 gene therapy program, Neurocrine Biosciences has agreed to fund development through the completion of a first Phase 1 trial.

Following the data readout from such trial, Voyager has the right, but not the obligation, to elect to co-develop and co-commercialize the GBA1 program with Neurocrine Biosciences in the US under a 50/50 cost- and profit-sharing arrangement in lieu of receiving further US milestone-based payments and royalties or alternatively be eligible for US-based development, regulatory, and commercial milestone payments and tiered royalties, with Neurocrine Biosciences maintaining responsibility for all development and commercialization expenses.

If Voyager declines its option for cost and profit sharing on the GBA1 program, under the terms of the collaboration agreement, Voyager will be eligible for up to $985 million in total development milestone payments plus substantial potential commercial milestone payments, and tiered royalties ranging from low double-digit to twenty percent on US net sales.

Irrespective of Voyager’s election on its cost- and profit-sharing option, Voyager shall be eligible for potential ex-US-based regulatory and commercial milestone payments, as well as royalties ranging from high-single-digits to mid-teens on ex-US net sales.

Regarding the three new gene therapy programs under the collaboration, Voyager is eligible to earn up to $175 million in development milestone payments plus substantial potential commercial milestone payments for each program, and tiered high single-digit to mid-teens royalties on US net sales and mid-single-digit to low double-digit royalties on ex-US net sales.

Neurocrine Biosciences has agreed to fully fund the development of the three new programs.

Neurocrine Biosciences and Voyager have agreed that, following the completion of the transaction, Jude Onyia, Ph.D., Chief Scientific Officer at Neurocrine Biosciences, will join Voyager’s Board of Directors.

TRex Bio announced a multi-year research collaboration and exclusive worldwide license agreement with Eli Lilly to develop novel therapies for the treatment of immune-mediated diseases.

This agreement builds on a previous collaboration with Lilly.

TRexBio receives an upfront payment of $55 million and is eligible to receive more than $1.1 billion on achievement of certain development, regulatory, and commercial milestones.

TRexBio is also entitled to receive tiered royalties on product sales.

Eli Lilly will be granted an exclusive worldwide license to develop and commercialize drug candidates from three programs and will be fully responsible for all related clinical development and commercialization costs.

HUTCHMED has entered into an exclusive license agreement with a subsidiary of Takeda Pharmaceutical Company to further the global development, commercialization and manufacture of fruquintinib outside of mainland China, Hong Kong and Macau, where it is marketed by HUTCHMED.

HUTCHMED will receive up to US$1.13 billion including US$400 million upfront on closing as well as potential regulatory, development and commercial sales milestone payments, plus royalties on net sales.

Ionis Pharmaceuticals and Royalty Pharma announced that Royalty Pharma has acquired an interest in Ionis' royalty in Biogen's SPINRAZA (nusinersen) and Novartis' pelacarsen for up to $1.125 billion, including an upfront payment of $500 million and up to $625 million in additional pelacarsen milestone payments.

Royalty Pharma will receive:

25% of Ionis' SPINRAZA royalty payments through 2027, increasing to 45% of royalty payments in 2028, on up to $1.5 billion in annual sales.

Royalty Pharma's royalty interest in SPINRAZA will revert to Ionis after total SPINRAZA royalty payments reach either $475 million or $550 million, depending on the timing and occurrence of certain events; and

25% of Ionis' pelacarsen royalty payments.

Under the terms of Ionis' exclusive licensing agreement with Biogen, Ionis is entitled to tiered royalties up to the mid-teens on annual worldwide net sales of SPINRAZA.

Ionis' exclusive license agreement with Novartis entitles Ionis to receive tiered royalties in the mid-teens to low 20% range on net sales of pelacarsen.

Ionis also retains all rights to $650 million in pelacarsen development, regulatory and commercial milestones from Novartis.

Legend Biotech announced that Legend Biotech Ireland has entered into an exclusive, global license agreement with Novartis Pharma for certain Legend Biotech chimeric antigen receptor T-cell cell therapies targeting DLL3, including its autologous CAR-T cell therapy candidate, LB2102.

The License Agreement grants Novartis the exclusive worldwide rights to develop, manufacture and commercialize these cell therapies, and Novartis may apply its T-Charge™ platform to their manufacture.

Legend Biotech will conduct a Phase 1 clinical trial for LB2102 in the US Novartis will conduct all other development for the licensed products.

Legend Biotech will receive a $100 million upfront payment and will be eligible to receive up to $1.01 billion in clinical, regulatory and commercial milestone payments and tiered royalties.

Nona Biosciences has entered into an exclusive license agreement with Pfizer for the global clinical development and commercialization of Nona Biosciences' MSLN-targeted antibody-drug conjugate, HBM9033.

Nona Biosciences will receive a total of up to $53 million in upfront and near-term payments, with the potential for additional payments of up to $1.05 billion upon achieving certain development and commercial milestones.

Nona Biosciences is also eligible to receive tiered royalties on net sales ranging from high single digits to high teens.

Pipeline Therapeutics has entered into a global license and development agreement with Janssen Pharmaceutica for the investigational compound, PIPE-307 to treat nervous system disorders.

PIPE-307 is an oral, highly selective antagonist of the muscarinic M1 receptor, which has completed two Phase 1 clinical trials in healthy patients and has received Investigational New Drug clearance from the Food and Drug Administration to initiate clinical development in relapsing-remitting multiple sclerosis patients.

Pipeline will grant Janssen a worldwide, exclusive license to research, develop and commercialize PIPE-307 in all indications.

Pipeline will have the right to continue to advance PIPE-307 for the treatment of RRMS through conduct of a Phase 2 clinical trial.

Upon closing of the transaction, Pipeline will receive $50M in an upfront payment from Janssen and separately up to $25M in an equity investment from Johnson & Johnson Innovation and up to $25M in equity investments from Pipeline’s existing investors.

Pipeline is also eligible to receive approximately $1 billion in success-based payments including clinical, regulatory and commercial milestones, as well as tiered double-digit royalty payments, which increase if the co-development option for PIPE-307 is exercised by Pipeline.

Eli Lilly and Amphastar Pharmaceuticals have entered into a definitive agreement for Lilly to divest BAQSIMI worldwide to Amphastar.

BAQSIMI is the first and only nasally administered glucagon for the treatment of severe hypoglycemia in people with diabetes.

Amphastar will pay Lilly $500 million in cash at closing and an additional $125 million in cash upon the one-year anniversary of closing.

Lilly is also eligible to receive sales-based milestone payments of up to $450 million in aggregate.

Gilead Sciences and Assembly Biosciences have entered into a 12-year partnership to advance the research and development of novel antiviral therapies, with an initial focus in Assembly Bio’s established areas of herpesviruses, hepatitis B virus and hepatitis D virus.

Assembly Bio will receive $100 million, consisting of an $84.8 million upfront payment and a $15.2 million equity investment from Gilead.

Gilead’s initial equity investment at a premium represents 19.9 percent of the outstanding voting stock of Assembly Bio as of the date of closing.

In addition, subject to certain conditions, Gilead has agreed to purchase up to 29.9 percent of Assembly Bio’s outstanding voting stock at a premium.

Gilead may opt-in to obtain exclusive rights for each of Assembly Bio’s current and future programs, including two preclinical programs targeting HSV and transplant-associated herpesviruses that Gilead is licensing to Assembly Bio, upon payment of an opt-in fee of at least $45 million per program after clinical proof-of-concept is achieved.

If Gilead opts-in to any current or future program under the collaboration, Assembly Bio is eligible to receive up to $330 million per program in potential regulatory and commercial milestones, in addition to royalties ranging from the high single digits to high teens.

During the term of the collaboration, Assembly Bio will also be eligible to receive three separate $75 million collaboration extension payments at prespecified timepoints during the collaboration term to help fund future research and development.

Following Gilead’s exercise of its option for an Assembly Bio program, Assembly Bio will have the right to opt-in to share profits and costs in the United States.

For future new programs, Assembly Bio will also have an option to co-promote those products in the United States.

Assembly Bio will be primarily responsible for the research and development efforts on the collaboration programs, including the two contributed Gilead programs, prior to Gilead’s potential opt-in.

Following Gilead’s opt-in, Gilead will control discovery, research, development and commercialization on the optioned program(s).

Gilead has the right to appoint two individuals to Assembly Bio’s Board of Directors.

MediLink Therapeutics has entered into a strategic research collaboration and worldwide license agreement with BioNTech on the development of a next-generation antibody-drug conjugate candidate, against Human Epidermal Growth Factor Receptor.

MediLink will grant BioNTech exclusive global rights for the development, manufacturing, and commercialization of one of MediLink's ADC assets excluding Mainland China, Hong Kong Special Administrative Region, and Macau Special Administrative Region.

BioNTech will provide MediLink with an upfront payment totaling of $70 million and additional development, regulatory and commercial milestone payments potentially totaling over $1 billion.

Biotheus has entered into an exclusive global license and collaboration agreement under which BioNTech will be developing, manufacturing and commercializing PM8002 globally ex-Greater China, whereas Biotheus retains the rights to exploit PM8002 in Greater China.

PM8002 is currently being tested in Phase 2 studies in China to evaluate the efficacy and safety of the candidate as a monotherapy or in combination with chemotherapy in patients with advanced solid tumors.

Biotheus will receive an upfront payment of $55 million, and is eligible to receive additional development, regulatory and sales milestone payments potentially totalling over $1 billion as well as tiered royalties on potential future product sales.

PeptiDream announced a new multi-target collaboration and license agreement with Genentech focused on the discovery and development of novel macrocyclic peptide-radioisotope drug conjugates.

PeptiDream will use its proprietary Peptide Discovery Platform System technology to discover, optimize, and develop macrocyclic peptide candidates for use as peptide-RI drug conjugates against targets of interest to Genentech.

PeptiDream will lead early preclinical development before transitioning peptide-RI drug conjugate products arising from the collaboration to Genentech for further development and commercialization.

PeptiDream will retain the right to develop and commercialize such peptide-RI drug conjugate products in Japan.

The new collaboration and license agreement builds upon the long collaborative relationship between the companies, which started with a multi-target collaboration and license agreement in December 2015, followed by Genentech licensing PeptiDream’s PDPS technology in 2016, and expansion of the companies’ collaboration in 2018.

PeptiDream will receive an upfront payment of $40 million USD (¥5.9 billion JPY)(1 USD = 147.7 JPY) from Genentech and be eligible for payments based on the achievement of specified development, regulatory, and commercial milestones potentially up to $1 billion USD (¥147.7 billion JPY).

PeptiDream is eligible to receive tiered royalties on net sales (ex-Japan) of any such products arising from the collaboration.

Valor Healthcare announced its selection as one of four companies awarded a position on Veterans Affairs' eight-year, $1.032 billion contract to provide Remote Patient Monitoring and Home Telehealth services for veterans.

VA's Office of Connected Care will deploy the systems and tools needed to monitor veterans' chronic health conditions while they are at home.

The contract award represents the largest Remote Patient Monitoring effort in the federal government.

The VA's award notice, posted Monday, May 1st, states that the work supports at least 72,000 veterans whose needs can include chronic care, acute care, health promotion, disease prevention, and non-institutional care.

Awardees will also be responsible for providing prosthetic appliances in support of care coordination and chronic disease management efforts.

AQILION announced an exclusive license and strategic research collaboration with Merck to discover, develop and commercialize small molecule inhibitors of the transforming growth factor-β-activated kinase 1 protein.

Merck will make an upfront cash payment of EUR 10 million to Aqilion.

Aqilion is eligible to receive potential development and commercialization milestones up to over EUR 950 million and tiered royalties on worldwide net sales.

The research collaboration will aim to develop first-in-class and differentiated TAK1 therapeutics in a broad range of autoimmune and inflammatory disease indications, including neurological diseases.

During the collaboration, Aqilion will be responsible for the design and synthesis of novel small molecule TAK1 inhibitors while Merck will lead preclinical pharmacology and biology studies.

Tubulis and Bristol Myers Squibb have entered into a strategic license agreement to develop differentiated antibody-drug conjugates.

Bristol Myers Squibb will gain exclusive rights to access Tubulis’ Tubutecan payloads in combination with Tubulis’ proprietary P5 conjugation platform for the development of a selected number of highly differentiated ADCs to treat solid tumors.

P5 and Tubutecans facilitate the generation of ultra-stable ADCs that have the potential to actively reduce unwanted target-independent toxicities and are optimized for on-target delivery of potent topoisomerase-1 inhibitors.

The terms of the agreement include an upfront payment of $22.75 million to Tubulis in addition to the potential for over $1 billion in development, regulatory, and commercial milestone payments plus royalty payments on resulting marketed products.

Following antibody target selection by Bristol Myers Squibb, Tubulis will provide the company with its linker-payload to generate a uniquely matched ADC for each antibody.

Bristol Myers Squibb will assume sole responsibility for development, manufacturing, and commercialization of the resulting ADC candidates.

Pyramid Biosciences has entered into an exclusive license agreement with GeneQuantum Healthcare to develop and commercialize GQ1010, a potential best-in-class antibody drug conjugate targeting TROP2, worldwide except for Greater China (mainland China, Hong Kong, Macau, and Taiwan).

GQ1010 has shown a highly differentiated preclinical profile, and is anticipated to enter a first-in-human trial within the next 12 months.

Pyramid Biosciences will develop and commercialize GQ1010 in exchange for an upfront payment of $20 million and up to an additional $1 billion of milestone payments.

GeneQuantum would also be eligible to receive tiered royalties ranging from mid-single digit to low double digits on net sales.

F-star Therapeutics has entered into a strategic discovery collaboration and licence agreement with Takeda.

The collaboration will leverage F-star’s proprietary fully-human Fcab and tetravalent mAb² platforms to research and develop next-generation multi-specific immunotherapies for patients with cancer.

F-star and Takeda will jointly research and develop novel Fcab domains against undisclosed immuno-oncology targets.

Takeda will receive a worldwide, exclusive royalty-bearing licence to research, develop, and commercialise antibodies incorporating Fcab domains arising from the collaboration, and F-star will retain the right to research, develop, and commercialise antibodies incorporating certain other Fcab domains.

F-star will receive an undisclosed upfront payment as well as research funding for the period of the collaboration.

F-star is also eligible to receive potential future development and commercialisation milestone payments of up to approximately $1 billion if all milestones across multiple programs are reached during the term of the agreement, plus royalties on potential annual net sales of any commercial product resulting from the licence.

Alexion has entered a definitive purchase and licence agreement for a portfolio of preclinical gene therapy programmes and enabling technologies from Pfizer.

The agreement furthers Alexion and AstraZeneca’s commitment to advancing next-generation genomic medicines with the addition of complementary pipeline assets and innovative technologies.

As part of the agreement, the transaction will bring to Alexion a number of novel adeno-associated virus capsids.

AAV capsids have been shown to be an effective mechanism for delivering therapeutic gene cargos for gene therapy and gene editing.

These new resources build on Alexion and AstraZeneca’s combined capabilities in genomic medicine, recently strengthened with the acquisition of LogicBio, with the objective to develop new genetic therapies with improved safety and efficacy profiles.

Additionally, Alexion will seek to welcome talent from Pfizer associated with the portfolio.

Alexion will purchase and licence the assets of Pfizer’s early-stage rare disease gene therapy portfolio for a total consideration of up to $1bn, plus tiered royalties on sales.

BioMap announced a strategic collaboration with Sanofi to co-develop cutting-edge AI modules for biotherapeutic drug discovery leveraging BioMap’s AI platform.

Leveraging BioMap’s custom-built foundational models and world-leading AI expertise, as well as Sanofi’s proprietary data, computational innovations in protein engineering, and deep biologics development experience, both parties aim to create advanced AI models and protein Large Language Models that will enable biologics design and multiparametric optimization.

BioMap will receive an upfront cash payment and near-term payments for reaching module development milestones from Sanofi.

BioMap will be eligible to receive payments of over $1 billion based on achievement of pre-clinical development, clinical development, regulatory, and commercial milestones.

GSK and Arrowhead Pharmaceuticals have reached an agreement with Janssen Pharmaceuticals to transfer exclusive worldwide rights to further develop and commercialise JNJ-3989 to GSK.

JNJ-3989 (formerly ARO-HBV) was initially in-licensed by Janssen from Arrowhead in 2018.

GSK will assume rights and obligations of the existing license agreement between Janssen and Arrowhead, including all remaining financial obligations owed to Arrowhead for JNJ-3989 under the original agreement.

GSK will be responsible for upfront and potential milestone-based payments to both Janssen and Arrowhead totalling approximately $1 billion.

Janssen will continue to be responsible for the ongoing clinical trials of JNJ-3989 at its expense and GSK will be solely responsible for all future development and commercialisation activities.

Additionally, Arrowhead will receive tiered royalties on net sales pursuant to the original agreement.

Biohaven acquired global rights, excluding China regions, for the development of an oral, brain-penetrant, dual inhibitor of Tyrosine Kinase 2 and Janus Kinase 1 for the treatment of brain disorders.

BHV-8000 (previously TLL-041) was licensed from Hangzhou Highlightll Pharmaceutical and Biohaven anticipates advancing the agent into a Phase 1 study in 2023.

Highlightll will receive $10 million in upfront cash and $10 million in BHVN equity, development and commercial milestone payments of up to $950 million, and tiered royalty payments ranging from mid-single digit to lower teens percentages.

Biohaven and Highlightll will coordinate clinical development across global regions.

Astellas Pharma and 4D Molecular Therapeutics announced a license agreement under which Astellas gains rights to utilize the intravitreal retinotropic R100* vector invented by 4DMT for one genetic target implicated in rare monogenic ophthalmic disease(s), with options to add up to two additional targets implicated in rare monogenic ophthalmic diseases after paying additional option exercise fees.

4DMT will provide its proprietary R100 vector technology to Astellas to deliver Astellas' unique genetic payloads for the treatment of rare monogenic diseases. Astellas will conduct all subsequent research, development, manufacturing, and commercialization activities.

4DMT will receive US$20 million upfront, and potential future option fees and milestones of up to US$942.5 million including potential near-term development milestones of US$15 million for the initial target.

4DMT is entitled to receive mid-single digit to double-digit, sub-teen royalties on net sales of all licensed products.

ModeX Therapeutics entered into an exclusive worldwide license and collaboration agreement with Merck for the development of MDX-2201, ModeX’s preclinical nanoparticle vaccine candidate targeting EBV.

OPKO will receive an upfront payment of $50 million and is eligible for milestone payments associated with progress in the development and commercialization of MDX-2201 of up to $872.5 million, as well as royalties on global sales.

ModeX and Merck will jointly advance MDX-2201 to an Investigational New Drug application filing, after which Merck will be responsible for clinical and regulatory activities, as well as product commercialization.

Pre-IND filing activity will be guided by a joint steering committee comprised of representatives from both companies.

Gilead Sciences announced an agreement with Compugen to exclusively license its potential first-in-class, pre-clinical antibody program against IL-18 binding protein, including the COM503 drug candidate.

Compugen will be responsible for the ongoing pre-clinical development and the future Phase 1 study of COM503.

Thereafter, Gilead will have the sole right to develop and commercialize COM503.

Gilead will make Compugen an upfront payment of $60 million and $30 million in a near term milestone payment subject to IND clearance of COM503 expected in 2024.

Compugen will also be eligible to receive up to an additional $758 million in future development, regulatory and commercial milestone payments, with a total deal value of $848 million.

Compugen will also be eligible to receive single-digit to low double-digit tiered royalties on worldwide net sales.

Verge Genomics announced a multi-target collaboration with Alexion to identify novel drug targets for rare neurodegenerative and neuromuscular diseases.

Verge will receive up to $42 million, consisting of upfront fee, equity, and near-term payments, with a potential deal value of $840 million plus potential downstream royalties.

The collaboration will leverage CONVERGE, a full-stack platform that combines highly predictive human tissue datasets with machine learning to find new targets with a higher probability of clinical success.

Instead of starting with cell or animal models, Verge’s drug discovery platform is based on a proprietary library of genomic datasets derived directly from human tissue that is coupled with an advanced human-centered biology platform to rapidly advance new data insights into clinical candidates.

This approach, validated through the successful advancement of Verge’s lead program in amyotrophic lateral sclerosis, will be used to identify novel therapeutic targets.

Alexion will select high-potential targets for each indication, with the option to license and advance successful targets through clinical development and commercialization.

AstraZeneca will take an equity position in Verge Genomics, building upon Verge’s strong roster of industry-leading strategic investors that include Eli Lilly and Merck Global Health Innovation Fund.

Flagship Pioneering and Pfizer announced the companies have partnered to create a new pipeline of innovative medicines.

Flagship and Pfizer will each invest $50M upfront to explore opportunities to develop 10 single-asset programs by leveraging Flagship’s ecosystem of more than 40 human health companies and multiple biotechnology platforms.

Pfizer will fund and have an option to acquire each selected development program.

Flagship and its bioplatform companies will be eligible to receive up to $700M in milestones and royalties for each successfully commercialized program.

Pioneering Medicines, an initiative of Flagship Pioneering, working in collaboration with Pfizer’s research and development leadership, will lead the exploration process to drive rapid potential portfolio creation.

The focus will be addressing unmet needs within Pfizer’s core strategic areas of interest, including in broad patient populations and diseases with high potential to benefit from a diverse range of technology platforms and modalities.

Cognizant announced an expansion of its relationship with Gilead Sciences.

Cognizant will manage Gilead's global IT infrastructure, platforms, applications and advanced analytics, and lead initiatives designed to accelerate its digital transformation.

The agreement includes renewal and expansion of Cognizant services for a total expected value of $800 million over the next five years.

This collaboration is aimed at enabling Gilead to streamline various parts of its business with the goal of faster time to market of various medicines for life-threatening diseases, including HIV, viral hepatitis, and cancer.

Autifony Therapeutics has entered into an exclusive global licensing agreement with Jazz Pharmaceuticals for up to $770.5 million to discover and develop drug candidates targeting two different ion channel targets associated with neurological disorders.

Autifony will lead drug discovery and preclinical development activities on the two targets.

Subsequent to successful completion of such preclinical development, Jazz will lead all clinical development, manufacturing and regulatory activities and commercialization.

Autifony will receive an upfront payment from Jazz and is eligible to receive development, regulatory and commercial milestone payments across the two programmes.

The upfront and milestone payments have a combined total value of up to $770.5 million.

Autifony is also eligible to receive royalties on future net sales.

December 2023

Terminated

Maze Therapeutics announced the signing of an exclusive worldwide license agreement with Sanofi for Maze’s glycogen synthase 1 program, including clinical candidate MZE001, which is currently in development for the treatment of Pompe disease and other potential indications.

MZE001, designed and developed by Maze, is an oral GYS1 inhibitor that aims to address Pompe disease by limiting disease-causing glycogen accumulation.

Maze will receive a $150 million payment consisting of both upfront cash and future equity investment for the rights to further develop and commercialize MZE001, as well as an exclusive license to related GYS1-targeting back-up programs and intellectual property.

Maze will be eligible to receive up to an additional approximately $600 million in potential development, regulatory and sales milestones, as well as meaningful royalties on sales if MZE001 is successfully commercialized.

Capsida Biotherapeutics announced a multi-year strategic collaboration with Prevail Therapeutics to develop transformative genetic medicines for serious diseases.

Prevail will leverage Capsida's novel adeno-associated virus engineering platform to identify and advance clinically translatable capsids paired with Prevail's cargo to develop best-in-class, IV-administered gene therapies directed to specified targets known to cause serious diseases that affect the central nervous system.

Capsida will receive $55 million consisting of an upfront payment and a commitment to participate in the company's next financing round, plus the potential to receive up to $685 million in research and development and commercial milestones as well as tiered royalties.

In addition, for one of the programs under the collaboration, Capsida will have an option to participate in development and commercialization in the US in exchange for a gross margin share in that program.

For all programs, Capsida will lead capsid discovery efforts using its high throughput AAV engineering and screening platform and Prevail will be responsible for preclinical and Investigational New Drug-enabling studies with therapeutic payloads.

Dewpoint Therapeutics announced a research and development partnership with Novo Nordisk to identify drug candidates using Dewpoint's discovery platform related to biomolecular condensates to treat insulin resistance and diabetic complications.

The partnership brings together Novo Nordisk's global leadership in treating diabetes and metabolic diseases with Dewpoint's groundbreaking discovery and AI technology platform to identify modulators of biomolecular condensates.

The scope of the agreement includes discovering potential small molecule drugs against multiple new condensate targets that may be involved in mechanisms of insulin resistance and insulin sensitivity.

Novo Nordisk can also choose to discover non-small molecule drugs against the identified condensates using internal Novo Nordisk capabilities and gains rights to further develop and commercialize such potential drugs.

Dewpoint is eligible to receive up to $55 million in the near term which includes an upfront payment, research funding and potential research milestones across two programs.

Dewpoint is also eligible to receive up to $690 million of clinical, commercial and sales milestones plus royalties across two commercial products.

If Novo Nordisk decides to pursue other modalities for the condensates, Dewpoint will be eligible to receive up to $107.5 million in total milestones per product.

Astellas Pharma US and PeptiDream announced a research collaboration and license agreement to discover novel protein degraders for two targets selected by Astellas.

Astellas will have the option to select up to three additional targets to be included in the collaboration.

Under the terms of the agreement, the companies plan to combine PeptiDream's PDPS (Peptide Discovery Platform System) technology with Astellas' drug discovery capabilities to discover multiple next-generation protein degraders targeting diverse targets that go beyond existing technologies.

Astellas will be responsible for the development and commercialization of products created from this collaborative research.

Astellas will provide PeptiDream with an upfront payment of ¥3.0 billion.

PeptiDream is eligible to receive discovery, development and commercial sales milestones of up to ¥20.6 billion per target.

PeptiDream is also eligible to receive single-digit percent royalty payments on net sales of any products arising from the collaboration.

SOTIO announced a license and option agreement with Synaffix to develop next-generation antibody-drug conjugates for the treatment of solid tumors.

SOTIO will leverage Synaffix’s ADC technology platform to develop up to three novel ADCs targeting distinct tumor-associated antigens.

The deal enables SOTIO to combine its proprietary antibodies with Synaffix’s ADC technology platform in order to deliver innovative new ADCs that can overcome the challenges of treating solid tumors.

In addition to GlycoConnect and HydraSpace, the deal also includes Synaffix’s potent linker-payload platform including multiple different payloads.

Synaffix is eligible to receive upfront and potential milestone payments worth up to $740 million, plus single-digit royalties on net sales.

SOTIO will be responsible for research, development, manufacturing and commercialization of the ADC products, while Synaffix will closely support SOTIO’s research activities and be responsible for the manufacturing of components that are specifically related to its proprietary GlycoConnect, HydraSpace, and linker-payload technologies.

Dr. Reddy's Laboratories and Coya Therapeutics have entered into a development and license agreement for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis.

Coya has granted Dr. Reddy’s an exclusive license to commercialize COYA 302, a proprietary co-pack kit containing combination of low dose IL-2 and CTLA-4 Ig (abatacept) in the United States, Canada, the European Union and the United Kingdom for ALS.

This Agreement is in addition to the in-licensing agreement with Dr. Reddy’s signed in early 20231.

Coya retains the right to commercialize COYA 302 for patients with amyotrophic lateral sclerosis in Japan, Mexico, and each country in South America.

Coya will have responsibility for the clinical development of COYA 302 and for seeking regulatory approval for COYA 302 for patients with ALS in the United States.

Dr. Reddy’s will make a USD 7.5 million upfront payment to Coya.

Upon the first FDA acceptance of an investigational new drug application for COYA 302 for the treatment of ALS, Dr. Reddy’s will pay Coya an additional USD 4.2 million.

Upon dosing of the first patient in the first Phase 2 trial of COYA 302 for the treatment of ALS in the United States, Dr. Reddy’s will pay Coya an additional USD 4.2 million.

Coya anticipates that the IND filing will be made in the first half of 2024.

The Agreement also includes development and regulatory milestones up to USD 40 million should all such development and regulatory milestones be achieved.

Coya is eligible to receive sales-based milestone payments of up to USD 677.25 million linked to tiers of cumulative net sales being achieved over several years (over the term of the agreement subject to product commercial exclusivity).

Dr. Reddy’s will pay Coya royalties based on a percentage net sales of COYA 302 ranging from low to middle teens.

Coya is not a related party to Dr. Reddy’s or its promoters/promoter group.

Shanghai Junshi Biosciences announced a collaboration with Dr Reddy’s Laboratories to develop and commercialize toripalimab, the anti-PD-1 monoclonal antibody in Latin America, India, South Africa, and at the election of Dr. Reddy’s, also in Australia, New Zealand and other countries.

Junshi Biosciences will grant a licence to Dr Reddy’s to develop and exclusively commercialize toripalimab in Brazil, Mexico, Colombia, Argentina, Peru, Chile, Panama, Uruguay, India and South Africa.

Dr. Reddy’s may elect to expand the scope of the license to cover Australia, New Zealand and nine other countries.

Junshi Biosciences also grants Dr Reddy’s the exclusive right of first negotiation for commercialization, in the event that Junshi Biosciences determines to grant any third party the rights to commercialize two other products as agreed in the agreement in one or more countries within the total 21 countries of Dr Reddy’s Territory3.

Junshi Biosciences may receive up to an aggregate of US$728.3 million for upfront payment, potential expansion of Dr. Reddy’s Territory and milestone payment, plus double-digit percentage of royalties on the net sales of products containing toripalimab.

Aspect Biosystems and Novo Nordisk announced a collaboration, development, and licence agreement to develop bioprinted tissue therapeutics designed to replace, repair, or supplement biological functions inside the body with the aim of delivering a new class of truly disease-modifying treatments for diabetes and obesity.

The collaboration will leverage Aspect’s proprietary bioprinting technology and Novo Nordisk’s expertise and technology in stem cell differentiation and cell therapy development and manufacturing.

Novo Nordisk will receive an exclusive, worldwide licence to use Aspect’s bioprinting technology to develop up to four products for the treatment of diabetes and/or obesity.

Aspect will receive initial payments of 75 million dollars, including an upfront payment, research funding and an investment in the form of a convertible note.

Aspect is also eligible to receive up to 650 million dollars in future development, regulatory, commercial and sales milestone payments per product, as well as tiered royalties on future product sales.

September 2024

Emergent BioSolutions announced today that it was awarded a contract modification executing an option period by the Biomedical Advanced Research and Development Authority, part of the Administration for Strategic Preparedness and Response within the U.S. Department of Health and Human Services, valued at $41.9 million, for drug substance engineering and scale-up process validation, long term stability, and commercial readiness in support of its ongoing scale-up program for Ebanga (ansuvimab-zykl), a licensed treatment for Ebola virus disease

July 2023

Emergent BioSolutions was awarded a 10-year contract by the Biomedical Advanced Research and Development Authority valued at up to a maximum of $704 million, for advanced development, manufacturing scale-up, and procurement of Ebanga (ansuvimab-zykl), a licensed treatment for Ebola virus disease.

AbCellera announced a CA$701 million co-investment with the Governments of Canada and British Columbia to build new capabilities and infrastructure to develop innovative antibody-based medicines and strengthen Canada’s leadership in clinical research, manufacturing, and drug development.

Over the next eight years, AbCellera plans to invest CA$401 million in the project, and the Governments of Canada and British Columbia will contribute CA$225 million and CA$75 million, respectively.

These investments will build new capabilities in Canada to develop, manufacture, and deliver antibody medicines to patients through Phase 1 clinical trials and build expertise in translational science, technical operations, and clinical operations and research.

Corbus Pharmaceuticals has entered into an exclusive licensing agreement with CSPC Megalith Biopharmaceutical for development and commercialization of CRB-701 (SYS6002): a novel clinical stage antibody drug conjugate targeting Nectin-4.

The agreement covers exclusive commercialization rights to CRB-701 in the United States, Canada, the European Union (including the European Free Trade Area), the United Kingdom, and Australia.

CSPC will retain all rights to SYS6002 in the remaining global markets.

The IND for CRB-701 has been cleared by the US FDA.

CRB-701 is currently being investigated by CSPC in a Phase 1 dose escalation clinical trial in advanced solid tumors in China.

Corbus is planning to bridge data from this Phase 1 trial to support a US clinical trial starting in 2024.

Corbus and CSPC will work collaboratively to execute the clinical development of CRB-701 with Corbus responsible for the clinical development in the US and other licensed territories.

CSPC will receive an upfront payment of $7.5 million.

CSPC will also be eligible to receive royalties on net sales and up to $130 million in potential development and regulatory milestone payments and $555 million in potential commercial milestone payments.

Zion Pharma announced that Roche has acquired the global rights to Zion’s lead program, ZN-A-1041.

ZN-A-1041 is an orally administered selective tyrosine kinase inhibitor targeting the Human Epidermal Growth Factor Receptor 2.

ZN-A-1041 was designed to be blood-brain-barrier-penetrant, and has the potential to treat or prevent the onset of brain metastases in patients with HER2-positive metastatic breast cancer.

After a transition period, Roche will be responsible for the further development, manufacturing, and commercialization of ZN-A-1041 globally.

Zion will receive up to $70 million USD in upfront and near-term milestone payments pending achievement of certain milestone events.

Zion will also be eligible for up to $610 million USD in additional payments following achievement of certain development, regulatory, and sales-based milestone events by ZN-A-1041, as well as tiered royalties on sales.

January 2024

ABVC BioPharma announced that the Company and its subsidiary received an aggregate of 46 million shares from AiBtl BioPharma, as its first milestone payment under a global licensing agreement.

The agreement between the Company and AiBtl placed a value of $460 ($10 per share) on such payment.

November 2023

ABVC BioPharma entered into a global licensing definitive agreement with AiBtl BioPharma for the Company's CNS drugs with the indications of MDD and ADHD.

The agreement has the potential of licensing income worth $467M and royalties up to $200M.

AbbVie and Capsida Biotherapeutics announced an expanded strategic collaboration to develop genetic medicines for eye diseases with high unmet need.

AbbVie's extensive capabilities will be paired with Capsida's novel adeno-associated virus engineering platform and manufacturing capability to identify and advance three programs.

The collaboration builds upon the neurodegenerative disease partnership announced in 2021.

Under the terms of the expanded agreement, Capsida will receive $70 million, consisting of upfront payments and a potential equity investment.

For the three programs, Capsida may be eligible to receive up to $595 million in option fees and research and development milestones, with potential for further commercial milestones.

Capsida is also eligible to receive mid-to-high single-digit royalty payments on future product sales.

Capsida will lead capsid discovery efforts for all programs using its high throughput AAV engineering platform and will be responsible for process development and early clinical manufacturing.

AbbVie will lead innovative therapeutic cargo approaches and be responsible for development and commercialization.

PRISM BioLab has entered into a License and Collaboration Agreement with Eli Lilly.

PRISM and Lilly will collaborate to discover small molecule inhibitors of a PPI target selected by Lilly utilizing PRISM's proprietary PepMetics technology.

Lilly has the option to add up to two more targets to the collaboration and is responsible for the clinical development and commercialization of resulting products.

PRISM will receive upfront payments and is eligible to receive up to $660 million in pre-clinical, clinical and commercial development milestones payments, as well as royalties on product sales.

Gilead Sciences and EVOQ Therapeutics announced a collaboration and licensing agreement to advance EVOQ’s proprietary technology for the treatment of rheumatoid arthritis and lupus.

EVOQ’s NanoDisc technology is designed to enable lymph-targeted delivery of disease-specific antigens and has the potential to change the paradigm for the treatment of autoimmune diseases.

Gilead and EVOQ will collaborate on preclinical development.

Gilead has the option to exclusively license rights to EVOQ’s NanoDisc technology to pursue product candidates for RA and lupus indications and will be responsible for clinical development and commercialization.

EVOQ could potentially receive up to $658.5 million total in upfront, option exercise and milestone payments across all programs, as well as tiered royalties on product sales.

Almirall and Absci announced a drug discovery partnership aimed to develop and commercialize AI-designed therapeutics to fight chronic and debilitating dermatological diseases.

The partnership combines Absci’s Integrated Drug Creation platform with Almirall’s dermatological expertise with the goal of delivering life-changing medicines to patients, marking another step forward in AI drug creation.

Absci will apply its de novo generative AI technology to create and commercialize therapeutic candidates for two dermatological targets.

In addition to product royalties, Absci is eligible to receive up to approximately $650 million in upfront fees, R&D, and post-approval milestone payments across the two programs if all milestones are successfully completed.

TG Therapeutics and Neuraxpharm announced an agreement for the ex-US commercialization of BRIUMVI (ublituximab).

BRIUMVI is the first and only anti-CD20 monoclonal antibody approved in the United States and European Union for adult patients with relapsing forms of multiple sclerosis that can be administered in a one-hour infusion, twice a year, following the starting dose.

TG Therapeutics will receive an upfront payment of $140 million plus an additional $12.5 million upon launch in the first EU country and is eligible to receive up to an additional $492.5 million in milestone-based payments on achievement of certain launch and commercial milestones.

The total deal is valued at up to $645 million in upfront and milestone payments.

TG will receive tiered double-digit royalties on net product sales up to 30%.

Neuraxpharm will have the exclusive right to commercialize BRIUMVI in territories outside the United States, Canada, and Mexico, which are retained by TG, and excluding certain Asian countries previously partnered.

TG Therapeutics retains an option to buy back all rights under the commercialization agreement for a period of two years in the event of a change in control of TG.

July 2024

Evotec announced that its biologics segment Just - Evotec Biologics has expanded its strategic partnership with Sandoz

Just - Evotec Biologics will receive appropriate remuneration following early scientific validation, with further funding tied to achieving development milestones from 2025

May 2023

Evotec and Sandoz announced that Just - Evotec Biologics launched a multi-year, long-term tech partnership with Sandoz for the immediate development and subsequent manufacturing of multiple biosimilars.

The partnership includes an option for the non-exclusive in-licensing of Just - Evotec Biologics' proprietary technology by Sandoz for building its fully-owned S.POD facility (in analogy to Just - Evotec Biologics' state-of-the-art J.POD facilities).

Just - Evotec Biologics will receive a double-digit-million upfront and future payments dependent on successful development progress of US$ 640 m as well as additional undisclosed payments dependent on progress into commercial manufacturing and exercising the S.POD option.

The partnership sets out highest ambitions for reaching highest quality and lowest cost levels by introducing Just - Evotec Biologics' data-driven, fully integrated design capability and continuous manufacturing technology (J.DESIGN) into the field of biosimilars, exclusive for all molecules in scope. Both parties are closely aligned in their quest for improving access to medicines for patients across the globe.

The development of the biosimilars will ramp up over the coming 12-18 months in a highly collaborative fashion at Just - Evotec Biologics' J.POD facilities.

In addition, this partnership will set a precedent for Sandoz being able to in-license, non-exclusively, the Just - Evotec Biologics' proprietary J.DESIGN platform, process development and continuous manufacturing technology and build a state-of-the-art, fully owned ‘S.POD' facility in the latter part of this decade.

To secure industry leading performance, the Just - Evotec Biologics team will support design, construction, onboarding, and training of the Sandoz team to fully realise the potential of the technology with positive impact on cost, speed, and quality in the field of biosimilars.

Confo Therapeutics announced a worldwide licensing agreement with Eli Lilly for Confo’s clinical stage CFTX-1554 and back-up compounds.

Lilly will continue the clinical development program beyond Phase 1.

In addition, the agreement considers a program to further develop Confo’s existing therapeutic antibody candidates targeting the same receptor.

Confo will receive a USD 40M upfront payment from Lilly as well as up to USD 590M in potential milestone payments per program and tiered royalties.

Confo maintains a co-investment option to participate in the funding of future development programs after clinical proof-of-concept for additional royalties.

December 2023

Verastem Oncology announced a potential best-in-class KRAS G12D oral inhibitor as the lead program of its discovery and development collaboration with GenFleet Therapeutics.

August 2023

Verastem Oncology has entered into a discovery and development collaboration with GenFleet Therapeutics to advance three oncology discovery programs targeting RAS pathway-driven cancers.

The collaboration, which builds on the strengths of both Companies in oncology small molecule drug development, enables Verastem Oncology to partner its clinical development and regulatory expertise with GenFleet’s accomplished discovery capabilities.

This includes Verastem Oncology’s experience and established network of collaborators, including scientific and clinical experts in RAS biology and RAS pathway-dependent cancers and GenFleet’s accomplishments with its KRAS G12C inhibitor program.

The risk-sharing structure of the collaboration is designed to allow Verastem Oncology the flexibility of a milestone-based option to license up to three compounds.

The licenses would give Verastem Oncology development and commercialization rights outside of China while GenFleet would retain development and commercialization rights inside of China.

The terms of the agreement include combined upfront, research support and option payments to GenFleet of $11.5 million for the first program, with potential total deal size across all three programs up to $625.5 million excluding royalties if Verastem Oncology exercises its in-license options.

The collaboration provides Verastem Oncology with exclusive rights to obtain a license to each of the compounds after successful completion of pre-determined milestones in Phase 1 trials.

Scorpion Therapeutics and Pierre Fabre announced an exclusive collaboration and license agreement for the co-development of STX-721 and STX-241, two candidates in Scorpion’s franchise of highly-selective, next-generation mutant epidermal growth factor receptor inhibitors.

Discovered by Scorpion, STX-721 and STX-241 are potentially best-in-class inhibitors of EGFR mutations and potent treatment options for emergent and unmet medical needs in non-small cell lung cancer.

Scorpion will lead clinical development of STX-721 and Pierre Fabre will lead clinical development of STX-241.

Scorpion will retain commercialization rights to STX-721 and STX-241 in the United States, Canada and Japan, and Pierre Fabre will be responsible for commercialization activities in all other territories, with a focus on Europe and China.

Scorpion will receive a combined $65 million from an upfront payment and the achievement of near-term milestones, and will be eligible to receive up to a total of $553 million in potential milestone payments.

Pierre Fabre will pay Scorpion tiered percentage royalties on a licensed product-by-licensed product basis, ranging from mid-single to mid-teens based on annual net sales of each licensed product in territories excluding the United States, Canada and Japan.

Scorpion will pay Pierre Fabre tiered percentage royalties based on a licensed product-by-licensed product basis, ranging from low-single to low-double digits on annual net sales of each licensed product in the United States.

The companies will share global development expenses based on a pre-specified cost-sharing arrangement.

Scorpion Therapeutics and Pierre Fabre announced an exclusive collaboration and license agreement for the co-development of STX-721 and STX-241, two candidates in Scorpion’s franchise of highly-selective, next-generation mutant epidermal growth factor receptor inhibitors.

Discovered by Scorpion, STX-721 and STX-241 are potentially best-in-class inhibitors of EGFR mutations and potent treatment options for emergent and unmet medical needs in non-small cell lung cancer.

Scorpion will lead clinical development of STX-721 and Pierre Fabre will lead clinical development of STX-241.

Scorpion will retain commercialization rights to STX-721 and STX-241 in the United States, Canada and Japan, and Pierre Fabre will be responsible for commercialization activities in all other territories, with a focus on Europe and China.

Scorpion will receive a combined $65 million from an upfront payment and the achievement of near-term milestones, and will be eligible to receive up to a total of $553 million in potential milestone payments.

Pierre Fabre will pay Scorpion tiered percentage royalties on a licensed product-by-licensed product basis, ranging from mid-single to mid-teens based on annual net sales of each licensed product in territories excluding the United States, Canada and Japan.

Scorpion will pay Pierre Fabre tiered percentage royalties based on a licensed product-by-licensed product basis, ranging from low-single to low-double digits on annual net sales of each licensed product in the United States.

The companies will share global development expenses based on a pre-specified cost-sharing arrangement.

LaNova Medicines has entered into an exclusive license agreement with AstraZeneca Pharmaceuticals for LM-305, a pre-clinical stage antibody drug conjugate targeting G protein-coupled receptor, class C, group 5, member D (GPRC5D).

AstraZeneca will be granted an exclusive global license to research, develop, and commercialize LM-305.

LaNova Medicines is eligible to receive an upfront and near-term payments of up to $55 million and additional development and commercial milestone payments of up to $545 million, as well as tiered royalties on net sales worldwide.

Elevar Therapeutics and Jiangsu Hengrui Pharmaceuticals announced a global licensing agreement that grants Elevar rights to commercialize and develop Hengrui Pharma’s anti-PD-1 antibody camrelizumab in combination with rivoceranib for unresectable hepatocellular carcinoma worldwide, excluding Greater China Region and Korea.

Elevar will pay Hengrui Pharma up to $600 million of sales milestones and a double-digit percentage royalty on camrelizumab net sales.

The total estimated 10-year payout could be up to $1 billion.

June 2023

SCYNEXIS announced the achievement of a $25 million performance-based development milestone under its exclusive license agreement with GSK for ibrexafungerp.

The milestone payment follows a development goal for the Phase 3 MARIO study for ibrexafungerp in invasive candidiasis as SCYNEXIS continues executing ongoing ibrexafungerp trials.

March 2023

GSK and SCYNEXIS have entered into an exclusive licence agreement for Brexafemme (ibrexafungerp tablets), a US FDA approved, first-in-class antifungal for the treatment of vulvovaginal candidiasis and for reduction in the incidence of recurrent VVC.

This exclusive licence agreement gives GSK rights to commercialise Brexafemme for VVC and RVVC while continuing to develop ibrexafungerp, which is in phase III clinical trials for the potential treatment of invasive candidiasis, a life-threatening fungal infection.

GSK will make an upfront payment to SCYNEXIS of $90 million, plus additional potential milestone-based payments totalling $503 million.

GSK will pay up to $245.5 million if specific development, regulatory, and commercial milestones associated with the IC indication are successfully completed.

A further $15 million milestone will be paid upon successful US FDA approval of an additional indication.

GSK will pay sales-related milestone payments based on achieving a certain commercial performance of up to $242.5 million, and mid-single digit to mid-teen digit tiered royalties on the totality of sales across all indications (in both cases with the top tier based on achieving net sales greater than $1 billion).

GSK will also receive an exclusive licence to develop ibrexafungerp and commercialise Brexafemme in all countries except the greater China region and certain other countries already out-licensed by SCYNEXIS to third parties.

SCYNEXIS will continue executing the phase III programme for IC and other ongoing trials.

SCYNEXIS retains rights to all other assets derived from enfumafungin.

As part of this exclusive licence agreement, GSK has been granted a right of first negotiation to these compounds.

August 2024

Following review of data from phase 1 study it now plans to discontinue development

Harbour BioMed will get back full rights to CLN-418 but lose chance to cash in on $550 million milestone payments

February 2023

Cullinan Oncology has entered into an exclusive license with Harbour BioMed for the development and commercial rights of HBM7008 (CLN-418) in the US.

CLN-418/HBM7008 is a B7H4 x 4-1BB bispecific immune activator developed from next-gen heavy chain only antibody (HCAb)-based multi-specific antibody discovery platform HBICE, currently in a Phase 1 clinical study being conducted at US and Australian sites in patients with advanced solid tumors.

Cullinan Oncology will pay Harbour BioMed an upfront license fee of $25 million at closing for the exclusive right to develop and commercialize CLN-418/HBM7008 in the US.

Harbour BioMed will be eligible to receive up to $148M in development and regulatory milestones plus up to an additional $415M in sales-based milestones as well as tiered royalties up to high teens on potential US commercial sales.

AbbVie and Anima Biotech announced a collaboration to discover and develop mRNA biology modulators for three targets across Oncology and Immunology.

Anima will use its mRNA Lightning platform to discover novel mRNA biology modulators against the collaboration targets providing AbbVie exclusive rights to license and further develop and commercialize the programs.

Anima will receive an upfront payment of $42 million and may be eligible to receive up to $540 million in option fees and research and development milestones in the aggregate across the three targets, with potential for further commercial milestones as well as tiered royalties on net sales.

AbbVie has an option to expand the collaboration with up to three additional targets under the same terms as the initial collaboration, which may increase the potential value of the collaboration.

AcuraStem has entered into a license agreement with Takeda to develop and commercialize AcuraStem's PIKFYVE targeted therapeutics including AS-202, an innovative antisense oligonucleotide for the treatment of Amyotrophic Lateral Sclerosis.

Takeda will receive an exclusive, worldwide license to AcuraStem's PIKFYVE program.

AcuraStem will receive an upfront and milestone payments totaling up to approximately $580 million if all future clinical, regulatory, and commercial milestones are achieved during the term of the agreement plus tiered royalties on potential net sales of any commercial products resulting from this license.

Kronos Bio has entered into a discovery collaboration in the field of oncology with Genentech focused on discovering and developing small-molecule drugs that modulate transcription factor targets selected by Genentech.

The partnership will allow Genentech to leverage Kronos Bio’s expertise to identify protein-protein interactions, genetic dependencies and gene expression signatures to better understand and target the oncogenic activity of transcription factors in cancer types of interest.

Under the collaboration, researchers at the two companies will collaborate using Kronos Bio’s proprietary drug discovery platform, including the small molecule microarray for hit finding, to build upon research conducted to date by Genentech.

Kronos Bio will lead discovery and research activities to a defined preclinical point when Genentech will have the exclusive right to pursue further preclinical and clinical development and commercialization.

Kronos Bio will receive an upfront payment of $20 million and be eligible for additional payments, which could total up to $554 million, based on reaching certain milestones, including discovery, preclinical, clinical and commercial milestones, as well as tiered royalties on any potential products that are commercialized as a result of the collaboration.

Precision BioSciences announced completion of a strategic transaction with Imugene for global rights to Azercabtagene Zapreleucel (azer-cel), Precision’s lead allogeneic CAR T candidate, for cancer.

Imugene will assume ongoing clinical execution for azer-cel in the large B-cell lymphoma population who have relapsed following autologous CAR T treatment.

The license also includes an option to develop up to three other cancer research programs in the future.

In exchange for global rights to azer-cel for cancer, as well as Precision BioSciences’ CAR T infrastructure and its experienced cell therapy teams, Precision will receive upfront economics valued at $21 million (all figures in USD) consisting of cash and equity.

Precision is eligible for an $8 million near-term payment in cash and equity upon successful completion of the phase 1b dosing in the CAR T relapsed LBCL patient population.

For azer-cel, Precision is eligible to receive up to $198 million in additional milestone payments and double-digit royalties on net sales.

For each additional research program selected by Imugene, Precision is eligible for up to $145 million in milestone payments and tiered royalties on net sales.

BD has signed a definitive agreement to sell its Surgical Instrumentation platform to Steris for $540 million.

The divestiture will include V. Mueller, Snowden-Pencer and Genesis branded products and three manufacturing facilities located in St. Louis, Mo., Cleveland, Ohio and Tuttlingen, Germany.

Approximately 360 employees who support this platform will transfer to STERIS upon the completion of the transaction.

Karuna Therapeutics announced their entry into an exclusive license agreement under which Karuna will obtain global development, manufacturing, and commercialization rights to Goldfinch Bio’s investigational transient receptor potential canonical 4 and 5 (TRPC4/5) channel candidates, including lead clinical-stage candidate GFB-887.

Karuna intends to evaluate these candidates as potential treatments for various psychiatric and neurological conditions, starting with GFB-887 for the treatment of mood and anxiety disorders.

Under the terms of the agreement, the assignment estate of Goldfinch Bio will receive a $15 million upfront payment and is eligible to receive up to $520 million in milestone payments for each licensed TRPC4/5 candidate, of which $410 million are related to regulatory approval and commercial sales milestones, as well as a flat low-single-digit royalty on any potential global net sales of each licensed product.

Astex Pharmaceuticals announced an exclusive worldwide research collaboration and license agreement with MSD.

The goal of the collaboration is to identify small molecule candidates with activity towards a tumour suppressor protein for the treatment of cancer.

Astex will apply its fragment-based drug discovery platform to develop compounds targeting multiple forms of the p53 tumour suppressor protein and provide MSD with lead compounds for further optimization and preclinical development.

MSD is granted an exclusive global license to research, develop, and commercialise candidates arising under the collaboration.

Astex will receive an upfront payment of $35 million and is eligible for milestone payments associated with the achievement of preclinical, clinical, regulatory and sales milestones, totalling approximately $500 million per program, as well as tiered royalties on sales of any products arising from the collaboration.

MSD will assume responsibility for funding all future research and development of lead candidates as well as commercialisation of products globally.

Amgen and TScan Therapeutics announced a multi-year collaboration that will use TScan’s proprietary target discovery platform, TargetScan, to identify the antigens recognized by T cells in patients with Crohn’s disease.

TScan will receive a $30 million upfront payment and is eligible to earn over $500 million in success-based preclinical, clinical, regulatory and commercial milestones as well as tiered single-digit royalty payments.

Amgen will evaluate a variety of modalities to create therapeutics based on targets discovered by TScan and will retain all global development and commercial rights.

Amgen also has an option to expand the collaboration to ulcerative colitis, under certain terms.

Each party will be responsible for its own research expenses.

Novo Nordisk and Embark Biotech have entered a three-year research and development collaboration to discover and develop novel pharmaceuticals to treat obesity and related co-morbidities.

Novo Nordisk receives the full rights to develop and commercialize the lead program, while the Embark shareholders will receive 15 million Euro in an upfront cash payment and are eligible to receive potential development, regulatory, and commercial milestones of up to 456 million Euro.

Phenomic AI have entered into a strategic collaboration and licensing agreement with Boehringer Ingelheim Pharmaceuticals to discover targets important in stroma-rich cancers.

The partners will leverage Phenomic’s expertise in target identification and stromal biology based on its scTx single-cell transcriptomics platform which will greatly enhance Boehringer’s efforts to develop first-in-class medicines to transform the lives of people with cancer by delivering meaningful advances with the ultimate goal to cure a range of cancers.

Boehringer Ingelheim has the option to license targets discovered and functionally validated by Phenomic as a basis for novel cancer therapeutics.

Boehringer Ingelheim will also be responsible for all non-clinical and clinical development, as well as commercialization of associated cancer therapies.

Phenomic will receive upfront and near-term payments of approximately $9 million including research funding and collaboration milestones.

Phenomic is also eligible to receive more than USD $500 million in licensing fees as well as clinical, regulatory and commercial milestones in addition to royalties on future product sales.

Angelini Pharma and JCR Pharmaceuticals entered into an exclusive global development and commercialization agreement for the development of novel biologic therapies that applies J-Brain Cargo, blood-brain barrier penetrating technology, for the treatment of epilepsy.

JCR and Angelini Pharma will collaboratively lead the discovery and pre-clinical development efforts for the identification of brain-penetrant biologic therapeutics using JCR’s proprietary blood-brain barrier technology, J-Brain Cargo.

This technology allows the delivery of biotherapeutics into the central nervous system via a mechanism called receptor-mediated transcytosis.

Following the pre-clinical development phase, Angelini Pharma will have an exclusive license option to advance therapeutic candidates identified as part of the collaboration into clinical development and global commercialization outside of Japan.

JCR will receive reimbursement of research expenses and an upfront payment.

JCR will also be eligible to receive additional payments of up to US$505.5 million upon reaching development and commercial milestones, as well as tiered royalties on post-approval net sales.

PureTech Health and Royalty Pharma announced that Royalty Pharma has acquired an interest in PureTech’s royalty in Karuna Therapeutics’ KarXT for up to $500 million, with $100 million in cash up front and up to $400 million in additional payments contingent on the achievement of certain regulatory and commercial milestones.

PureTech has sold its right to receive a 3% royalty from Karuna to Royalty Pharma on sales up to $2 billion annually, after which threshold Royalty Pharma will receive 33% and PureTech will retain 67% of the royalty payments.

PureTech retains its 3.1% equity ownership in Karuna.

Additionally, under its license agreement with Karuna, PureTech retains the right to receive milestone payments upon the achievement of certain regulatory approvals and 20% of sublicense income.

Royalty Pharma and Ferring Pharmaceuticals today announced that Royalty Pharma has acquired a synthetic royalty on US net sales of Ferring’s Adstiladrin (nadofaragene firadenovec-vncg) for up to US $500 million comprised of an upfront payment of US $300 million and a US $200 million milestone payment.

The milestone payment is contingent on certain manufacturing goals that are expected to be achieved in 2025 for the FDA-approved intravesical gene therapy that Ferring will make available next month through an early experience program for the treatment of adult patients with high-risk, Bacillus Calmette-Guérin-unresponsive non-muscle invasive bladder cancer with carcinoma in situ with or without papillary tumors.

Royalty Pharma is acquiring a 5.1% percentage royalty on net sales of Adstiladrin in the United States, which will increase to 8.0% upon payment of the manufacturing-related milestone.

The royalty is expected to end in the early to mid-2030s.

August 2024

Merck & Co. is agreeing to pay $37.5 million to take up its option on one candidate while returning the rights to another asset

Merck has taken up its option on SKB571 bispecific ADC that Kelun sees primarily as treatment of solid tumors such as lung cancer and gastrointestinal tumors

December 2022

Merck & Co and Kelun-Biotech have entered into an exclusive license and collaboration agreement to develop seven investigational preclinical antibody-drug conjugates for the treatment of cancer.

Kelun-Biotech has granted Merck exclusive global licenses to research, develop, manufacture and commercialize multiple investigational preclinical ADC therapies and exclusive options to obtain additional licenses to ADC candidates.

Kelun-Biotech retains the right to research, develop, manufacture and commercialize certain licensed and option ADCs for mainland China, Hong Kong and Macau.

Kelun-Biotech will receive an upfront payment of $175 million from Merck.

Kelun-Biotech is also eligible to receive future development, regulatory and sales milestone payments totaling up to $9.3 billion, if Kelun-Biotech does not retain mainland China, Hong Kong and Macau rights for the option ADCs and all candidates achieve regulatory approval, plus tiered royalties on net sales for any commercialized ADC product.

Merck also intends to make an equity investment in Kelun-Biotech.

April 2024

IGM Biosciences announces refocusing of Sanofi collaboration

Agreement focuses on immunology/inflammation, aligning with Sanofi’s ongoing commitment to advancing therapies for patients across multiple inflammatory diseases

March 2022

IGM Biosciences announced the signing of an exclusive worldwide collaboration agreement to create, develop, manufacture, and commercialize IgM antibody agonists against three oncology targets and three immunology/inflammation targets.

Engineered IgM antibodies represent a new class of potential therapeutics that combine the multi-valency of IgM antibodies possessing 10 binding sites compared to conventional IgG antibodies having only 2 target binding sites.

IGM will receive a $ 150 million upfront payment.

Sanofi has also expressed an interest in purchasing up to $100M of IGM non-voting common stock in a public financing.

For each oncology target collaboration program, IGM will lead research and development activities, and assume related costs, through approval of the first biologics license application for a product directed to that oncology target by the FDA or EMA in exchange for up to $940 million in development and regulatory milestones per oncology target.

After receipt of the first marketing approval for a product directed to an oncology target, Sanofi will lead all subsequent development and commercialization activities for that oncology target.

For each oncology target, the companies will share profits 50:50 in certain major markets, and IGM will be eligible to receive tiered royalties on net sales in the rest of world.

For each immunology/inflammation target collaboration program, IGM will lead research and development activities, and assume related costs, through the completion of Phase 1 clinical trial for up to two constructs directed to each immunology/inflammation target, after which Sanofi will be responsible for all future development and related costs, in exchange for up to $1,065 million in aggregate development and regulatory and commercial milestones per immunology/inflammation target.

Following the completion of Phase 1 clinical trial for each immunology/inflammation target, Sanofi will be responsible for subsequent development activities, commercialization efforts, and related costs.

IGM is eligible to receive tiered high single-digit to low-teen royalties on global net sales.

Poseida Therapeutics has entered into a broad strategic collaboration and license agreement with Roche, focused on developing allogeneic CAR-T therapies directed to hematologic malignancies.

The global collaboration covers the research and development of multiple existing and novel "off-the-shelf" cell therapies against targets in multiple myeloma, B-cell lymphomas and other hematologic indications.

Roche will receive from Poseida either exclusive rights or options to develop and commercialize a number of allogeneic CAR-T programs in Poseida's portfolio that are directed to hematologic malignancies, including P-BCMA-ALLO1, an allogeneic CAR-T for the treatment of multiple myeloma and for which a Phase 1 study is underway, and P-CD19CD20-ALLO1, an allogeneic dual CAR-T for the treatment of B-cell malignancies with an IND expected in 2023.

Building on complementary expertise and capabilities, the parties will also collaborate in a research program to create and develop next-generation features and improvements for allogeneic CAR-T therapies, from which they would jointly develop additional allogeneic CAR-T product candidates directed to existing and new hematologic targets.

For a subset of both the Poseida portfolio programs licensed or optioned to Roche and the parties' future collaboration programs, Poseida will conduct the Phase 1 studies and manufacture clinical materials before transitioning the programs to Roche for further development and commercialization.

Roche will be solely responsible for the late-stage clinical development and global commercialization of all products that are subject to the collaboration.

Poseida will receive $110 million upfront and could receive up to $110 million in near-term milestones and other payments in the next several years.

In addition, Poseida is eligible to receive research, development, launch, and net sales milestones and other payments potentially up to $6 billion in aggregate value, as well as tiered net sales royalties into the low double digits, across multiple programs.

December 2023

Exscientia announced that Sanofi is adding a new discovery stage programme identified and initially advanced by Exscientia into the current collaboration.

In this programme, Exscientia has designed a novel lead series with a potential best in class profile, with preliminary data showing good potency and selectivity towards the target and differentiated molecular properties.

Exscientia is eligible for up to $45 million in upfront and preclinical milestone payments.

Exscientia will also be eligible for additional development, regulatory and sales-based milestone payments of over $300 million and tiered royalties on product sales ranging from high-single-digits to mid-teens, as described in the original collaboration agreement.

January 2022

Sanofi and Exscientia announced a research collaboration and license agreement to develop up to 15 novel small molecule candidates across oncology and immunology, leveraging Exscientia’s end-to-end AI-driven platform utilizing actual patient samples.

The companies have been working together since 2016 and in 2019, Sanofi in-licensed Exscientia’s novel bispecific small molecule candidate capable of targeting two distinct targets in inflammation and immunology.

Exscientia and Sanofi will collaborate to identify and select target projects, leveraging Exscientia’s personalised medicine platform.

The platform enables a “patient-first” approach through integrating primary human tissue samples into early target and drug discovery research.

Exscientia scientists can integrate patient, disease, and clinically relevant data into decisions on potential new medicine candidates earlier in the drug creation process.

Exscientia will lead small molecule drug design and lead optimization activities up to development candidate nomination, with Sanofi assuming responsibility for preclinical and clinical development, manufacturing and commercialization.

Exscientia will receive an upfront cash payment of $100 million from Sanofi and will be eligible to receive future research, translational, clinical development, regulatory and commercial milestone payments of up to approximately $5.2 billion in aggregate, if all milestones for all programs are achieved.

In the case that Sanofi commercializes a therapeutic from the collaboration, Exscientia will also be eligible to receive tiered royalties on product sales ranging from high-single-digits to mid-teens and an option for clinical co-investment to increase the royalty rate up to 21% on net sales of co-funded products.

The upfront cash payment of $100 million is expected to be reflected in the first quarter 2022 financial results of Exscientia as cash inflows from collaborations and recognized as revenue over the duration of the agreement.

June 2024

Summit announced an expansion of its license territories for ivonescimab via an amendment of the collaboration and in-license agreement with Akeso, Inc. (Akeso, HKEX Code: 9926.HK). Under the terms of the expanded agreement, Summit’s license territories for ivonescimab will include Latin America, including Mexico and all countries in Central America and South America, in addition to the Middle East and Africa. This expansion adds to the territory licensed by Summit, which previously included the United States, Canada, Japan, and Europe.

“Both parties are strengthening their bond with the intent to bring ivonescimab to as many patients as possible around the world who can potentially benefit from this novel anti-cancer therapy,” stated Dr. Maky Zanganeh, Chief Executive Officer and President of Summit. “Therefore, we are thrilled to be expanding our collaboration agreement with Akeso; we are incredibly proud of our growing partnership as our shared mission and vision can help rapidly progress the development of ivonescimab.”

In exchange for these rights, the total deal value is worth up to $70 million. Consistent with the original governing collaboration agreement are the remaining provisions, including royalty payments, manufacturing provisions, and other business terms. The amendment also strengthens the partnership for both parties by increasing the mutual data sharing benefits for all trials involving ivonescimab worldwide, which may help facilitate clinical development and regulatory approval processes in various regions.

December 2022

Akeso Biopharma announced a collaboration and license agreement with Summit Therapeutics to out-license its breakthrough bispecific antibody, ivonescimab (PD-1/VEGF, AK112) for development and commercialization in the United States, Canada, Europe, and Japan.

In addition, the Company will co-brand the product in the License Territories.

Akeso will receive US$500 million upfront payment and the total potential deal value is up to US$5 billion including regulatory and commercial milestone payments.

And Akeso will also receive low double-digit percentage of royalties on net product sales of ivonescimab.

The Summit will receive the exclusive rights to develop and commercialize ivonescimab (SMT112) in the United States, Canada, Europe, and Japan. Akeso will retain development and commercialization rights for the rest of the world including China.

In addition, Dr. Michelle Xia will be appointed as one member of the board of directors of Summit.

Summit Therapeutics announced a definitive agreement of its partnership with Akeso Biopharma to in-license its breakthrough bispecific antibody, ivonescimab.

The agreement supports Summit’s mission of developing and commercializing groundbreaking oncology pipeline products aimed at improving the quality of life of patients with serious unmet medical needs.

For Akeso, the deal represents an opportunity to introduce its highly innovative antibodies to markets, including the United States, Canada, Europe, and Japan – an important step towards Akeso’s strategic intention of becoming a global biopharma organization.

The definitive partnership calls for Summit to receive the rights to develop and commercialize ivonescimab (SMT112) in the United States, Canada, Europe, and Japan.

Akeso will retain development and commercialization rights for the rest of the regions including China.

In exchange for these rights, Summit will make an upfront payment of $500 million.

The total potential deal value is $5.0 billion, as Akeso will be eligible to receive regulatory and commercial milestones of up to $4.5 billion.

Akeso will be eligible to receive low double-digit royalties on net sales.

In conjunction with the closing of the deal, Dr. Michelle Xia will be appointed to the board of directors of Summit.

December 2022

CSL Seqirus finalized its global collaboration and license agreement with Arcturus Therapeutics.

The agreement grants access to Arcturus Therapeutics' late-stage self-amplifying mRNA (sa-mRNA) vaccine platform technology, which recently reported results from a large COVID-19 Phase III vaccine efficacy study, meeting its primary and secondary endpoints of prevention of infection and severe disease with a favorable safety and tolerability profile.

November 2022

Arcturus Therapeutics announced a strategic collaboration with CSL Seqirus for the research, development, manufacture, and global commercialization of vaccines.

Arcturus will provide CSL Seqirus with a license to their self-amplifying mRNA technology to support the research, development, manufacture, and commercialization of vaccines for SARS-CoV-2 (COVID-19), influenza, pandemic preparedness, as well as three other globally prevalent respiratory infectious diseases.

The collaboration combines CSL Seqirus’ established global vaccine commercial and manufacturing infrastructure with Arcturus’ manufacturing expertise and innovative STARR self-amplifying mRNA vaccine and LUNAR delivery platform technologies.

Arcturus will bring its mRNA design and modification expertise, LUNAR® lipid nanoparticle technology and manufacturing know-how, which has enabled the Company’s low dose, lyophilized and durable self-amplifying mRNA vaccines against COVID-19.

Previously reported clinical results from ongoing ARCT-154 studies have demonstrated a favorable efficacy and safety profile with sustained neutralizing antibodies against COVID-19, including recent variants of concern.

Arcturus will provide CSL Seqirus with a license to its STARR self-amplifying mRNA technology, LUNAR lipid-mediated delivery, along with mRNA drug substance and drug product manufacturing expertise.

CSL Seqirus will lead development and commercialization of vaccines under the collaboration.

The collaboration plans to advance vaccines against SARS-CoV-2 (COVID-19), influenza, pandemic preparedness as well as three other globally prevalent respiratory infectious diseases.

Arcturus will receive $200 million upfront and is eligible to receive over $1.3 billion in development milestones and over $3 billion in commercial milestones.

In addition, the Company is eligible to receive a 40% net profit share for COVID-19 vaccine products and up to double-digit royalties for vaccines against flu, pandemic preparedness and three other respiratory pathogens.

Merck and Orna Therapeutics announced a collaboration agreement to discover, develop, and commercialize multiple programs, including vaccines and therapeutics in the areas of infectious disease and oncology.

Merck will make an upfront payment to Orna of $150 million, which will be expensed by Merck in the third quarter of 2022 and included in non-GAAP results.

Orna will be eligible to receive up to $3.5 billion in development, regulatory, and sales milestones associated with the progress of the multiple vaccine and therapeutic programs, as well as royalties on any approved products derived from the collaboration.

Orna will retain rights to its oRNA-LNP technology platform and will continue to advance other wholly owned programs in areas such as oncology and genetic disease.

Merck will also invest $100 million of equity in Orna’s recently completed Series B financing round.

WAVE Life Sciences and GSK announced a strategic collaboration to advance oligonucleotide therapeutics, including Wave’s preclinical RNA editing program targeting alpha-1 antitrypsin deficiency, WVE-006.

The discovery collaboration has an initial four-year research term.

It combines GSK’s unique insights from human genetics, as well as its global development and commercial capabilities, with Wave’s proprietary discovery and drug development platform, PRISM.

The collaboration includes two main components.

The first is a discovery collaboration which enables GSK to advance up to eight programs and Wave to advance up to three programs, leveraging Wave’s PRISM platform and GSK’s expertise in genetics and genomics.

In addition to these programs, GSK receives the exclusive global license for Wave’s preclinical program for AATD called WVE-006, which uses Wave’s proprietary “AIMer” technology (A-to-I(G) RNA editing).

AATD is an inherited genetic disease that affects both the lungs and liver with limited treatment options.

Wave’s WVE-006 is a first-in-class RNA editing therapeutic that is designed to address both liver and lung manifestations of the disease.

The companies expect to pursue targets across multiple disease areas, given preclinical data indicating Wave oligonucleotides can distribute to various tissues and cells without complex delivery vehicles.

Wave will receive an upfront payment of $170 million, which includes a cash payment of $120 million and a $50 million equity investment.

For the WVE-006 program, Wave is eligible to receive up to $225 million in development and launch milestone payments and up to $300 million in sales-related milestone payments, as well as tiered sales royalties.

Development and commercialization responsibilities will transfer to GSK after Wave completes the first-in-patient study.

For each of GSK’s eight collaboration programs, Wave will be eligible to receive up to $130-$175 million in development and launch milestones and $200 million in sales-related milestones, along with tiered sales royalties.

Wave will lead all preclinical research for GSK and Wave programs up to investigational new drug enabling studies.

GSK collaboration programs will transfer to GSK for IND-enabling studies, clinical development, and commercialization.

The collaboration includes an option to extend the research term for up to three additional years, expanding the number of programs available to both parties.

Biocon Biologics has entered into a definitive agreement with its partner Viatris.

Biocon Biologics will acquire Viatris’ biosimilars business to create a unique fully integrated global biosimilars enterprise.

Viatris will receive consideration of up to USD 3.335 billion, including cash up to USD 2.335 billion and Compulsorily Convertible Preference Shares in BBL, valued at USD 1 billion.

Viatris will receive cash consideration of USD 2 billion on closing of the transaction and up to USD 335 million as additional payments expected to be paid in 2024.

Additionally, upon closing of the transaction, BBL will issue USD 1 billion of Compulsorily Convertible Preference Shares to Viatris, equivalent to an equity stake of at least 12.9% in the Company, on a fully diluted basis.

BBL Acquires:

Viatris’ global commercial infrastructure in developed and emerging markets

Viatris’ global biosimilars business with an estimated revenue of USD 875 million and EBITDA of USD 200 million for CY 2022 and estimated to exceed USD 1 billion in revenue next year

Viatris’ rights in all biosimilars assets including its in-licensed portfolio and an option to acquire Viatris’ rights in bAflibercept

Transition services for an expected two-year period to ensure a seamless transition with partners and continued services to patients and customers

Pfizer and BioNTech announced a new vaccine supply agreement with the U.S. government to support the continued fight against COVID-19.

Under the agreement, the U.S. government will receive 105 million doses (30 µg, 10 µg and 3 µg).

This may include adult Omicron-adapted COVID-19 vaccines, subject to authorization from the U.S. Food and Drug Administration.

The doses are planned to be delivered as soon as late summer 2022 and continue into the fourth quarter of this year.

The U.S. government will pay the companies $3.2 billion upon receipt of the first 105 million doses.

Under this agreement, the U.S. government also has the option to purchase up to 195 million additional doses, bringing the total number of potential doses to 300 million.

Century Therapeutics and Bristol Myers Squibb announced a research collaboration and license agreement to develop and commercialize up to four induced pluripotent stem cell derived, engineered natural killer cell and / or T cell programs for hematologic malignancies and solid tumors.

The first two programs include a program in acute myeloid leukemia and a program in multiple myeloma, which could incorporate either the iNK or a gamma delta iT platform.

Bristol Myers Squibb has the option to add two additional programs which can be nominated subject to certain conditions agreed with Century in the agreement.

Century will be responsible for development candidate discovery and preclinical development activities.

Bristol Myers Squibb will be responsible for clinical development and commercialization activities subject to Century’s co-promotion rights on certain programs.

Century will receive a $100 million upfront payment and Bristol Myers Squibb will make a $50 million equity investment in Century Therapeutics’ common stock at a price of $23.14 per share.

Century will receive reimbursement of certain preclinical development costs for development candidates licensed by Bristol Myers Squibb, and is eligible for additional payments for future program initiations and development, regulatory, and commercial milestone payments totaling more than $3 billion across the four potential programs.

Century will also receive tiered royalties as a percentage of global net sales in the high-single to low-double digits.

Century may elect to co-promote the AML program and one of the additional programs in the United States for no exercise fee which will also trigger enhanced U.S. royalties.

Bayer and Cinven have entered into a definitive agreement regarding the sale of Bayer’s Environmental Science Professional business for a purchase price of 2.6 billion U.S. dollars.

Adagene announced a collaboration and exclusive license agreement with Sanofi to generate masked monoclonal and bispecific antibodies for development and commercialization by Sanofi.

Adagene will be responsible for early stage research activities to develop masked versions of Sanofi candidate antibodies, using Adagene’s SAFEbody technology.

Sanofi will be solely responsible for later stage research and all clinical, product development and commercialization activities.

Sanofi will make an upfront payment of $17.5 million to Adagene and will have the ability to advance two initial Sanofi antibody candidates in the collaboration, followed by an option for two additional candidates.

Adagene will be eligible to receive total potential development, regulatory and commercial milestone payments of up to $2.5 billion for advancement of the candidates, which will be exclusively developed and commercialized by Sanofi.

Adagene is eligible to also receive tiered royalties on global net sales of approved collaboration products.

Biogen have entered into an agreement whereby Samsung Biologics will acquire Biogen’s equity stake in the Samsung Bioepis joint venture for an aggregate consideration of up to USD $2.3 billion.

January 2024

Scribe Therapeutics announced that Sanofi has exercised its option for a second target as part of the companies' research collaboration to develop in vivo CRISPR-based therapeutics.

July 2023

Scribe Therapeutics announced an expanded collaboration with Sanofi.

Sanofi receives an exclusive license to use Scribe’s CRISPR X-Editing (XE) genome editing technologies for the development of in vivo therapies, including sickle cell disease.

The agreement follows the launch of the companies’ existing collaboration focused on ex vivo editing of natural killer cell therapies for the treatment of cancer.

The in vivo collaboration will leverage Scribe’s precisely engineered CRISPR XE technologies and Sanofi’s capabilities in non-viral delivery to address an initial target for sickle cell disease.

Scribe’s proprietary CRISPR by Design approach powers the only platform that uses holistic engineering to transform bacterial immune systems into therapeutically relevant genome editing technologies.

By combining Scribe’s novel technologies with Sanofi’s proven expertise in developing and manufacturing therapeutics on a global scale, the companies will seek to advance potentially breakthrough genomic medicines for the in vivo treatment of sickle cell and other diseases.

Scribe will receive $40 million in upfront payment and is eligible to potentially receive more than $1.2 billion based on the successful completion of certain development and sales milestones.

Scribe will also be eligible to receive tiered royalties that range from high single digits to low double digits on net future sales on any products that may result from this agreement.

Scribe has a right to opt-in to development cost sharing, as well as co-promotion and profit and loss sharing in the US on one future program.

September 2022

Scribe Therapeutics announced a strategic collaboration with Sanofi US for the use of Scribe’s CRISPR genome editing technologies to enable genetic modification of novel natural killer cell therapies for cancer.

The agreement grants Sanofi non-exclusive rights to Scribe’s proprietary CRISPR platform of wholly owned enzymes to create ex vivo NK cell therapies.

Scribe’s suite of custom engineering genome editing and delivery tools called CasX-Editors, based on novel foundations such as the CasX enzyme, will support Sanofi’s expanding pipeline of NK cell therapeutics for oncology.

Scribe will receive $25 million in upfront payment and be eligible to potentially receive more than $1 billion in payments based on development and commercial milestones, as well as tiered royalties on net future sales on any products that may result from this research agreement.

PeptiDream announced a new multi-target collaboration and license Agreement with Merck & Co focused on the discovery and development of novel peptide drug conjugates.

PeptiDream will provide peptide candidates identified from PeptiDream’s proprietary Peptide Discovery Platform System technology for use as PDCs against targets of interest to MSD.

MSD will have exclusive rights to the peptide candidates for conjugation to cytotoxic payloads and will be responsible for all development aspects of any PDC products arising from the collaboration.

The new collaboration and license agreement builds upon the long collaborative relationship between the companies, which started with a multi-target discovery and optimization collaboration in April 2015.

PeptiDream will receive an upfront payment from MSD and be eligible for payments based on the achievement of specified development, regulatory, and commercial milestones potentially totaling up to $2.1 billion (¥275billion (1USD = 131JPY)).

PeptiDream is eligible to receive , of any such products.

Skyhawk Therapeutics announced the signing of an exclusive worldwide collaboration agreement with Sanofi US to discover and develop novel small molecules that modulate RNA splicing for challenging oncology and immunology targets.

Sanofi will pay Skyhawk $54 million upfront.

Skyhawk will grant Sanofi exclusive licenses to worldwide intellectual property rights to candidates discovered and developed under the collaboration that are directed to program targets.

Following DC status, Sanofi will assume responsibility for further development and commercialization.

Skyhawk is also eligible to receive over $2 billion in potential milestone payments, as well as potential royalties on future sales.

Jnana Therapeutics has entered into a collaboration and license agreement with Roche for the discovery of small molecule drugs for the treatment of cancer, immune-mediated and neurological diseases.

The collaboration covers multiple targets from a diverse range of target classes to address diseases with high unmet need.

Jnana will receive an upfront payment of $50 million, significant near-term milestone payments, and additional potential future payments that could exceed $2 billion, as well as tiered royalties.

Jnana will conduct discovery and preclinical activities against multiple cancer, immune-mediated and neurological disease targets, and Roche will be responsible for development and commercialization of any resulting products.

CytomX Therapeutics and Regeneron Pharmaceuticals announced a collaboration and licensing agreement to create conditionally-activated investigational bispecific cancer therapies utilizing CytomX’s Probody therapeutic platform and Regeneron’s Veloci-Bi bispecific antibody development platform.

The collaboration is strategically focused on applying CytomX’s biologic masking strategies to develop investigational Regeneron bispecifics that remain inactive until activated by proteases in the tumor microenvironment.

This technology has the potential to widen the therapeutic window and help minimize off-target effects for these next-generation T-cell engaging therapies, potentially addressing tumor types that have historically been unresponsive to immunotherapy.

Regeneron and CytomX will collaborate on the discovery activities to identify and validate conditionally active bispecific antibodies.

Regeneron will be responsible for funding preclinical and clinical development and commercialization activities.

CytomX will receive an upfront payment of $30 million and will be eligible to receive future target nomination payments and preclinical, clinical, and commercial milestones of up to $2 billion.

CytomX is also eligible to receive tiered global net sales royalties.

Code Biotherapeutics announced a collaboration and option agreement with Takeda to leverage Code Bio’s proprietary targeted 3DNA non-viral genetic medicine delivery platform to design and develop gene therapies for rare disease indications.

Takeda and Code Bio will design and develop a targeted gene therapy leveraging Code Bio’s 3DNA platform for a liver-directed rare disease program, plus conduct additional studies for central nervous system-directed rare disease programs.

Takeda has the right to exercise options for an exclusive license for four programs.

Code Bio will receive double-digit million dollars in upfront, near-term milestone and research funding payments.

Code Bio is also eligible to receive future development and commercial milestone payments plus tiered royalties with a potential total deal value over the course of the partnership of up to $2 billion if milestones for all four programs are achieved.

Takeda and Code Bio will collaborate on research activities up to candidate selection.

After option exercise, Takeda will assume responsibility for further development and commercialization.

Amgen and Generate Biomedicines announced a research collaboration agreement to discover and create protein therapeutics for five clinical targets across several therapeutic areas and multiple modalities.

Amgen will pay $50 million in upfront funding for the initial five programs with a potential transaction value of $1.9 billion plus future royalties, and will have the option to nominate up to five additional programs, at additional cost.

For each program, Amgen will pay up to $370 million in future milestones and royalties up to low double digits.

Amgen will also participate in a future financing round for Generate.

Additional terms were not disclosed.

GentiBio has entered into a collaboration with Bristol Myers Squibb to develop new engineered Treg therapies to re-establish immune tolerance and repair tissue in patients living with inflammatory bowel diseases.

The collaboration brings together GentiBio's proprietary engineered Treg platform for generating scalable, stable, highly-selective, and durable Tregs with Bristol Myers Squibb's leadership in cell therapies and immunology.

During the multi-year collaboration, GentiBio will apply its modular engineered Treg platform and scalable manufacturing process to produce stable and disease-specific engineered Tregs against multiple targets.

Bristol Myers Squibb will have the right to develop and advance up to three of the resulting programs into clinical trials.

Bristol Myers Squibb made an undisclosed upfront cash payment to GentiBio.

GentiBio is eligible to receive development and sales milestone payments of up to $1.9 billion and royalties.

Lantheus Holdings and POINT Biopharma Global announced a set of strategic collaboration agreements in which Lantheus will license exclusive worldwide rights to POINT’s PNT2002 and PNT2003 product candidates.

Upon consummation of the agreements, in exchange for the exclusive worldwide rights, Lantheus will pay a total of $260 million in upfront payments between the two agreements to POINT, with the potential for additional milestone payments of approximately $1.8 billion between the two products based on US Food and Drug Administration approval and net sales and commercial milestones.

Lantheus will pay POINT royalties on net sales, beyond certain financial thresholds and subject to conditions, of 20% for PNT2002 and 15% for PNT2003.

POINT will fund and complete its Phase 3 SPLASH trial for PNT2002, following which Lantheus will file the New Drug Application in collaboration with POINT.

Upon consummation of the agreements, the companies will form joint steering committees to oversee the clinical studies, regulatory filings, manufacturing and commercial readiness for both PNT2002 and PNT2003.

POINT will develop commercial production capacity and manufacture clinical and commercial supply for both PNT2002 and PNT2003.

Lantheus has the rights to commercialize both assets post regulatory approval.

Lantheus will fund the all-cash license of exclusive worldwide rights, excluding certain territories, for PNT2002 and PNT2003 with cash on Lantheus’ balance sheet and committed financing.

The milestone-based structure under the agreements allows Lantheus to maintain its attractive financial profile and creates the opportunity to generate strong free cash flow.

In exchange for Lantheus receiving exclusive worldwide rights, excluding certain territories, for PNT2002, POINT will receive a $250 million upfront payment, an additional payment up to $250 million upon US regulatory approval, and, once certain return on investment financial thresholds have been achieved and other conditions met, royalties of 20% on net sales, as well as the potential for up to an additional $1.3 billion in various net sales milestone payments.

September 2023

MacroGenics announced that its partner, Gilead Sciences, nominated the first of two research programs, leveraging MacroGenics’ DART and TRIDENT platforms for generating bispecific antibodies.

This nomination grants Gilead an exclusive option, upon achievement of a pre-defined preclinical milestone, to license worldwide rights to the research program.

MacroGenics will receive $15 million related to the nomination of a bispecific research program to be conducted by MacroGenics and funded by Gilead.

October 2022

Gilead Sciences and MacroGenics announced an exclusive option and collaboration agreement to develop MGD024, an investigational, bispecific antibody that binds CD123 and CD3 using MacroGenics’ DART platform, and two additional bispecific research programs.

The collaboration agreement grants Gilead the option to license MGD024, a potential treatment for certain blood cancers, including acute myeloid leukemia and myelodysplastic syndromes.

MacroGenics will be responsible for the ongoing Phase 1 study for MGD024 during which Gilead may elect to exercise its option to license the program at predefined decision points.

The Phase 1 study will include a dose escalation segment and an expansion segment that is intended to evaluate MGD024 as monotherapy and in combination with other therapies across multiple indications.

Gilead will pay MacroGenics an upfront payment of $60 million and MacroGenics will be eligible to receive up to $1.7 billion in target nomination, option fees, and development, regulatory and commercial milestones.

MacroGenics will also be eligible to receive tiered, double-digit royalties on worldwide net sales of MGD024 and a flat royalty on worldwide net sales of products under the two research programs.

December 2022

Jazz Pharmaceuticals and Zymeworks announced that Jazz has exercised its option to continue with its exclusive development and commercialization rights to Zymeworks' zanidatamab in key markets, including the US, Europe and Japan, pursuant to the license and collaboration agreement entered into in October 2022.

October 2022

Jazz Pharmaceuticals and Zymeworks have entered into an exclusive licensing agreement under which Jazz will acquire development and commercialization rights to Zymeworks' zanidatamab across all indications in the United States, Europe, Japan and all other territories except for those Asia/Pacific territories previously licensed by Zymeworks.

Jazz will receive an exclusive license to develop and commercialize zanidatamab in the United States, Europe, Japan and all other territories except for those Asia/Pacific territories that Zymeworks previously licensed to BeiGene.

Zymeworks is eligible to receive a $50 million upfront payment, following receipt of the clearance relating to the United States Hart-Scott Rodino Antitrust Improvements Act of 1976 (such clearance, the "HSR Clearance"), and should Jazz decide to continue the collaboration following readout of the top-line clinical data from HERIZON-BTC-01, a second, one-time payment of $325 million.

Zymeworks is also eligible to receive up to $525 million upon the achievement of certain regulatory milestones and up to $862.5 million in potential commercial milestone payments, for total potential payments of up to $1.76 billion.

Pending approval, Zymeworks is eligible to receive tiered royalties between 10% and 20% on Jazz's net sales.

Abpro announced a strategic partnership with Celltrion for its cancer molecule ABP 102, an antibody therapy for patients suffering from HER2+ cancer, including breast, gastric, and pancreatic cancer.

Through this global partnership, Abpro will receive payments from Celltrion of up to $1.75 Billion, including an equity investment, development and commercial milestone payments and worldwide profit sharing.

Celltrion will be in charge of the development of ABP 102 following the completion of in vitro studies by Abpro and will have world-wide commercialization rights.

HER2+ type cancer is implicated in up to 30% of all cases in breast, gastric, pancreatic, and other forms of cancer.

ImmunoGen announced a global, multi-year definitive licensing agreement whereby it granted Eli Lilly exclusive rights to research, develop, and commercialize ADCs directed to targets selected by Lilly based on ImmunoGen's novel camptothecin technology.

ImmunoGen retains full rights to the camptothecin platform for all targets not covered by the Lilly license.

Lilly will pay ImmunoGen an upfront payment of $13 million, reflecting initial targets selected by Lilly.

Lilly may select a pre-specified number of additional targets, with ImmunoGen eligible to receive an additional $32.5 million in exercise fees if Lilly licenses the full number of targets.

ImmunoGen is eligible to receive up to $1.7 billion in potential target program exercise fees and milestone payments based on the achievement of pre-specified development, regulatory, and commercial milestones.

ImmunoGen is also eligible for tiered royalties as a percentage of worldwide commercial sales by Lilly.

Lilly is responsible for all costs associated with research and development.

Pfizer and Beam Therapeutics announced an exclusive four-year research collaboration focused on in vivo base editing programs for three targets for rare genetic diseases of the liver, muscle and central nervous system.

The base editing programs to be evaluated as part of the collaboration will leverage Beam’s proprietary in vivo delivery technologies, which use messenger RNA and lipid nanoparticles to deliver base editors to target organs.

Combining these technologies with Pfizer’s proven experience in developing and manufacturing medicines and vaccines, this collaboration seeks to advance potentially transformative therapies for patients living with rare diseases.

Beam will conduct all research activities through development candidate selection for three undisclosed targets, which are not included in Beam’s existing programs.

Pfizer may opt in to exclusive, worldwide licenses to each development candidate, after which it will be responsible for all development activities, as well as potential regulatory approvals and commercialization, for each such candidate.

Beam has a right to opt in, at the end of Phase 1/2 studies, upon the payment of an option exercise fee, to a global co-development and co-commercialization agreement with respect to one program licensed under the collaboration pursuant to which Pfizer and Beam would share net profits as well as development and commercialization costs in a 65%/35% ratio (Pfizer/Beam).

Beam will receive an upfront payment of $300 million and, assuming Pfizer exercises its opt-in license rights for all three targets, is eligible for development, regulatory and commercial milestone payments for potential total deal consideration of up to $1.35 billion.

Beam is also eligible to receive royalties on global net sales for each licensed program.

The collaboration has an initial term of four years and may be extended up to one additional year.

Ipsen and Marengo Therapeutics announced a strategic partnership to advance two of Marengo’s preclinical STAR platform-generated candidates into the clinic.

The collaboration will leverage Marengo’s proprietary R&D expertise of a novel mechanism of T cell activation with Ipsen’s global oncology footprint for clinical development and commercialization.

Ipsen will make an upfront payment of $45 million, together with potential payments up to a total of $1.592 billion if all milestones are met in addition to tiered sales royalty payments.

Marengo will lead the preclinical development efforts and will expense related costs until the submission of an Investigational New Drug application to the U.S. FDA. Ipsen will assume responsibilities for clinical development and commercialization.

Scorpion Therapeutics announced a collaboration with AstraZeneca to discover, develop and commercialize precision medicines against previously hard-to-target cancer proteins, with the potential to transform oncology treatment.

The collaboration focuses on a class of proteins called transcription factors, which control gene expression and can regulate important cellular process including cell growth and survival.

To overcome the challenges of targeting transcription factors and to reach underserved patient populations, this collaboration will combine Scorpion’s fully integrated discovery platform with AstraZeneca’s leadership in developing and commercializing precision medicines for cancer treatment.

Scorpion will lead discovery and certain preclinical activities.

AstraZeneca has the exclusive option to license worldwide rights for up to three drug candidates.

AstraZeneca would be responsible for development and commercialization activities worldwide following opt-in, while Scorpion would retain the option to co-develop and co-promote up to two of these programs in the U.S. under certain conditions, including if AstraZeneca exercises three license options.

Scorpion will receive an upfront cash payment of $75 million and is eligible to receive up to an additional $1.5 billion in the form of option fees and milestone payments, as well as tiered royalties on net sales ranging from mid-single digit to low-double digits.

In the event Scorpion opts-in to co-developing and co-promoting a nominated program, Scorpion will participate in the operating costs and be entitled to a proportionate share of the economics in the U.S., subject to certain adjustments.

Precision BioSciences has entered into an exclusive worldwide in vivo gene editing research and development collaboration and license agreement with Novartis Pharma.

Precision will develop a custom ARCUS nuclease that will be designed to insert, in vivo, a therapeutic transgene at a “safe harbor” location in the genome as a potential one-time transformative treatment option for diseases including certain hemoglobinopathies such as sickle cell disease and beta thalassemia.

Precision will develop an ARCUS nuclease and conduct in vitro characterization, with Novartis then assuming responsibility for all subsequent research, development, manufacturing and commercialization activities.

Novartis will receive an exclusive license to the custom ARCUS nuclease developed by Precision for Novartis to further develop as a potential in vivo treatment option for sickle cell disease and beta thalassemia.

Precision will receive an upfront payment of $75 million and is eligible to receive up to an aggregate amount of approximately $1.4 billion in additional payments for future milestones.

Precision is also eligible to receive certain research funding and, should Novartis successfully commercialize a therapy from the collaboration, tiered royalties ranging from the mid-single digits to low-double digits on product sales.

Mersana Therapeutics announced a global collaboration that provides GSK an exclusive option to co-develop and commercialize XMT-2056, an Immunosynthen ADC that targets a novel epitope of HER2.

XMT-2056 is designed to activate the innate immune system through STING signaling in both tumor-resident immune cells and in tumor cells.

Mersana will receive an upfront option purchase fee of $100 million.

Mersana also is eligible to receive up to $1.36 billion in the form of an option exercise payment and development, regulatory and commercial milestone payments if GSK exercises its option.

Mersana has retained options to profit-share and to co-promote in the United States.

If it exercises its profit-share option, Mersana will be eligible to receive tiered royalties on net sales outside of the United States.

If Mersana does not elect to profit-share, it is eligible to receive double-digit tiered royalties on global net sales.

Astellas Pharma and Sutro Biopharma announced a worldwide, strategic collaboration and licensing agreement focused on the discovery and development of novel immunostimulatory antibody-drug conjugates.

The collaboration leverages the unique cancer-fighting potential of iADCs as a novel modality, enabled by Sutro’s ability to engineer complex conjugated antibodies, and Astellas’ global oncology R&D expertise.

This strategic partnership will engage in the development of iADCs, a next generation modality with the potential for effective and efficient approaches for treatment of cold tumors so as to bring new drug therapies to patients who do not respond to existing therapies.

An iADC, which combines an antibody with a small molecule compound that induces immunogenic cell death*2 in addition to an immune activating molecule, has the potential to boost the anti-cancer action.

This partnership will enable Astellas and Sutro to mutually leverage strengths in their respective fields to accelerate iADC development for three distinct biological targets; Sutro will engage in research and preclinical studies to identify candidate compounds and then Astellas will pursue clinical development.

Sutro has advanced technologies for linking drugs to antibodies and proprietary component parts, including candidate antibodies and linkable cytotoxins and immunostimulatory molecules.

For development of iADCs, Astellas will utilize the strength of its global R&D and commercialization capabilities in the area of antibodies and the small molecular components.

These iADCs may have the potential to provide new therapeutic options for treatment of cancers for which no broadly effective therapy is currently available.

Under the terms of the agreement, Sutro will receive an upfront cash payment of US$90 million to develop iADCs for three biological targets and may be eligible to receive up to US$422.5 million in development, regulatory and commercial milestones for each product candidate, and tiered royalties ranging from low double-digit to mid-teens on worldwide sales of any commercial products that may result from the collaboration, subject to Sutro’s cost and profit sharing option for the United States.

Sutro has the option to share in the costs and profits for developing and commercializing product candidates in the United States.

If Sutro exercises this option for a particular product candidate, Astellas and Sutro will equally share the costs of such co-development and co-commercialization, with the resulting profits/losses from co-commercialization also shared equally in the United States.

Theravance Biopharma has entered into a definitive agreement to sell all of its units in Theravance Respiratory Company, representing its 85% economic interest in the sales-based royalty rights on worldwide net sales of GSK's TRELEGY ELLIPTA to Royalty Pharma for over $1.5 billion in potential total value.

The transaction is intended to provide near-, mid- and long-term value to the Company with an upfront cash payment of approximately $1.1 billion, up to $250 million in additional milestone payments contingent on the achievement of certain TRELEGY net sales thresholds between 2023 and 2026 and outer year royalties to the Company providing an opportunity to receive an estimated NPV of approximately $200 million.

February 2024

Repare Therapeutics will regain global development and commercialization rights to camonsertib (RP-3500), a potential best-in-class oral small molecule inhibitor of ATR (Ataxia-Telangiectasia and Rad3-related protein kinase), following termination of its collaboration agreement with Roche.

Roche notified Repare that, effective May 7, 2024, it is terminating its worldwide license and collaboration agreement for the development and commercialization of camonsertib following a review of Roche’s pipeline and evolving external factors.

Repare regains full control of all rights for camonsertib, a potential best-in-class inhibitor of ATR.

January 2024

Repare Therapeutics announced it has earned a $40 million milestone payment from Roche upon dosing of the first patient with camonsertib (RP-3500 or RG6526) in Roche’s TAPISTRY trial (NCT04589845).

TAPISTRY is a Phase 2, global, multicenter, open-label, multi-cohort clinical trial designed to evaluate the safety and efficacy of targeted therapies or immunotherapy in participants with unresectable, locally advanced or metastatic solid tumors determined to harbor specific oncogenic genomic alterations.

June 2022

Repare Therapeutics has entered into a worldwide license and collaboration agreement with Roche for the development and commercialization of camonsertib (also known as RP-3500), a potent and selective oral small molecule inhibitor of ATR (Ataxia-Telangiectasia and Rad3-related protein kinase) for the treatment of tumors with specific synthetic-lethal genomic alterations including those in the ATM gene (Ataxia-Telangiectasia mutated kinase).

Roche will assume development of camonsertib with the potential to expand development into additional tumors and multiple combination studies.

Repare will receive a $125 million upfront payment, and is eligible to receive up to $1.2 billion in potential clinical, regulatory, commercial and sales milestones, including up to $55 million in potential near-term payments, and royalties on global net sales ranging from high-single-digits to high-teens.

The collaboration also provides Repare with the ability to opt-in to a 50/50 U.S. co-development and profit share arrangement, including participation in U.S. co-promotion if U.S. regulatory approval is received.

If Repare chooses to exercise its co-development and profit share option, it will continue to be eligible to receive certain clinical, regulatory, commercial and sales milestone payments, in addition to full ex-U.S. royalties.

September 2023

Amphista Therapeutics has achieved the first milestone in the second active discovery programme under its strategic collaboration and license agreement with Bristol Myers Squibb, triggering a payment for achieving the milestone.

May 2023

Amphista Therapeutics announced the delivery of the first discovery milestone under its collaboration and license agreement with Bristol-Myers Squibb, triggering a payment for achieving the milestone.

May 2022

Amphista Therapeutics announced a strategic collaboration and license agreement with Bristol-Myers Squibb.

Bristol Myers Squibb and Amphista will work collaboratively to discover and develop small molecule protein degraders.

Bristol Myers Squibb will be granted a global exclusive license to the degraders developed and will be responsible for further development and commercialization activities.

Amphista will receive a $30 million upfront payment, the potential for up to $1.25 billion in performance-based milestone payments and payment for a limited expansion of the collaboration, as well as royalties on global net sales of products.

Sosei and AbbVie have entered a new drug discovery collaboration and option-to-license agreement to discover, develop and commercialize small molecules that modulate novel G protein-coupled receptor targets associated with neurological disease.

The new agreement will leverage Sosei Heptares’ StaR technology and structure-based drug design platform and AbbVie’s extensive neuroscience and disease area expertise.

The agreement expands the breadth of the ongoing collaboration between Sosei Heptares and AbbVie, building on the first multi-target discovery agreement signed between the companies in June 2020, which is focused on the inflammatory and autoimmune disease areas.

Sosei Heptares will conduct and fund R&D activities through the completion of Investigational New Drug-enabling studies.

AbbVie has the exclusive option to license up to three programs at this stage and will have responsibility for clinical, regulatory and commercial development thereafter.

Sosei Heptares receives an upfront payment of US$40 million on signing and is eligible to receive up to US$40 million in near-term research milestone payments expected over the next three years, as well as further potential option, development and commercial milestones totalling up to US$1.2 billion, plus tiered royalties on global sales.

Jazz Pharmaceuticals and Werewolf Therapeutics have entered into a licensing agreement under which Jazz has acquired exclusive global development and commercialization rights to Werewolf's investigational WTX-613, a differentiated, conditionally-activated interferon alpha (IFNα) INDUKINE molecule.

Jazz has secured exclusive global rights to WTX-613.

Jazz will make an upfront payment of $15 million to Werewolf, and Werewolf is eligible to receive development, regulatory and commercial milestone payments of up to $1.26 billion.

Werewolf is eligible to receive a tiered, mid-single-digit percentage royalty on net sales of WTX-613.

Gilead Sciences has reached a global resolution with ViiV Healthcare for all pending or potential claims related to Gilead’s sales of the HIV treatment Biktarvy (bictegravir 50 mg, emtricitabine 200 mg, and tenofovir alafenamide 25 mg tablets).

ViiV Healthcare will dismiss all pending lawsuits relating to bictegravir, the novel compound in Biktarvy.

Gilead will make a one-time payment of $1.25 billion and an ongoing royalty payment of 3% until 2027 on future sales of Biktarvy and on the bictegravir component of any future bictegravir-containing products sold in the U.S.

March 2023

Voyager Therapeutics announced that Novartis Pharma has exercised its options to license novel capsids generated from Voyager’s TRACER capsid discovery platform for use in gene therapy programs against two undisclosed neurologic disease targets.

Under the terms of the license option agreement, originally announced in March 2022, Voyager previously received a $54 million upfront payment from Novartis for the option to license capsids for up to three central nervous system targets.

With Novartis’ option exercise on two targets, Voyager now receives an additional $25 million option exercise payment and is eligible to receive up to $600 million in associated potential development, regulatory, and commercial milestone payments, as well as mid- to high-single-digit tiered royalties based on net sales of Novartis products incorporating the licensed capsids.

In addition, over the next 18 months, Novartis retains the right to expand the agreement to include options to license capsids for up to two additional rare CNS targets, subject to their availability, for a fee of $18 million per target.

Under such an expansion, Voyager would be eligible to receive a $12.5 million license option exercise fee for each target exercised, as well as future potential milestone payments of $300 million per target and tiered mid- to high-single digit royalties on products incorporating the licensed capsids.

The two Novartis targets licensed under the agreement are distinct from targets in Voyager’s internal and partnered pipeline.

Novartis elected not to license a capsid for one CNS target under the original agreement, and all capsid rights with respect to that target are returned to Voyager. Voyager retains global rights to all licensed capsids for use with other targets and to all other applications of its TRACER technology.

March 2022

Novartis announced a license option agreement with Voyager Therapeutics for three capsids to use in potential gene therapies for neurological diseases, with options to access capsids for two other targets.

Novartis will have the right to evaluate novel capsids from Voyager’s TRACER platform and to exercise options to license capsids for exclusive use in Novartis’ development of AAV gene therapies directed to three targets.

Novartis has the right to license capsids for two additional disease targets under the same terms.

Voyager will receive an upfront payment, with additional payments for each exercised option, as well as future milestones and sales-based royalties.

LegoChem Biosciences has entered into a research collaboration and license agreement with Amgen, whereby it granted Amgen rights to research, develop, and commercialize ADCs directed against up to 5 targets selected by Amgen based on LCB’s proprietary ConjuAll ADC technology.

LCB is eligible to receive up to USD 1.25 billion including upfront, development and commercial milestone payments, and is also eligible for tiered royalties as a percentage of worldwide commercial sales by Amgen.

PeptiDream have entered into a Research Collaboration and License Agreement with US-based Eli Lilly focused on the discovery and development of novel peptide drug conjugates.

PeptiDream will utilize its proprietary Peptide Discovery Platform System technology to identify high affinity macrocyclic peptide ligands to Lilly-elected targets of interest, capable of delivering a Lilly conjugated payload to certain cells and tissues of interest to Lilly.

PeptiDream will lead peptide discovery and optimization efforts, and Lilly will lead payload discovery and optimization efforts.

Lilly will be responsible for all development aspects of any PDC products arising from the collaboration.

PeptiDream will receive an upfront payment from Lilly as well as be eligible for payments based on the achievement of specified development, regulatory, and commercial milestones potentially totaling up to $1.235 billion (¥163billion).

PeptiDream is eligible to receive royalties on net sales of any such products.

Insilico Medicine announced a multi-year, multi-target strategic research collaboration with Sanofi.

The collaboration will leverage Insilico Medicine’s AI platform, Pharma.AI, to advance drug development candidates for up to six new targets.

Sanofi will pay Insilico Medicine a total of up to $21.5 million covering the upfront and target nomination fees to benefit from Insilico’s end-to-end Pharma.AI platform and gain access to a team of interdisciplinary drug discovery scientists to identify, synthesize, and advance high-quality lead therapeutic compounds up to development candidate stage.

Additional payments will be made if key research, development, and sales milestones are met, and could total up to $1.2 billion.

The collaboration also establishes mid-single to up to low double-digit tiered royalties for any products developed.

Elevation Oncology has entered into an exclusive license agreement with CSPC Megalith Biopharmaceutical to develop and commercialize EO-3021 (SYSA1801), a differentiated, clinical stage antibody drug conjugate targeting Claudin18.2, in all global territories outside Greater China (mainland China, Hong Kong, Macau and Taiwan).

SYSA1801 is currently being evaluated by CSPC in a Phase 1, dose-escalation clinical trial in China.

Elevation Oncology expects to initiate a Phase 1 clinical trial evaluating EO-3021 in the U.S. in 2023.

Elevation Oncology will develop and commercialize EO-3021 in all global territories outside of Greater China.

CSPC will receive a one-time, upfront payment of $27 million.

CSPC will also be eligible to receive up to $148 million in potential development and regulatory milestone payments and up to $1.0 billion in potential commercial milestone payments plus royalties on net sales.

Jazz Pharmaceuticals and Sumitomo Pharma have entered into an exclusive licensing agreement under which Jazz has acquired development and commercialization rights in the United States, Europe and other territories for Sumitomo Pharma's investigational DSP-0187, a potent, highly selective oral orexin-2 receptor agonist with potential application for the treatment of narcolepsy, idiopathic hypersomnia and other sleep disorders.

Jazz has designated this molecule JZP441.

Jazz will receive an exclusive license to develop and commercialize DSP-0187 throughout the world except for Japan, China and certain other Asia/Pacific countries and regions, where Sumitomo Pharma will retain all development and commercialization rights.

Sumitomo Pharma will receive an upfront payment of $50 million, and is eligible to receive development, regulatory and commercial milestone payments of up to $1.09 billion.

Pending approval, Sumitomo Pharma is eligible to receive a tiered, low double-digit royalty on Jazz's net sales of DSP-0187.

Volastra Therapeutics announced a collaboration with Bristol Myers Squibb to discover, develop and commercialize new medicines.

The multi-year collaboration will leverage Volastra’s proprietary CINtech platform, to identify CIN-related, synthetic lethal targets as drug candidates.

Volastra will be responsible for conducting various activities for undisclosed targets.

For select targets, Volastra will conduct all research activities through development candidate selection and Bristol Myers Squibb may take on the responsibilities for all subsequent development, regulatory and commercialization activities of the development candidates under an exclusive worldwide license.

Volastra will receive $30 million in an upfront payment and will also be eligible to receive up to $1.1 billion in development, regulatory and commercial milestone payments.

Volastra is entitled to receive royalties on net global sales of any product commercialized by Bristol Myers Squibb resulting from the collaboration.

Cerevance announced a multi-year strategic research collaboration with Merck to identify novel targets for Alzheimer’s disease utilizing Cerevance’s proprietary Nuclear Enriched Transcript Sort sequencing (NETSseq) technology platform.

Cerevance will concurrently out-license one discovery-stage program to Merck as part of the collaboration.

Cerevance will receive a $25 million upfront payment and is eligible to receive development and commercial milestone payments totaling approximately $1.1B, in addition to potential royalties on sales of approved products derived from the collaboration.

ABL Biotechnologies announced an exclusive collaboration and worldwide license agreement with SANOFI to develop and commercialize ABL301, a pre-clinical stage bispecific antibody targeting alpha-synuclein and IGF1R to treat Parkinson's disease and other potential indications with enhanced blood-brain barrier penetration.

ABL will receive $75 million in upfront payments.

ABL is eligible to receive up to $985 million based on the achievement of predefined development, regulatory and commercialization milestones, including $45 million in near-term milestones.

ABL is also eligible to receive royalties on net sales if the product from the collaboration is commercialized.

The transaction will become effective after customary closing conditions are met, such as the HSR clearance.

SANOFI will receive worldwide exclusive development and commercialization rights to ABL301.

Meanwhile, ABL will lead the preclinical development and Phase 1 clinical trial of ABL301.

Thereafter, SANOFI will be responsible for further clinical development, regulatory approval and commercialization of ABL301 worldwide.

NewAmsterdam Pharma and the Menarini Group announced an exclusive license agreement for the commercialization of obicetrapib, if approved, in Europe, either as a monotherapy or as part of a fixed dose combination with ezetimibe, for cardiovascular diseases.

Obicetrapib is NewAmsterdam’s next-generation oral, low-dose and once-daily cholesteryl ester transfer protein inhibitor therapeutic candidate, for which a promising safety and efficacy profile as an LDL-lowering adjunct to maximally tolerated statin therapy in patients with dyslipidemia has been observed through Phase 2b trials.

NewAmsterdam will retain all rights to commercialize obicetrapib, if approved, in the rest of the world, as well as rights to develop certain forms of obicetrapib for other diseases such as Alzheimer’s disease.

NewAmsterdam will receive an upfront payment of €115 million, as well as €27.5 million in committed R&D funding, for a total of €142.5 million in committed consideration.

NewAmsterdam will be eligible to receive up to €863 million in potential clinical, regulatory and commercial milestones, bringing the total potential deal value to €1,005.5 million.

Menarini will pay NewAmsterdam tiered double-digit percentage royalties from the teens to mid-twenties on net sales of obicetrapib in Europe.

NewAmsterdam will be responsible for further clinical development of obicetrapib and the parties will cooperate in regulatory activities to secure approval for the product.

Menarini will be responsible for all commercialization activities in the licensed territory.

Bayer and Mammoth Biosciences announced a strategic collaboration and option agreement for the use of Mammoth’s CRISPR systems to develop in vivo gene-editing therapies.

Mammoth Biosciences’ groundbreaking gene-editing technology is a key enabling technology, as well as a stand-alone therapeutic modality.

It will significantly enhance Bayer’s efforts to develop transformative therapies for patients faster and strengthen the company’s recently established new cell and gene therapy platform.

Under the terms of the agreement the two companies will start their collaboration with a focus on liver-targeted diseases.

Mammoth Biosciences will receive an upfront payment of USD 40 million and is eligible to receive target option exercise fees as well as potential future payments in the magnitude of more than one billion USD upon successful achievement of certain research, development, and commercial milestones across five preselected in vivo indications with a first focus on liver-targeted diseases.

Bayer will pay research funding and tiered royalties up to low double-digit percentage of net sales.

The companies are also exploring work on ex vivo projects on a nonexclusive basis.

Mersana Therapeutics announced a research collaboration and license agreement with Janssen Biotech to discover novel ADCs for three targets.

Janssen will provide proprietary antibodies for three targets.

Mersana will apply its expertise and its proprietary Dolasynthen platform to discover novel ADC product candidates.

Mersana may leverage Synaffix’s GlycoConnect technology as its preferred site-specific ADC bioconjugation technology.

Mersana will collaborate with Janssen on target candidates during preclinical development, with Janssen being solely responsible for clinical development and commercialization.

Mersana will receive an upfront payment of $40 million.

Mersana is eligible to receive reimbursement of certain costs as well as more than $1 billion in potential milestone payments, plus mid-single-digit to low double-digit percentage royalties on worldwide net sales of ADCs against the selected targets.

Dren Bio has entered into a research collaboration and license agreement with Pfizer.

The strategic collaboration will focus on the discovery and development of therapeutic bispecific antibodies for select oncology targets using Dren Bio’s proprietary Targeted Myeloid Engager and Phagocytosis Platform.

Pfizer made an upfront cash payment of $25 million to Dren Bio, with the Company eligible to potentially receive more than $1 billion of cash in total, including payments for the achievement of future development, regulatory, and commercial milestones.

Dren Bio and Pfizer will work together to advance the selected oncology target programs through clinical candidate selection, at which point Pfizer will assume full responsibility for all remaining development, manufacturing, regulatory and commercialization activities.

For each target-specific product that is globally licensed by Pfizer, Dren Bio will be eligible to receive tiered royalties on all future net sales during the term of the Agreement.

Additionally, under the terms of the agreement, Pfizer also has the right to reserve and subsequently nominate additional oncology targets to license from Dren Bio, subject to additional cash payments and future royalties.

Excluding products developed for targets licensed to Pfizer, Dren Bio will retain exclusive global rights for the platform including all other therapeutic targets currently in development as part of its own internal pipeline.

Atomwise has established a strategic and exclusive research collaboration with Sanofi that will leverage its AtomNet platform for computational discovery and research of up to five drug targets.

Sanofi will pay Atomwise $20 million upfront to identify, synthesize, and advance lead compounds for up to five targets which will be exclusive to Sanofi.

Subsequent payments pegged to key research, development, and sales milestones could total more than $1 billion.

In addition, tiered royalties have been established for products developed through the collaboration.

MorphoSys and Human Immunology Biosciences entered into an equity participation agreement and license agreements to allow HIBio to develop and commercialize MorphoSys’ felzartamab, an anti-CD38 antibody, and MOR210, an anti-C5aR1 antibody.

HIBio will obtain exclusive rights to develop and commercialize felzartamab and MOR210 across all indications worldwide, with the exception of Greater China for felzartamab and Greater China and South Korea for MOR210.

MorphoSys will receive a 15% equity stake in HIBio, along with certain equity earn-in provisions and standard investment rights.

MorphoSys will also be represented as a member of HIBio’s Board of Directors.

On achievement of development, regulatory and commercial milestones, MorphoSys will be eligible to receive payments from HIBio of up to $1 billion across both programs, in addition to tiered, single- to low double-digit royalties on net sales of felzartamab and MOR210 and will be compensated for ongoing program expenses.

HIBio will assume full responsibility for future development and commercialization expenses.

MorphoSys also receives an upfront payment of $15 million for MOR210.

Avista Therapeutics announced a partnership with Roche to develop novel AAV gene therapy vectors for the eyes.

The partnership aims to apply Avista’s single-cell adeno-associated virus engineering (scAAVengr) platform technology to develop intravitreal AAV capsids matching a capsid profile defined by Roche.

Roche has the right to evaluate and license novel capsids from Avista, and will be responsible for conducting preclinical, clinical and commercialization activities for gene therapy programs using these novel capsids, which will be distinct from Avista’s internal pipeline.

Avista will receive an upfront payment of $7.5 million and, if successful, is eligible to receive additional payments during the research phase of the partnership, as well as clinical and sales milestone payments and royalties for resulting products with a total potential deal value that may exceed $1 billion.

Evotec has entered into a drug discovery collaboration with Eli Lilly in the field of metabolic diseases with a focus on kidney diseases and diabetes.

The collaboration leverages Evotec's extensive experience and track record of delivering in the field of metabolic diseases, as well as its unique and extensive kidney disease patient database, to identify and validate promising novel targets for therapeutic intervention.

Evotec will be responsible for the discovery of potential drug candidates for the treatment of diabetes and chronic kidney diseases from targets identified by Lilly or by Evotec.

Lilly reserves the right to select up to five programmes developed within this partnership and to continue with any subsequent development, clinical validation and commercialisation.

The collaboration initially runs for a term of three years.

In addition to an undisclosed upfront payment, Evotec will be eligible to receive success-based discovery development, regulatory and commercial milestone payments of up to US$ 180 m per programme, as well as tiered royalties on net sales of any products resulting from the collaboration, for a potential overall value up to US$ 1 bn.

Remix Therapeutics announced a strategic collaboration with Janssen Pharmaceutica for the discovery and development of small molecule therapeutics that modulate RNA processing using Remix's REMaster drug discovery platform.

Remix will receive an initial payment of $45 million in cash for upfront and research funding, and may also receive preclinical, clinical, commercial, and sales milestone payments and tiered royalties for any resulting products.

Janssen will have exclusive rights to three specific targets with applications in immunology and oncology.

Remix will have the ability to opt into a portion of the costs of clinical development on one program in exchange for higher royalties.

Remix is eligible to receive total payments potentially exceeding $1 billion, subject to regulatory approvals and other conditions.

Amphista Therapeutics announced a strategic collaboration with Merck Healthcare.

Merck and Amphista will work collaboratively to discover and develop small molecule protein degraders for an initial three targets in oncology and immunology indications.

Amphista will receive an upfront payment, R&D funding and success-based milestone payments of up to €893.5 million ($1.0 billion*) as well as royalties in the mid-single digit range.

Regeneron Pharmaceuticals announced its intent to purchase Sanofi's stake in the Regeneron and Sanofi collaboration on Libtayo (cemiplimab), providing Regeneron with exclusive worldwide development, commercialization and manufacturing rights to the medicine.

The transaction is subject to merger control clearance outside the United States and is expected to close in the third quarter of 2022.

Once the transaction has closed, Regeneron will record 100% of global net sales and expenses for the Libtayo program.

Regeneron and Sanofi entered into the Immuno-oncology License and Collaboration Agreement in 2015.

Pursuant to this agreement, the companies currently split Libtayo's worldwide operating profits equally and co-commercialize Libtayo in the US, with Sanofi solely responsible for commercialization outside the US.

Sanofi will transfer the rights to develop, commercialize and manufacture Libtayo entirely to Regeneron, on a worldwide basis, over the course of a defined transition period.

Upon closing of the transaction, Regeneron will make an upfront payment of $900 million to Sanofi, which will be entitled to receive an 11% royalty on worldwide net sales of Libtayo.

Sanofi will also be entitled to a $100 million regulatory milestone payment upon the first approval by either the FDA or European Commission of Libtayo in combination with chemotherapy for first-line treatment of certain patients with NSCLC, as well as sales-related milestone payments of up to $100 million in total over the next two years.

Regeneron will accelerate reimbursement of the development balance associated with Regeneron and Sanofi's separate Antibody Collaboration.

Regeneron will increase from 10% to 20% the share of its profits that are paid to Sanofi to reimburse Sanofi-funded development expenses, until Regeneron's share of the total cumulative development costs incurred under the collaboration has been reached.

Vir Biotechnology announced that the Biomedical Advanced Research and Development Authority has awarded Vir a multi-year contract with the potential for up to $1 billion to advance the development of a full portfolio of innovative solutions to address influenza and potentially other infectious disease threats.

As part of BARDA’s ongoing effort to prepare and respond to public health emergencies, the agency will invest approximately $55 million initially for the ongoing and rapid development of VIR-2482, an investigational prophylactic monoclonal antibody designed to protect against seasonal and pandemic influenza.

This includes a Phase 2 pre-exposure prophylaxis trial expected to begin in the second half of 2022 with initial data anticipated in mid-2023.

The balance of the award is subject to BARDA exercising up to 12 options in further support of the development of pre-exposure prophylactic antibodies including and beyond VIR-2482 for the prevention of influenza illness or possibly supporting medical countermeasures for other pathogens of pandemic potential.

February 2023

HOOKIPA Pharma has achieved a $10 million non-dilutive milestone payment under its collaboration agreement with Roche to develop HB-700, a novel arenaviral immunotherapy for KRAS-mutated cancers.

The success-based milestone payment reflects the start of the HB-700 manufacturing process to support a Phase 1 clinical trial.

HOOKIPA plans to submit an Investigational New Drug Application to the US Food and Drug Administration in the first half of 2024.

October 2022

HOOKIPA Pharma announced a strategic collaboration and license agreement with Roche to develop HB-700 for KRAS-mutated cancers and a second undisclosed novel arenaviral immunotherapy.

HOOKIPA will conduct research and early clinical development through Phase 1b for HB-700, a novel investigational arenaviral immunotherapy for the treatment of KRAS-mutated cancers.

Upon the completion of the Phase 1b trial, Roche has the right to assume development responsibility and to commercialize licensed products across multiple indications upon approval.

The agreement also includes an option for Roche to license a second arenaviral cancer immunotherapy.

HOOKIPA will receive an upfront payment of $25 million.

Roche will have the option to expand the initial collaboration by adding an additional product candidate, whereafter HOOKIPA will receive an additional $15 million payment at option exercise.

Including this option payment, HOOKIPA is eligible for research, development and commercialization milestone-based payments for HB-700 and the additional product candidate totaling up to approximately $930 million.

Upon commercialization, HOOKIPA is eligible to receive tiered royalties of a high single-digit to mid-teens percentage on the worldwide net sales of HB-700 and the additional product candidate.

Acadia Pharmaceuticals and Stoke Therapeutics have entered a collaboration to discover, develop and commercialize novel RNA-based medicines for the potential treatment of severe and rare genetic neurodevelopmental diseases of the central nervous system.

The collaboration includes SYNGAP1 syndrome, Rett syndrome (MECP2), and an undisclosed neurodevelopmental target of mutual interest.

Stoke will receive an upfront payment of $60 million from Acadia and is eligible to receive up to $907 million in milestones as well as royalties on future sales.

For the SYNGAP1 program, the two companies will jointly share global research, development and commercialization responsibilities and share 50/50 in all worldwide costs and future profits.

Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones.

For the Rett syndrome (MECP2) and the undisclosed neurodevelopmental program, Stoke will lead research and pre-clinical development activities, while Acadia will lead clinical development and commercialization activities.

Acadia will fully fund the research and pre-clinical development activities related to these two targets and Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones as well as tiered royalty payments on worldwide sales starting in the mid-single digit range and escalating to the mid-teens based on revenue levels.

Kelun-Biotech has entered into a collaboration and exclusive license agreement with MSD to develop an investigational antibody drug conjugate for the treatment of solid tumors.

Kelun-Biotech has granted MSD global, exclusive rights to develop, manufacture and commercialize an investigational ADC.

Kelun-Biotech and MSD will also collaborate on the early clinical development of the investigational ADC.

Kelun-Biotech will receive an upfront payment of $35mm and is eligible to receive future development, approval and commercial milestone payments totaling up to $901mm, plus tiered royalties on net sales.

Heidelberg Pharma and Huadong Medicine have entered into a strategic partnership with the signing of an exclusive licensing agreement as well as an investment agreement.

The agreements were concluded with wholly owned subsidiaries of Huadong, one of the leading pharmaceutical companies in China with a focus on oncology and ADC research, development and commercialization.

Heidelberg Pharma has granted Huadong exclusive development and commercialization rights for HDP-101 (BCMA-ATAC) and HDP-103 (PSMA-ATAC) for Asia 1 and is eligible to receive an upfront payment of USD 20 million (EUR 17.5 million) and milestone payments of up to USD 449 million (EUR 400 million), as well as tiered royalties ranging from single to low double digit percentages for each candidate.

Heidelberg Pharma has granted Huadong an exclusive option for the pre-IND research candidates HDP-102 (CD37-ATAC) and HDP-104 (undisclosed target) in Asia 1 with a total deal value of up to USD 461 million (EUR 410 million), plus tiered royalties ranging from single to low double digit percentages for each candidate.

Huadong also has right of first negotiation to license the next two ATAC (R) candidates for Asia 1.

Huadong becomes the strategic partner in Asia for Heidelberg Pharma's product development.

Tavros Therapeutics and Vividion Therapeutics have entered into a collaboration agreement to discover or target four oncology targets across an initial five-year term.

Tavros will receive $17.5 million in a cash upfront payment from Vividion, and is eligible to receive up to $430.5 million in potential future payments based on the achievement of prespecified preclinical, clinical development, and commercial milestones, as well as low-single-digit royalties on sales of certain potential programs.

Vividion has options to pursue up to five additional targets with up to $482 million in potential additional future payments.

Blueprint Medicines announced strategic financing collaboration with Sixth Street.

The agreement with Sixth Street has three parts:

$250 million cash upfront in exchange for future AYVAKIT/AYVAKYT and BLU-263 royalties at a rate of 9.75 percent subject to an annual cap of $900 million in net sales and a cumulative cap of 1.45 times invested capital;

Up to $400 million in a senior secured credit facility, of which Blueprint Medicines will draw $150 million initially with an additional $250 million available in delayed draw tranches at Blueprint Medicines' election;

and $260 million in a potential credit facility to support buy-side business development opportunities, subject to mutual agreement between Sixth Street and Blueprint Medicines.

BridgeBio Pharma announced an exclusive license with Bristol-Myers Squibb to develop and commercialize BBP-398, a potentially best-in-class SHP2 inhibitor, in oncology.

BridgeBio will receive an upfront payment of $90 million, up to $815 million in development, regulatory and sales milestone payments, and tiered royalties in the low- to mid-teens.

BridgeBio will retain the option to acquire higher royalties in the United States in connection with funding a portion of development costs upon the initiation of registrational studies.

Based on the terms of the agreement, BridgeBio will continue to lead its ongoing Phase 1 monotherapy and combination therapy trials.

Bristol Myers Squibb will lead and fund all other development and commercial activities.

Cook Medical signed a letter of intent with CooperCompanies to sell the entirety of Cook’s Reproductive Health business within the MedSurg division.

CooperCompanies will pay $875 million comprised of $675 million at closing and $200 million paid in four $50 million annual installments.

Shanghai Fosun Pharma has licensed US rights to a PD-1 candidate from Henlius Biotech, in an $840 million agreement.

Henlius negotiated a contract with Fosun, consisting of a $140 million upfront payment, a one-time $50 million regulatory milestone payment and up to $650 million in sales milestones, plus royalties.

The PD-1, serplulimab, was the thirteenth PD-1/L1 inhibitor approved in China.

Mersana Therapeutics announced a research collaboration and commercial license agreement with a subsidiary of Merck KGaA to discover novel Immunosynthen ADCs directed against up to two targets.

Immunosynthen, Mersana’s proprietary STING-agonist ADC platform, is designed to generate systemically administered ADCs that locally activate STING signaling in both ​tumor-resident immune cells and in antigen-expressing tumor cells, unlocking the anti-tumor potential of innate immune stimulation.​

Mersana will develop novel ADC product candidates against up to two targets utilizing its Immunosynthen platform to conjugate proprietary antibodies from Merck KGaA, Darmstadt, Germany.

Mersana will be responsible for certain discovery activities, as well as limited preclinical manufacturing and supply obligations, which will be reimbursed by Merck KGaA.

Merck KGaA will be solely responsible for in vitro and in vivo characterization, other preclinical work, and all clinical development and potential commercialization activities relating to any resulting product candidates.

Mersana will receive an upfront payment of $30 million.

Mersana is also eligible to receive reimbursement of certain costs, up to $800 million in potential regulatory, development and commercial milestone payments, and tiered royalties up to the low double-digit percentages on worldwide net sales of any approved ADCs developed under the agreement.

Astellas Pharma and GO Therapeutics announced that Xyphos Biosciences and GO have entered into a strategic research collaboration and license agreement to develop novel Immuno-Oncology therapeutics.

Under the terms of the agreement, the two companies will collaborate exclusively to identify novel antibodies with high affinity to two different glycoprotein targets and apply these antibodies to a range of therapeutic modalities.

GO will lead the collaboration to discover high-affinity antibodies against the two targets, and Astellas will be responsible for research activities, clinical development and commercialization of the therapeutics derived from the antibodies provided by GO.

Xyphos will pay GO Therapeutics US$20.5 million in upfront cash.

Milestone and contingency payments could total up to another US$763 million.

Neurimmune has entered into an exclusive global collaboration and license agreement with Alexion, AstraZeneca's Rare Disease group, to develop NI006, an investigational human monoclonal antibody specifically targeting misfolded transthyretin.

NI006 is currently in Phase Ib development for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM).

Alexion will be granted an exclusive, worldwide license to develop, manufacture and commercialize Neurimmune's ATTR clinical asset NI006.

Neurimmune will receive an upfront payment of $30 million with the potential for additional contingent milestone payments of up to $730 million payable upon achievement of certain development, regulatory and commercial milestones, as well as low-to-mid teen royalties on net sales of any approved medicine resulting from the collaboration.

Neurimmune will continue to be responsible for completion of the current Phase 1b clinical study on behalf of Alexion.

Alexion will be responsible for further clinical development, manufacturing, and commercialization.

Capricor Therapeutics has entered into a partnership with Nippon Shinyaku for the exclusive commercialization and distribution in the United States of Capricor’s lead asset, CAP-1002, for the treatment of Duchenne muscular dystrophy.

Capricor will be responsible for the conduct of HOPE-3 as well as the manufacturing of CAP-1002.

Nippon Shinyaku will be responsible for the distribution of CAP-1002 in the United States.

Capricor will sell commercial product to Nippon Shinyaku and in addition will receive a meaningful, double-digit share of product revenue and additional development and sales-based milestone payments.

Capricor will receive an upfront payment of $30 million with potential additional milestone payments of up to $705 million.

November 2023

Q32 Bio will regain full development and commercial rights to bempikibart (previously known as ADX-914) from Amgen.

August 2022

Q32 Bio and Horizon Therapeutics have entered into a collaboration and option agreement to develop ADX-914 for the treatment of autoimmune diseases.

Horizon will fund development through completion of the two Phase 2 trials of ADX-914, with Q32 being operationally responsible for the conduct of all program-related activities.

Horizon will receive an option to acquire the ADX-914 program, exercisable through a period following completion of the Phase 2 trials.

During the option period, Q32 will receive $55 million in the form of initial consideration and staged development funding, of which Horizon expects to recognize as R&D expenses approximately $32.5 million in the third quarter of 2022, and the remainder in 2023.

These payments will be included in Horizon's non-GAAP financial measures, including adjusted EBITDA.

If Horizon exercises the option, Q32 may be eligible to receive up to an additional $645 million in closing and milestone payments, as well as tiered royalties on net sales, less certain amounts payable under a pre-existing license agreement.

Sosei has entered a drug discovery collaboration with Eli Lilly to discover, develop and commercialize small molecules that modulate novel G protein-coupled receptor targets associated with diabetes and metabolic diseases.

This new agreement will leverage Sosei Heptares’ StaR technology and structure-based drug design platform and Lilly’s extensive drug development and commercialization expertise as well as its therapeutic area expertise in diabetes and metabolic diseases.

Sosei Heptares will focus its efforts on multiple GPCR targets nominated by Lilly to deliver novel target-selective small molecule hit candidates for further development and commercialization.

Sosei Heptares receives an upfront payment of US$37 million on signing and is eligible to receive development and commercial milestones totalling up to US$694 million, plus tiered royalties on global sales.

Biogen and Alectos Therapeutics have entered into a license and collaboration agreement to develop and commercialize a novel preclinical selective GBA2 inhibitor, AL01811, which has first-in-class potential as an oral disease modifying treatment for patients with Parkinson’s disease.

This collaboration combines Alectos’ expertise in small-molecule therapeutics with Biogen’s development capabilities in movement disorders.

Biogen will make an upfront payment of $15 million to Alectos Therapeutics for an exclusive global license to AL01811 and additional unnamed backup molecules.

Alectos is eligible to receive up to $77.5M in potential development payments and $630M in potential commercial payments should the collaboration achieve certain milestones.

Alectos is also eligible to receive tiered royalties in the high-single-digits to mid-teens.

Moving forward, both companies will collaborate on preclinical activities for AL01811 and, once AL01811 is advanced to the clinic, Biogen will assume sole responsibility for all development, regulatory, manufacturing, and commercial activities and costs.

Vertex Pharmaceuticals and Entrada Therapeutics announced a global collaboration focused on discovering and developing intracellular Endosomal Escape Vehicle (EEV) therapeutics for myotonic dystrophy type 1.

The collaboration includes Entrada’s program for DM1, ENTR-701, which is in late-stage preclinical development.

Entrada will receive an upfront payment of $224 million, as well as an equity investment of $26 million.

Entrada is eligible to receive up to $485 million for the successful achievement of certain research, development, regulatory and commercial milestones, and tiered royalties on future net sales for any products that may result from this collaboration agreement.

The agreement includes a four-year global research collaboration whereby Entrada will continue to advance and receive payments for certain research activities related to ENTR-701, as well as additional DM1-related research activities.

Vertex will be responsible for global development, manufacturing and commercialization of ENTR-701 and any additional programs stemming from Entrada’s DM1 research efforts.

Ventus Therapeutics has entered into an exclusive worldwide license agreement with Novo Nordisk to develop and commercialize candidates from Ventus’ portfolio of peripherally-restricted NLRP3 inhibitors.

Novo Nordisk will make an upfront payment of $70 million in cash to Ventus and provide research and development funding.

Ventus will be eligible to receive up to an additional $633 million in potential clinical, regulatory, and commercial milestones as well as tiered royalties.

In exchange, Novo Nordisk will receive exclusive worldwide rights to develop and commercialize Ventus’ lead NLRP3 inhibitor program for a broad range of diseases, including nonalcoholic steatohepatitis, chronic kidney disease, and other cardiometabolic conditions.

Ventus retains the right to develop NLRP3 inhibitors for certain systemic diseases, including specific inflammatory and respiratory diseases.

Ventus retains worldwide rights to the company’s distinct brain-penetrant NLRP3 inhibitor program.

Exelixis and Cybrexa Therapeutics have entered into an exclusive collaboration agreement providing Exelixis the right to acquire CBX-12 (alphalex exatecan), a clinical-stage, first-in-class peptide-drug conjugate that utilizes Cybrexa’s proprietary alphalex technology to enhance delivery of exatecan to tumor cells.

CBX-12 is designed to increase the efficacy and reduce the toxicity of topoisomerase I inhibition by delivering exatecan, a highly potent, second-generation topoisomerase I inhibitor, directly to the tumor cells.

This collaboration underscores Exelixis’ commitment to expanding its clinical pipeline building upon its biotherapeutics and targeted drug therapy expertise.

Exelixis will pay Cybrexa an upfront fee of $60 million in exchange for the right to acquire CBX-12 pending certain Phase 1 results and to fund certain development and manufacturing expenses incurred by Cybrexa to advance an agreed development plan.

Cybrexa may also be eligible to receive up to an additional $642.5 million, including development, regulatory, and commercial milestone payments, as well as a fee for the acquisition of CBX-12 upon evaluation of a pre-specified clinical data package.

Eli Lilly announced the launch of the Lilly Institute for Genetic Medicine and an investment of approximately $700 million to establish a state-of-the-art facility at a new site in the Boston Seaport.

This investment – part of the company's strategy to advance RNA based therapeutics – builds on the 2020 acquisition and rapid expansion of Prevail Therapeutics, a gene therapy pioneer based in New York City.

Working together, researchers in both Boston and New York will leverage promising RNA and DNA-based technologies to develop therapies with the potential to treat or prevent diseases in a manner that is challenging or not possible with traditional medicines.

Kiniksa Pharmaceuticals announced a global license agreement with Roche and Genentech for the rights to develop and commercialize vixarelimab, a fully human monoclonal antibody targeting oncostatin M receptor beta (OSMRβ).

Kiniksa will receive $100 million in upfront and near-term payments, and is eligible to receive up to approximately $600 million in certain clinical, regulatory, and sales-based milestones, before fulfilling upstream financial obligations.

Kiniksa is also eligible to receive royalties on annual net sales.

Genentech will obtain rights for the development and commercialization of vixarelimab.

March 2024

LAVA Therapeutics announced that Pfizer has achieved a clinical development milestone for PF-08046052 (formerly SGN-EGFRd2 /LAVA-1223), prompting the first milestone payment of $7 Million to LAVA.

September 2022

Seagen and LAVA Therapeutics announced an exclusive license agreement in which Seagen will work to develop, manufacture and commercialize LAVA-1223. LAVA-1223 is an advanced preclinical asset that utilizes LAVA’s proprietary Gammabody technology to target epidermal growth factor receptor-expressing solid tumors.

Seagen will receive an exclusive global license for LAVA-1223 and pay LAVA $50 million upfront; up to approximately $650 million in potential development, regulatory and commercial milestones; and royalties ranging from the single digits to the mid-teens on future sales.

The agreement also provides Seagen with the opportunity to exclusively negotiate rights to apply LAVA's proprietary Gammabody platform on up to two additional tumor targets.

Clovis has entered into a “stalking horse” purchase and assignment agreement with Novartis Innovative Therapies to acquire substantially all of the rights of the Company to its pipeline clinical candidate, FAP-2286, as a therapeutic agent for an upfront payment of $50 million and up to an additional $333.75 million upon the successful achievement of specified development and regulatory milestones and $297 million in later sales milestones.

Genesis Therapeutics has entered into a strategic collaboration with Eli Lilly to discover novel therapies for up to five targets across a range of therapeutic areas.

The collaboration will deploy Genesis’ pioneering AI drug discovery platform, which combines 3D structure-aware deep neural networks with cutting-edge molecular simulation.

Genesis’ field-leading machine learning models will be utilized by joint teams of engineers and scientists from Genesis and Lilly as they drive toward first-in-class and best-in-class drug candidates.

Genesis will partner with Lilly on three initial targets and will receive an upfront payment of $20 million.

Lilly will have the option to nominate two more targets for an additional nomination payment per target.

Genesis will be eligible to receive up to $670 million total in upfront; target nomination; and preclinical, development, regulatory and sales milestone payments.

Genesis is also eligible to receive royalties on net sales.

Kiniksa Pharmaceuticals and Hangzhou Zhongmei Huadong Pharmaceutical, a wholly-owned subsidiary of Huadong Medicine announced a strategic collaboration to develop and commercialize Kiniksa’s ARCALYST and mavrilimumab in the Asia Pacific Region.

Kiniksa will receive $22 million upfront and is eligible to receive up to approximately $640 million in specified development, regulatory and sales-based milestones.

Kiniksa is also eligible to receive tiered royalties ranging from the low-teens to the low-twenties on annual net sales.

Huadong Medicine will obtain exclusive rights and responsibility for the development and commercialization of ARCALYST and mavrilimumab in the Asia Pacific Region including Greater China, South Korea, Australia, and 18 other countries, but excluding Japan.

Kiniksa will otherwise retain all existing development and commercialization rights for both assets.

Blueprint Medicines and Proteovant Therapeutics announced a strategic collaboration to advance novel targeted protein degrader therapies to address important areas of medical need.

The collaboration will bring together Proteovant's Artificial Intelligence -enhanced targeted protein degradation platform and Blueprint Medicine's precision medicine expertise to discover novel targeted protein degraders.

The companies will jointly research important targets and advance up to two novel protein degrader therapies into development candidates.

As a core part of the collaboration, Proteovant's exclusive partner for TPD, VantAI, will deploy its leading AI technologies for degrader generation and optimization.

Upon designation of a clinical development candidate, Blueprint Medicines has the exclusive option to develop and commercialize products resulting from the collaboration.

Proteovant has the option to co-develop and co-commercialize the second of the two Blueprint Medicines-optioned programs in the U.S.

Proteovant will receive a $20 million upfront payment and will be eligible to receive up to an additional $632 million in potential research, development, regulatory and commercialization milestone payments plus tiered royalties from mid- to high-single digits on net sales on the first two program targets, subject to adjustment in specified circumstances.

Of the total contingent payments, up to $105 million would be preclinical, clinical development and regulatory milestones and up to $527 million would be approval and sales milestones.

Each company will be responsible for its own costs under the research plan.

Should Proteovant opt in to the second program, the parties will split profits and losses of that program equally in the U.S. along with development costs and the milestone payments for the program will be reduced accordingly.

Proteovant will be eligible to receive milestone payments and royalties on ex-U.S. sales.

In addition, the partners may jointly extend the collaboration, with the same structure and financial terms, to two additional program targets through additional funding by Blueprint Medicines.

Jemincare Pharmaceutical have entered into an exclusive worldwide license agreement with Roche and Genentech for the development and commercialization of its androgen receptor degrader, JMKX002992.

Genentech will be granted an exclusive license to develop and commercialize the degrader worldwide, and will be fully responsible for the development and commercialization costs.

Genentech will pay Jemincare a USD 60 million upfront payment.

Jemincare is also entitled to receive up to USD 590 million in additional payments upon achievement of certain development, regulatory and sales-based milestone targets.

Jemincare is also entitled to receive tiered royalties on net sales.

Absci has entered into a research collaboration with Merck using Absci’s AI-powered Integrated Drug Creation Platform.

Absci will deploy its Bionic Protein non-standard amino acid technology to produce enzymes tailored to Merck’s biomanufacturing applications and receive an upfront and certain other milestone payments.

Merck has the option to nominate up to three targets and enter into a drug discovery collaboration agreement, and Absci would then be eligible to receive up to $610 million in upfront fees and milestone payments for all three targets, as well as research funding and tiered royalties on sales.

Juniper Biologics has gained the licensing rights to develop and commercialize TG-C LD (TissueGene-C low dose) for the treatment of knee osteoarthritis.

The $600 million USD licensing deal which covers Asia Pacific, Middle East and Africa was signed with Kolon Life Science, and is Juniper Biologics’ second acquisition in as many months.

Juniper Biologics will be responsible for developing and commercializing TG-C LD to medical professionals and hospitals within these regions.

Kolon Life Science will be responsible for supporting the development as well as supplying TG-C LD.

Surrozen has entered into a collaboration and license agreement with Boehringer Ingelheim to research and develop SZN-413 for the treatment of retinal diseases.

Boehringer Ingelheim will receive an exclusive, worldwide license to develop SZN-413 and other Fzd4-specific Wnt-modulating molecules for all purposes, including as a treatment for retinal diseases, in exchange for an upfront payment to Surrozen of $12.5 million.

Surrozen will also be eligible to receive up to $586.5 million in success-based development, regulatory, and commercial milestone payments, in addition to mid-single digit to low-double digit royalties on sales.

After an initial period of joint research, Boehringer Ingelheim will assume all development and commercial responsibilities.

GSK and Spero Therapeutics have entered into an exclusive license agreement for Spero’s late-stage antibiotic asset, tebipenem HBr.

ebipenem HBr is being developed as the first oral carbapenem antibiotic for the treatment of complicated urinary tract infections, including pyelonephritis, caused by certain bacteria.

GSK will receive an exclusive license to develop and commercialize tebipenem pivoxil and tebipenem pivoxil HBr in all territories, except Japan, and certain other Asian countries, territories which will be retained by Spero partner, Meiji Seika.

Spero will be responsible for the execution and costs of the follow-up Phase 3 clinical trial of tebipenem HBr.

GSK will be responsible for the execution and costs of additional development, including Phase III regulatory filing and commercialization activities for tebipenem HBr outside of the Meiji Seika territory.

Spero will receive an upfront payment of $66 million for GSK to secure rights to the medicine.

Remaining potential payments are milestone based, and are as follows:

Event Milestone payments (up to)

Delivery of phase III programme $150m

Total commercial milestone payments based on first sale (US/EU) $150m

Sales milestone events

Net sales greater than $200m $25m

Net sales greater than $300m $25m

Net sales greater than $400m $25m

Net sales greater than $500m $50m

Net sales greater than $750m $50m

Net sales greater than $1,000m $50m

Total sales milestone payments: $225m

Royalties Low-single digit to low-double digit (if sales exceed $1bn) tiered royalties on net product sales.

In connection with the license agreement and pursuant to a stock purchase agreement between GSK and Spero, GSK has agreed to make a $9 million common stock investment in Spero, purchasing 7,450,000 shares of Spero’s common stock at a purchase price of approximately $1.20805 per share, not to exceed 19.99% beneficial ownership of Spero by GSK and its affiliates.

March 2023

Synaffix has announced the expansion of its license agreement with MacroGenics.

The expansionincreases the total potential consideration by up to $2.2 billion, plus tiered low to high single-digit royalties on potential net sales of any resulting products.

MacroGenics currently has the option to pursue up to seven ADC programs under the expanded deal, which includes three programs from the original collaboration.

February 2022

Synaffix has entered into a technology agreement with MacroGenics.

MacroGenics will gain access to Synaffix's clinical stage GlycoConnect antibody conjugation technology, HydraSpace polar spacer technology, as well as select toxSYN linker-payloads (SYNtecan E, SYNeamicin D and SYNeamicin G), each designed to enable ADCs with best-in-class efficacy and tolerability.

These will be combined with MacroGenics' proprietary antibody and bispecific DART antibody platform technologies to generate next generation ADCs.

Synaffix will be eligible to receive up to $586 million in payments spanning upfront and milestone payments across three programs plus royalties on commercial sales.

The license rights of MacroGenics for each program will be designated as exclusive or non-exclusive to each program's antibody target (or to the combination of two targets, if bispecific).

The first program will commence at signature, with the option to expand the collaboration to a further two programs by March 2023.

MacroGenics will be responsible for research, development, manufacturing and commercialization of the ADCs.

Synaffix will support MacroGenics' research activities and be responsible for the manufacturing of components that are specifically related to its proprietary GlycoConnect and HydraSpace technologies and the toxSYN linker-payloads.

Proxygen has entered into a strategic multi-year research collaboration and license agreement with Merck.

Proxygen is eligible to receive up to €495 million ($554 million at the average USD/EUR FX rate of Q1 2022) in continuous R&D funding, upfront and success-based pre-clinical, clinical, regulatory, and commercial milestones, as well as additional royalty payments.

Under the terms of the agreement, the companies will jointly identify and develop molecular glue degraders up to a clinical candidate stage.

SyntheX announced a research collaboration and license agreement with Bristol Myers Squibb to discover, develop and commercialize novel small molecules using SyntheX's ToRNeDO platform for protein degradation.

The collaboration will focus on discovering molecular glue degraders.

SyntheX will receive a combined upfront of cash and an investment and is eligible for up to $550 million in performance-based milestone payments, as well as royalties on global net sales of products.

Leidos was awarded a new prime contract to provide biomedical preclinical and development capabilities to support the National Institute of Allergy and Infectious Diseases.

The seven-year, multi-award, indefinite delivery/indefinite quantity contract has an approximate value of up to $545 million across all task areas to be engaged on this program.

This project will be funded in whole or in part with federal funds from the NIAID, National Institutes of Health, Department of Health and Human Services, under Contract No. 75N93021D00030.

AbbVie and iSTAR Medical announced a strategic transaction to further develop and commercialize iSTAR Medical's MINIject device, a minimally invasive glaucoma surgical device for patients with glaucoma.

This complementary alliance will support iSTAR Medical's development and commercial efforts for MINIject, as well as provide an opportunity to expand AbbVie's eye care business, building on its glaucoma portfolio which includes drops, sustained release implants, and stent offerings.

iSTAR Medical will receive a $60M non-dilutive upfront payment and will continue to develop and commercialize MINIject until completion of the STAR-V clinical study.

AbbVie will hold the exclusive right to acquire iSTAR Medical and lead subsequent global development and commercialization of the MINIject device.

If AbbVie exercises the right to acquire iSTAR, the stockholders of iSTAR Medical would also be eligible to receive additional contingent payments of up to $475M in a closing payment and upon achievement of certain predetermined milestones.

Grünenthal and Shionogi have entered into a licensing agreement for Grünenthal's investigational medicine Resiniferatoxin.

Shionogi obtained the exclusive rights to commercialise Grünenthal's asset in Japan for pain associated with osteoarthritis of the knee.

Shionogi will obtain the exclusive commercialisation rights for RTX in Japan for a total consideration of up to $ 525 million plus additional sales based payments.

Shionogi will pay $ 75 million upon signature, and further milestone payments of $ 70 million prior to regulatory approval.

The agreement includes competitive investment commitments for launch and commercialisation.

Manufacturing and supply of RTX to Shionogi will be carried out exclusively by Grünenthal.

Grünenthal announced an agreement with Bayer to acquire Nebido, the well-known brand for the treatment of male hypogonadism and its associated brands for up to € 500 million.

The product is approved and successfully commercialized in over 80 countries.

Patent protection exists until March 2024 in the EU and until May 2027 in the US.

Almirall and Simcere Pharmaceutical have entered into an exclusive licensing agreement for Simcere’s IL-2 mutant fusion protein (IL-2 mu-Fc) autoimmune drug candidate, SIM0278.

Almirall will be granted an exclusive right to develop and commercialise SIM0278 for all indications outside of the Greater China region (Mainland China, Hong Kong, Macau and Taiwan).

Simcere will retain all rights to develop and commercialise SIM0278 within Greater China.

Simcere will receive a $15 million upfront payment and up to US$492 million in development and commercial milestone payments considering successful achievements in several indications, with an important part as sales milestones, as well as up to low double-digit tiered royalties based upon future global sales.

Amgen and Plexium announced an exclusive, worldwide, multi-year research collaboration and license agreement to identify novel targeted protein degradation therapeutics toward historically challenging drug targets.

The multi-year collaboration supports the discovery of novel molecular glue therapeutics leveraging insights from Amgen's expertise in developing multispecific molecules.

Under the terms of the agreement, the collaboration will initially focus on two programs with Amgen holding options to add additional programs.

Plexium is eligible to receive over $500 million in success-based target access, pre-clinical, clinical, regulatory and commercial milestones, as well as tiered single-digit royalty payments, if all options are exercised.

Amgen has a commercial license to each program that advances to a predefined preclinical stage of development and will be responsible for global development and commercialization.

The partnership will focus on expanding targeted protein degradation opportunities through discovery of previously unrecognized molecular glues or monovalent degraders.

These molecules work through a concept of induced proximity that take advantage of the normal biology of a cell to bring two proteins together to drive protein degradation.

This collaboration incorporates Plexium's comprehensive targeted protein degradation platform, powered by a proprietary high-throughput cell-based screening technology that enables the discovery of novel molecular glue therapies.

AmerisourceBergen and Walgreens Boots Alliance announced strategic agreements under which AmerisourceBergen will acquire the majority of Walgreens Boots Alliance’s Alliance Healthcare businesses for approximately $6.5 billion, comprised of $6.275 billion in cash and 2 million shares of AmerisourceBergen common stock.

AmerisourceBergen’s acquisition of Alliance Healthcare will provide even stronger support for pharmacies and pharmacists across the globe and integrated solutions for pharmaceutical manufacturers.

Walgreens Boots Alliance will be able to increase its focus on expanding its core retail pharmacy businesses, bringing even greater healthcare offerings to patients and customers and further accelerating its progress on its clear set of strategic priorities.

Poseida Therapeutics has entered into a research collaboration and exclusive license agreement with Takeda Pharmaceutical to utilize Poseida's piggyBac, Cas-CLOVER, biodegradable DNA and RNA nanoparticle delivery technology and other proprietary genetic engineering platforms for the research and development of up to eight gene therapies.

The collaboration will focus on developing non-viral in vivo gene therapy programs, including Poseida's Hemophilia A program.

Under the terms of the agreement, the parties will collaborate to initially develop up to six in vivo gene therapy programs utilizing Poseida's novel technology platforms including piggyBac, Cas-CLOVER and biodegradable nanoparticle technology, as well as certain emerging technologies.

Takeda also has an option to add two additional programs to the collaboration and is obligated to provide funding for all collaboration program R&D costs.

Poseida will receive an upfront payment of $45 million and preclinical milestones that together could potentially exceed $125 million in the aggregate, if milestones for six programs are achieved.

Poseida is also eligible to receive future clinical development, regulatory, and commercial milestone payments with a total potential value over the course of the partnership of up to $2.7 billion if milestones for all six programs are achieved, and up to $3.6 billion if the milestones related to the two optional programs are also achieved.

Poseida will lead research activities up to candidate selection, after which Takeda will assume responsibility for further development and commercialization.

December 2022

Eli Lilly and ProQR Therapeutics announced the expansion of their licensing and collaboration agreement focused on the discovery, development and commercialization of new genetic medicines.

Under the terms of the expanded agreement, Lilly will gain access to additional targets in the central nervous system and peripheral nervous system with ProQR’s Axiomer platform.

ProQR will receive $75 million consisting of an upfront payment, as well as an equity investment.

Lilly will have the ability to exercise an option to further expand the partnership for a consideration of $50 million.

In addition, Lilly can elect to provide ProQR with access to the company’s proprietary delivery technology for its wholly owned pipeline.

September 2021

ProQR Therapeutics announced a global licensing and research collaboration with Eli Lilly focused on the discovery, development, and commercialization of potential new medicines for genetic disorders in the liver and nervous system.

The companies will use ProQR’s proprietary Axiomer RNA editing platform to progress new drug targets toward clinical development and commercialization.

The companies will collaborate to develop up to five targets.

ProQR will receive $50 million consisting of an upfront payment of $20 million, as well as an equity investment in its ordinary shares of $30 million.

ProQR is also eligible to receive up to approximately $1.25 billion for development, regulatory and commercialization milestones, as well as tiered royalties of up to mid-single digit percentage on product sales.

July 2023

Ionis Pharmaceuticals has expanded its existing collaboration with AstraZeneca to include exclusive rights for AstraZeneca to commercialize eplontersen in Latin America.

Ionis previously granted AstraZeneca exclusive rights to commercialize eplontersen in all other countries outside the US Ionis and AstraZeneca will continue to jointly develop and commercialize eplontersen in the US.

The companies are successfully advancing eplontersen by combining Ionis' industry-leading expertise in RNA-targeted therapeutics and deep knowledge of transthyretin amyloidosis with AstraZeneca's global cardiovascular commercial capabilities.

AstraZeneca paid Ionis $20 million to license eplontersen in Latin America.

Under the terms of the collaboration agreement, Ionis is eligible to receive up to $3.6 billion in milestone and other payments.

The collaboration includes territory-specific cost-sharing provisions.

Ionis is also eligible to earn royalties in the range of low double-digit to mid-20s percentage depending on region.

Ionis and AstraZeneca are seeking regulatory approval for eplontersen for the treatment of hereditary transthyretin-mediated amyloid polyneuropathy (ATTRv-PN) in the US and plan to seek regulatory approval in the EU and other parts of the world.

The US Food and Drug Administration accepted the New Drug Application for eplontersen for the treatment of ATTRv-PN with a PDUFA action date of Dec. 22, 2023.

Eplontersen was granted Orphan Drug Designation in the U.S.

December 2021

Ionis Pharmaceuticals has entered into a strategic collaboration agreement with AstraZeneca to develop and commercialize eplontersen, Ionis' investigational antisense medicine for the treatment of transthyretin amyloidosis (ATTR).

The companies will develop a global strategy for developing, manufacturing and commercializing eplontersen.

A breakdown of responsibilities of the collaboration includes, but is not limited to:

Ionis will continue to lead the conduct of the global Phase 3 clinical trials in patients with hereditary ATTR amyloidosis (hATTR) with polyneuropathy (NEURO-TTRansform) and cardiomyopathy (CARDIO-TTRansform).

Ionis will manufacture and supply eplontersen for the ongoing clinical trials and process qualifications.

AstraZeneca will be responsible for commercial supply, with transition timing to be agreed by both companies.

Ionis and AstraZeneca will have shared responsibility for medical affairs and commercial activities in the U.S.

AstraZeneca will have an exclusive license for eplontersen outside the U.S. except certain countries in Latin America.

Ionis will receive a $200 million upfront payment, up to $485 million in development and approval milestones, and up to $2.9 billion in sales-related milestone payments.

The collaboration includes territory-specific development, commercial and medical affairs cost-sharing provisions.

Ionis is also eligible to earn royalties in the range of low double-digit to mid-20s percentage depending on region.

April 2024

Roche subsidiary Genentech has ended its strategic collaboration and licensing agreement for the development of allogeneic T-cell therapies with Adaptimmune Therapeutics

September 2021

Adaptimmune Therapeutics has entered into a strategic collaboration and license agreement with Genentech to develop and commercialize allogeneic cell therapies to treat multiple oncology indications.

The collaboration has two components:

Development of allogeneic T-cell therapies for up to five shared cancer targets.

Development of personalized allogeneic T-cell therapies.

For each component, Adaptimmune will be responsible for developing clinical candidates using its induced pluripotent stem cell (iPSC) derived allogeneic platform to produce T-cells (iT cells).

Genentech will be responsible for the input TCRs and subsequent clinical development and commercialization.

Adaptimmune will receive an upfront payment of $150 million and additional payments of $150 million over five years, unless the agreement is earlier terminated.

Adaptimmune may be eligible to receive research, development, regulatory and commercial milestones payments potentially exceeding $3 billion in aggregate value.

Adaptimmune will also receive tiered royalties on net sales in the mid-single to low-double digits.

Adaptimmune has the right to opt in to a 50/50 U.S. profit/cost share on "off-the-shelf" products.

If Adaptimmune elects to opt in, then Adaptimmune will be eligible to share 50 percent of profits and losses from U.S. sales on such products and is eligible to receive ex-U.S. regulatory and sales-based milestone payments, as well as royalties on ex-U.S. net sales.

July 2024

Eisai announced that it has agreed to end its global strategic collaboration with Bristol Myers Squibb for the co-development and co-commercialization of farletuzumab ecteribulin formerly known as MORAb-202 due to ongoing portfolio prioritization efforts within Bristol Myers Squibb

Eisai now owns all rights to FZEC and will solely conduct global development and commercialization of agent

Eisai will accelerate development of agent as a high priority with hope to deliver it to patients as early as possible

Eisai plans to refund a part of unused portion of $200 million payment it received towards research and development expenses from Bristol Myers Squibb under the collaboration agreement and record remaining as other income

June 2021

Eisai and Bristol-Myers Squibb have entered into an exclusive global strategic collaboration agreement for the co-development and co-commercialization of MORAb-202, an antibody drug conjugate.

MORAb-202 is Eisai’s first ADC and combines Eisai’s in house developed anti-folate receptor alpha (FRα) antibody, and Eisai’s anticancer agent eribulin, using an enzyme cleavable linker.

It is a potential best-in-class FRα ADC with a favorable pharmacology profile and demonstrated single agent activity in patients with advanced solid tumors.

Eisai is currently investigating MORAb-202 in FRα-positive solid tumors (inclusive of endometrial, ovarian, lung and breast cancers) in two studies: a Phase 1 clinical study in Japan and a Phase 1/2 clinical study in the United States.

The companies are planning to move into the registrational stage of development for this asset as early as next year.

Eisai and Bristol Myers Squibb will jointly develop and commercialize MORAb-202 in the following collaboration territories: Japan; China; countries in the Asia-Pacific region; the United States; Canada; Europe, including the European Union and the United Kingdom; and Russia.

Bristol Myers Squibb will be solely responsible for developing and commercializing the drug in regions outside of the collaboration territories.

Eisai will remain responsible for the manufacturing and supply of MORAb-202 globally.

Bristol Myers Squibb will pay $650 million U.S. dollars to Eisai including $200 million U.S. dollars as payment toward Eisai research and development expenses.

Eisai is also entitled to receive up to $2.45 billion U.S. dollars in potential future development, regulatory, and commercial milestones.

The parties will share profits, research and development and commercialization costs in the collaboration territories and Bristol Myers Squibb will pay Eisai a royalty on sales outside of the collaboration territories.

Eisai is expected to book sales of MORAb-202 in Japan, China, countries in the Asia-Pacific region, Europe and Russia. Bristol Myers Squibb is expected to book sales of MORAb-202 in the United States and Canada.

Shape Therapeutics announced a multi-target strategic collaboration and license agreement with Roche.

ShapeTX will apply its proprietary RNA editing platform RNAfix and potentially leverage its AAVid technology platform for next-generation tissue-specific adeno-associated viruses for the development of gene therapy for certain targets in the areas of Alzheimer’s disease, Parkinson’s disease, and rare diseases.

During the course of the partnership, ShapeTX will conduct preclinical research to identify and deliver development candidates discovered by its AI-powered platforms RNAfix and, potentially, AAVid.

Roche will be responsible for the development and worldwide commercialization of any potential products resulting from the collaboration.

ShapeTX is eligible to receive an initial payment as well as development, regulatory and sales milestone payments, potentially exceeding $3 billion in aggregate value.

ShapeTX is also eligible to receive tiered royalties on future sales of products resulting from the collaboration.

BeiGene announced an option, collaboration and license agreement with Novartis Pharma to develop, manufacture and commercialize BeiGene’s investigational TIGIT inhibitor ociperlimab in North America, Europe, and Japan.

BeiGene has granted Novartis an exclusive time-based option under which, upon exercise by Novartis prior to late 2023, the companies have agreed to jointly develop ociperlimab, with Novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals in the licensed territory.

During the option period Novartis will conduct and fund additional global clinical trials of ociperlimab in combination with tislelizumab in selected tumor types.

In addition, following option exercise, both companies may conduct clinical trials globally to explore combinations of ociperlimab with other cancer treatments.

Following approval, BeiGene will co-detail the product in the United States.

BeiGene will receive an upfront cash payment of $300 million from Novartis along with an additional payment of $600 or $700 million upon exercise by Novartis of an exclusive time-based option prior to mid-2023 or between then and late-2023, subject to receipt of required antitrust approval.

In addition, following option exercise, BeiGene is eligible to receive up to $745 million upon the achievement of regulatory approval milestones, $1.15 billion upon the achievement of sales milestones, and royalties on future sales of ociperlimab in the licensed territory.

The licensed territory is the same as the tislelizumab collaboration, the United States, Canada, Mexico, member countries of the European Union, United Kingdom, Norway, Switzerland, Iceland, Liechtenstein, Russia, and Japan.

Subject to the terms of the agreement, during the option period, Novartis will initiate and fund additional global clinical trials with ociperlimab and BeiGene has agreed to expand enrollment in two ongoing trials.

Additionally, following the option exercise, Novartis has agreed to share development costs of global trials.

Following approval, BeiGene has agreed to provide 50 percent of the co-detailing and co-field medical efforts in the United States, and has an option to co-detail up to 25 percent in Canada and Mexico, funded in part by Novartis.

Each party retains the worldwide right to commercialize its propriety products in combination with ociperlimab, as is the case with tislelizumab under the parties’ existing agreement.

Avantor has entered into a definitive agreement to acquire the Masterflex bioprocessing business and related assets of Antylia Scientific.

The all-cash transaction is valued at $2.9 billion, subject to final adjustments at closing. Given anticipated tax benefits from the transaction structure, the net purchase price is approximately $2.7 billion.

Neurocrine Biosciences and Sosei Group announced the signing of a strategic collaboration and licensing agreement to develop novel muscarinic receptor agonists, which Neurocrine Biosciences intends to study in the treatment for schizophrenia, dementia and other neuropsychiatric disorders.

Neurocrine Biosciences gains development and commercialization rights to a broad portfolio of novel clinical and preclinical subtype-selective muscarinic M4, M1 and dual M1/M4 receptor agonists discovered by Sosei Heptares in development for the treatment of major neurological disorders.

The most advanced program, HTL-0016878, is a selective M4 agonist.

Neurocrine Biosciences plans to submit an Investigational New Drug application and initiate a placebo-controlled Phase 2 study with HTL-0016878 as a potential treatment for schizophrenia in 2022.

Sosei Heptares retains the rights to develop M1 agonists in Japan in all indications, with Neurocrine Biosciences receiving co-development and profit share options.

Neurocrine Biosciences will be responsible for development costs associated with the programs globally, except for M1 agonists being developed in Japan.

The agreement will be subject to the following terms:

Upfront License Payment: Sosei Heptares will receive a total of $100 million USD in upfront cash.

Development and Regulatory Milestones: Sosei Heptares is eligible to receive up to approximately $1.5 billion USD related to the successful progression of licensed candidates through to regulatory approval.

Commercial Milestones: Sosei Heptares is eligible to receive up to $1.1 billion USD upon achieving certain global sales milestones of any products developed under the partnership.

Product Royalties: Sosei Heptares is eligible to receive tiered royalties ranging from high single digit to mid-teen percentage on future net sales of any products developed under the partnership.

R&D Collaboration: The R&D collaboration will be conducted jointly by Neurocrine Biosciences and Sosei Heptares to advance preclinical candidates through Phase 1 clinical studies.

The R&D collaboration will be funded by Neurocrine Biosciences.

Sosei Heptares M1 Agonist Rights in Japan: Sosei Heptares retains rights to develop M1 agonists in Japan for any indication, with Neurocrine Biosciences receiving co-development and profit share options.

Seagen and RemeGen have entered into an exclusive worldwide licensing agreement to develop and commercialize disitamab vedotin, a novel HER2-targeted ADC.

Seagen will make a $200 million upfront payment to exclusively license rights to disitamab vedotin for global development and commercialization, outside of RemeGen’s territory.

RemeGen will retain development and commercialization rights for Asia, excluding Japan and Singapore.

Seagen will lead global development and RemeGen will fund and operationalize the portion of global clinical trials attributable to its territory.

RemeGen will also be responsible for all clinical development and regulatory submissions specific to its territory.

Seagen will pay RemeGen up to $2.4 billion in potential total milestone payments based upon the achievement of specified development, regulatory and commercialization goals across multiple indications and products.

RemeGen will be entitled to a tiered, high single digit to mid-teen percentage royalty based on net sales of disitamab vedotin in Seagen’s territory.

Anima Biotech has entered into a strategic collaboration with Takeda Pharmaceutical Company to discover and develop a new class of medicines for genetically-defined neurological diseases.

Anima will use its Translation Control Therapeutics platform to discover novel mRNA translation modulators against the collaboration targets.

The parties will collaborate to advance the molecules to clinical candidates, which Takeda has the exclusive rights to develop and commercialize.

The preclinical research collaboration will initially include Anima’s early Huntington’s Disease program against the HTT target, selectively inhibiting the mutated protein with small molecules and two additional targets named by Takeda, related to neurological diseases.

Takeda will pay Anima up to approximately $120 million in upfront and preclinical research milestone payments and up to $1.1 billion in clinical and commercial milestones, assuming success of the three programs.

Anima is also eligible to receive tiered royalties on net sales of each product resulting from the collaboration.

Takeda has a time limited option to expand the collaboration with up to three additional targets subject to additional payments to Anima of up to $1.2 billion and tiered royalties, assuming success of these programs.

Arvinas and Pfizer announced a global collaboration to develop and commercialize ARV-471, an investigational oral PROTAC (PROteolysis TArgeting Chimera) estrogen receptor protein degrader.

The estrogen receptor is a well-known disease driver in most breast cancers.

ARV-471 is currently in a Phase 2 dose expansion clinical trial for the treatment of patients with estrogen receptor (ER) positive / human epidermal growth factor receptor 2 (HER2) negative (ER+/HER2-) locally advanced or metastatic breast cancer.

Pfizer will pay Arvinas $650 million upfront.

Separately, Pfizer will make a $350 million equity investment in Arvinas.

The companies will equally share worldwide development costs, commercialization expenses, and profits.

The agreement is a worldwide co-development and co-commercialization collaboration.

ARV-471 is wholly owned by Arvinas and under the financial terms of the agreement, Pfizer will pay Arvinas $650 million upfront.

Separately, Pfizer will invest $350 million in Arvinas, receiving approximately 3.5 million newly issued shares of Arvinas common stock, priced at a 30% premium to the 30-day volume weighted average price on July 20, 2021.

This represents an equity ownership stake by Pfizer of approximately 7%.

Arvinas is also eligible to receive up to $400 million in approval milestones and up to $1 billion in commercial milestones, in addition to sharing profits on ARV-471 worldwide.

Arvinas and Pfizer will jointly develop ARV-471 through a robust clinical program designed to position ARV-471 as an endocrine backbone therapy of choice across the breast cancer treatment paradigm, from the adjuvant setting through late-line metastatic disease.

Kite and Shoreline Biosciences announced a strategic partnership to develop novel cell therapies across a variety of cancer targets.

The collaboration will leverage Shoreline’s deep expertise in iPSC differentiation and genetic reprogramming in combination with Kite’s extensive cell therapy development, commercialization and manufacturing expertise to develop novel allogeneic candidates for a range of hematologic malignancies.

The collaboration will focus initially on chimeric antigen receptor NK targets, with Kite having an option to expand the collaboration to include an iPSC CAR Macrophage program for an undisclosed target to be selected post deal execution.

This agreement follows Kite’s investment in Shoreline’s recent Series A financing.

Shoreline will receive an upfront payment and will be eligible to receive additional payments totaling over $2.3 billion as well as royalties based on achievement of certain development and commercial milestones.

September 2023

Novartis and BeiGene have mutually agreed to terminate the collaboration and license agreement for tislelizumab, a humanized IgG4 anti-PD-1 monoclonal antibody.

BeiGene will re-assume all development and commercialization rights for tislelizumab, and Novartis will manufacture tislelizumab.

Novartis and BeiGene are committed to working together to develop a transition plan to enable tislelizumab regulatory submissions to continue as planned and ensure smooth transition of activities.

BeiGene will provide Novartis with ongoing clinical supply of tislelizumab to support its clinical trials.

February 2021

BeiGene announced the closing of the collaboration and license agreement with Novartis Pharma to develop, manufacture, and commercialize BeiGene’s anti-PD-1 antibody tislelizumab in the United States, Canada, Mexico, member countries of the European Union, United Kingdom, Norway, Switzerland, Iceland, Liechtenstein, Russia, and Japan.

The companies have agreed to jointly develop tislelizumab in these licensed countries, with Novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals.

In addition, both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments, and BeiGene has an option to co-detail the product in North America, funded in part by Novartis.

BeiGene will receive an upfront cash payment of $650 million and is eligible to receive up to $1.3 billion upon the achievement of regulatory milestones, $250 million upon the achievement of sales milestones, and royalties on future sales of tislelizumab in the licensed territory.

BeiGene will be responsible for funding ongoing clinical trials of tislelizumab, Novartis has agreed to fund new registrational, bridging, or post-marketing studies in its territory, and each party will be responsible for funding clinical trials evaluating tislelizumab in combination with its own or third-party agents.

Each party retains worldwide rights to commercialize its proprietary products in combination with tislelizumab.

January 2021

BeiGene announced a collaboration and license agreement with Novartis Pharma to develop, manufacture and commercialize BeiGene’s anti-PD-1 antibody tislelizumab in the United States, Canada, Mexico, member countries of the European Union, United Kingdom, Norway, Switzerland, Iceland, Liechtenstein, Russia, and Japan.

The Companies have agreed to jointly develop tislelizumab in these licensed countries, with Novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals.

In addition, both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments, and BeiGene has an option to co-detail the product in North America, funded in part by Novartis.

BeiGene will receive an upfront cash payment of $650 million from Novartis.

BeiGene is eligible to receive up to $1.3 billion upon the achievement of regulatory milestones, $250 million upon the achievement of sales milestones, and royalties on future sales of tislelizumab in the licensed territory.

BeiGene will be responsible for funding ongoing clinical trials of tislelizumab, Novartis has agreed to fund new registrational, bridging, or post-marketing studies in its territory, and each party will be responsible for funding clinical trials evaluating tislelizumab in combination with its own or third party products.

Each party retains the worldwide right to commercialize its propriety products in combination with tislelizumab.

Reckitt Benckiser has entered into a definitive agreement to sell its Infant Formula and Child Nutrition business in China to Primavera Capital Group for an implied enterprise value of US$2.2 billion.

Alector and GlaxoSmithKline announced a strategic global collaboration for the development and commercialization of two clinical-stage, potential first-in-class monoclonal antibodies (AL001 and AL101) designed to elevate progranulin (PGRN) levels.

PGRN is a key regulator of immune activity in the brain with genetic links to multiple neurodegenerative disorders, making it one of the most attractive genetically validated targets for the development of new immuno-neurology treatments.

The collaboration brings together Alector’s leading immuno-neurology expertise with GSK’s R&D focus on the science of the immune system and human genetics, proven late-stage drug development capabilities and global footprint.

Enrollment is currently underway for a pivotal Phase 3 trial for AL001 in people at risk for or with frontotemporal dementia due to a progranulin gene mutation (FTD-GRN).

FTD-GRN is a rapidly progressing and severe form of dementia found most frequently in people less than 65 years old at the time of diagnosis and has no approved treatments.

AL001 is also currently in a Phase 2 study in symptomatic FTD patients with a mutation in the C9orf72 gene and is planned to enter Phase 2 development for amyotrophic lateral sclerosis (ALS) in the second half of 2021.

AL101 is in a Phase 1a clinical trial and is designed to treat patients suffering from more prevalent neurodegenerative diseases, including Parkinson’s disease and Alzheimer’s disease.

Alector will receive $700 million in upfront payments.

Alector will be eligible to receive up to an additional $1.5 billion in clinical development, regulatory and commercial launch-related milestone payments.

Alector will lead the global clinical development of AL001 and AL101 through Phase 2 proof-of-concept.

Thereafter, Alector and GSK will share development responsibilities for all late-stage clinical studies for AL001 and AL101 and all costs for global development will be divided between the two companies.

The companies will be jointly responsible for commercialization in the U.S. and will share profits and losses.

Alector will lead commercial efforts associated with AL001 in orphan indications and GSK will lead the commercialization of AL101 in Alzheimer’s and Parkinson’s disease.

Outside the U.S., GSK will be responsible for commercialization of AL001 and AL101 and Alector will be eligible for tiered royalties.

Alnylam Pharmaceuticals and PeptiDream announced a license and collaboration agreement to discover and develop peptide-siRNA conjugates to create multiple opportunities to deliver RNAi therapeutics to tissues outside the liver.

Through this collaboration, the companies will collaborate to select and optimize peptides for targeted delivery of small interfering RNA (siRNA) molecules to a wide range of cell types and tissues via specific interactions with receptors expressed on the target cells.

Alnylam will select a set of receptors for PeptiDream’s peptide discovery platform.

PeptiDream will select, optimize, and synthesize peptides for each receptor.

Alnylam will then generate peptide-siRNA conjugates and perform in vitro and in vivo studies to support final peptide selection.

The collaboration has the potential to yield multiple treatment opportunities by targeting disease causing mRNA transcripts in a wide variety of tissue types.

PeptiDream will receive an upfront payment from Alnylam as well as R&D funding over the term of the research collaboration, as provided in the agreement.

PeptiDream may also receive payments based on the achievement of specified development, regulatory, and commercial milestones potentially totaling up to $2.2 billion (¥244 billion).

PeptiDream is eligible to receive low-to-mid single digit royalties on sales on any such Alnylam products.

iTeos Therapeutics and GlaxoSmithKline announced an agreement to co-develop and co-commercialise EOS-448, an anti-TIGIT monoclonal antibody currently in phase I development as a potential treatment for patients with cancer.

TIGIT, part of the CD226 checkpoint axis, has demonstrated potential as a promising target for the next generation of immuno-oncology therapies based on compelling preclinical data and a phase II randomised clinical trial.

With this collaboration GSK is uniquely positioned with access to antibodies that synergistically target all three known CD226 checkpoints - TIGIT, CD96 and PVRIG.

iTeos will receive an upfront payment of $625 million.

iTeos will be eligible to receive up to an additional $1.45 billion in milestone payments, should the EOS-448 programme achieve certain development and commercial milestones.

GSK and iTeos will share responsibility and costs for the global development of EOS-448 and will jointly commercialise and equally split profits in the US.

Outside of the US, GSK will receive an exclusive license for commercialisation and iTeos will receive tiered royalty payments.

Loxo Oncology and Kumquat Biosciences announced an exclusive collaboration focused on the discovery, development and commercialization of potential novel small molecules that stimulate tumor-specific immune responses.

Through the multi-year collaboration, Kumquat will utilize its small molecule immuno-oncology platform to discover novel clinical candidates and Lilly has the option to select a certain number of drug candidates for further development and commercialization worldwide, excluding Greater China.

Kumquat has retained development and commercialization rights in Greater China for each of the drug candidates selected by Lilly, subject to Lilly's option to co-commercialize in Greater China.

Kumquat has the option to co-develop and co-commercialize a certain number of the drug candidates selected by Lilly in the U.S.

Kumquat will receive an aggregate of $70 million consisting of a cash upfront payment and an equity investment.

Kumquat is eligible to receive over $2 billion in potential milestone payments based on the achievement of preclinical, development and future commercial milestones, as well as royalties on sales of commercialized products resulting from the collaboration.

Royalty Pharma and MorphoSys announced a $2.025 billion strategic funding partnership as part of MorphoSys’ $1.7 billion acquisition of Constellation Pharmaceuticals.

This partnership is expected to fuel the expansion of the combined company’s capabilities to help enable the development and potential approvals of important cancer treatments.

This funding partnership is anchored by Royalty Pharma’s acquisition of MorphoSys’ rights to receive future royalties on Janssen’s Tremfya (guselkumab).

Tremfya is an anti interleukin (IL)-23, approved for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis and is also in clinical development for ulcerative colitis and Crohn’s disease.

In 2020, Tremfya generated sales of $1.347 billion.

Royalty Pharma will also acquire the rights to receive royalties and certain milestone payments on four attractive development-stage therapies:

Gantenerumab, an anti-amyloid-beta monoclonal antibody, in Phase 3 development for Alzheimer’s disease by Roche.

Royalty Pharma will purchase the rights to receive 60% of MorphoSys’ future royalties on gantenerumab.

Otilimab, a fully human monoclonal antibody that inhibits granulocyte-macrophage colony-stimulating factor (GMCSF), in Phase 3 development for rheumatoid arthritis by GlaxoSmithKline.

Royalty Pharma will purchase the rights to receive 80% of MorphoSys’ future royalties and 100% of its future milestones on otilimab.

Pelabresib, a bromodomain and extra-terminal (BET) inhibitor for myelofibrosis, in Phase 3 development by Constellation.

Royalty Pharma will purchase the rights to receive 3% of future net sales of pelabresib.

CPI-0209, a second-generation enhancer of zeste homolog 2 (EZH2) inhibitor, in Phase 2 development for hematological malignancies and solid tumors by Constellation.

Royalty Pharma will purchase the rights to receive 3% of future net sales of CPI-0209.

March 2022

Helsinn and BridgeBio Pharma announced an update to their existing strategic collaboration to develop, manufacture and commercialize infigratinib for oncology indications.

Helsinn will gain an exclusive license to commercialize infigratinib in the U.S. and will be responsible for developing, manufacturing and commercializing infigratinib in oncology indications worldwide except for achondroplasia or any other skeletal dysplasias and except in mainland China, Hong Kong and Macau.

BridgeBio will be eligible to receive regulatory and commercial milestone payments as well as tiered royalties on adjusted net sales from Helsinn.

BridgeBio will retain all rights to develop, manufacture and commercialize infigratinib in skeletal dysplasia, including achondroplasia.

March 2021

QED Therapeutics and Helsinn Group announced a global collaboration and licensing agreement to further develop and commercialize QED Therapeutics’ FGFR1-3 inhibitor, infigratinib, in oncology and all other indications except for skeletal dysplasias (including achondroplasia).

Completion of the Agreement is subject to regulatory review and customary closing conditions, which are expected to occur in the second quarter of 2021.

BridgeBio will retain all rights to infigratinib in skeletal dysplasia, including achondroplasia.

Subject to U.S. Food and Drug Administration approval, QED and Helsinn will co-commercialize infigratinib in oncology indications in the U.S. and will share profits and losses on a 50:50 basis.

Helsinn will have exclusive commercialization rights and lead commercialization for infigratinib in non-skeletal dysplasia indications outside of the U.S., excluding China, Hong Kong and Macau, which are covered by BridgeBio’s strategic development and commercialization collaboration with LianBio.

BridgeBio will be eligible to receive more than $2 billion in upfront, regulatory and commercial milestones, as well as tiered royalties on adjusted net sales from Helsinn Group.

BridgeBio and Helsinn Group intend to pursue an ambitious co-development plan in oncology indications, including clinical investigation underway in first-line cholangiocarcinoma and adjuvant urothelial cancer.

This plan will be underpinned by close collaboration among the parties, with the aim of developing new treatments for patients with FGFR-driven cancers.

As infigratinib heads toward potential approval and commercialization in a range of oncology indications, Helsinn’s unique integrated licensing business model will enable its distribution to reach patients globally.

Royal DSM announced the completion of the sale of its Resins & Functional Materials and associated businesses to Covestro for an equity value of €1.6 billion.

The proposed sale of RFM was first announced on 30 September 2020.

The transaction covers DSM's Resins & Functional Materials businesses, including DSM Niaga, DSM Additive Manufacturing, and the coatings activities of DSM Advanced Solar.

Artiva Biotherapeutics has entered into an exclusive worldwide collaboration and license agreement with Merck to develop novel chimeric antigen receptor (CAR)-NK cell therapies targeting solid tumor-associated antigens.

The collaboration will leverage Artiva’s off-the-shelf allogeneic NK cell manufacturing platform, along with its proprietary CAR-NK technology.

The collaboration initially includes two CAR-NK programs with an option for a third, none of which are in Artiva’s current or planned pipeline.

The agreement provides that Artiva will develop the CAR-NK programs through the first GMP manufacturing campaign and IND preparation, followed by transfer to Merck for clinical and commercial development.

Artiva will receive a $30 million upfront payment for the first two programs and an additional $15 million payment if Merck exercises its option for a third program.

Artiva is also eligible to receive future development and commercial milestones of up to $612 million per program and royalties are payable by Merck on worldwide sales of any product derived from the collaboration.

Merck agreed to provide research funding to Artiva for each of the programs under the collaboration.

AbbVie and REGENXBIO announced a partnership to develop and commercialize RGX-314, a potential one-time gene therapy for the treatment of wet age-related macular degeneration, diabetic retinopathy and other chronic retinal diseases.

RGX-314 is currently being evaluated in patients with wet AMD in a pivotal trial utilizing subretinal delivery, and in patients with wet AMD and DR in two separate Phase II clinical trials utilizing in-office suprachoroidal delivery.

REGENXBIO will be responsible for completion of the ongoing trials of RGX-314.

AbbVie and REGENXBIO will collaborate and share costs on additional trials of RGX-314, including the planned second pivotal trial evaluating subretinal delivery for the treatment of wet AMD and future trials.

AbbVie will lead the clinical development and commercialization of RGX-314 globally.

REGENXBIO shall participate in U.S. commercialization efforts as provided under a mutually agreed upon commercialization plan.

Vie will pay REGENXBIO a $370 million upfront payment with the potential for REGENXBIO to receive up to $1.38 billion in additional development, regulatory and commercial milestones.

REGENXBIO and AbbVie will share equally in profits from net sales of RGX-314 in the U.S. AbbVie will pay REGENXBIO tiered royalties on net sales of RGX-314 outside the U.S.

REGENXBIO will lead the manufacturing of RGX-314 for clinical development and U.S. commercial supply, and AbbVie will lead manufacturing of RGX-314 for commercial supply outside the U.S.

February 2024

Foghorn Therapeutics announced that Lilly has selected FHD-909, a first-in-class oral BRM selective inhibitor, for clinical development. Lilly plans to file an IND for FHD-909 in Q2 2024.

The primary target patient population is BRG1 mutated non-small cell lung cancer.

December 2021

Loxo Oncology at Lilly and Foghorn Therapeutics announced a strategic collaboration to create novel oncology medicines by applying Foghorn’s proprietary Gene Traffic Control platform.

The collaboration includes a co-development and co-commercialization agreement for Foghorn’s selective BRM oncology program and an additional undisclosed oncology target.

In addition, the collaboration includes three additional discovery programs using Foghorn’s proprietary Gene Traffic Control platform.

Foghorn will receive upfront consideration of $300 million in cash for the collaboration agreement and an equity investment by Lilly of $80 million in Foghorn common shares at a price of $20 per share.

For the BRM-selective program and the additional undisclosed target program, Foghorn will lead discovery and early research activities, while Lilly will lead development and commercialization activities with participation from Foghorn in operational activities and cost sharing.

Foghorn and Lilly will share 50/50 in the U.S. economics, and Foghorn is eligible to receive royalties on ex-U.S. sales starting in the low double-digit range and escalating into the twenties based on revenue levels.

For the additional discovery programs, Foghorn will lead discovery and early research activities.

Foghorn may receive up to a total of $1.3 billion in potential development and commercialization milestones.

Foghorn will have an option to participate in a percentage of the U.S. economics and is eligible to receive tiered royalties from the mid-single digit to low-double digit range on sales outside the U.S. that may be exercised after the successful completion of the dose-finding toxicity studies.

Loxo Oncology at Lilly and Merus announced a research collaboration and exclusive license agreement that will leverage Merus' proprietary Biclonics platform along with the scientific and rational drug design expertise of Loxo Oncology at Lilly to research and develop up to three CD3-engaging T-cell re-directing bispecific antibody therapies.

Merus will lead discovery and early stage research activities while Loxo Oncology at Lilly will be responsible for additional research, development and commercialization activities.

Merus will receive an upfront cash payment of $40 million, as well as an equity investment by Lilly of $20 million in Merus common shares.

Merus is also eligible to receive up to $540 million in potential development and commercialization milestones per product, for a total of up to approximately $1.6 billion for three products, as well as tiered royalties ranging from the mid-single to low-double digits on product sales should Lilly successfully commercialize a therapy from the collaboration.

Eli Lilly and Lycia Therapeutics announced a multi-year research collaboration and licensing agreement focused on the discovery, development and commercialization of novel targeted therapeutics using Lycia's proprietary lysosomal targeting chimera, or LYTAC, protein degradation technology.

Under the terms of the agreement, the companies will utilize Lycia's LYTAC platform to discover and develop novel degraders for up to five targets that aim to address key unmet medical needs in Lilly's therapeutic areas of focus, including immunology and pain.

Lilly will be solely responsible for preclinical and clinical development of candidates and receives an exclusive worldwide license to commercialize potential medicines resulting from the agreement.

Lycia will receive an upfront payment of $35 million.

The company is also eligible to receive over $1.6 billion in potential milestone payments based on the achievement of prespecified preclinical, development and commercial milestones, as well as tiered royalties from mid-single to low double-digits on sales resulting from the agreement.

Astellas Pharma and Dyno Therapeutics announced an option and license agreement was signed on November 23 to develop next-generation adeno-associated virus vectors for gene therapy directed to skeletal and cardiac muscle using Dyno's CapsidMap platform.

Dyno will design novel AAV capsids with improved functional properties for gene therapy, while Astellas will be responsible for conducting preclinical, clinical and commercialization activities, including manufacturing, of gene therapy product candidates using the novel capsids.

Dyno will receive an $18 million upfront payment and be eligible to receive additional payments during the research phase of the collaboration as well as clinical and sales milestone payments and royalties for any resulting products.

The aggregate potential value of future milestone and royalty payments to Dyno exceeds $235 million per product and over $1.6 billion in total value.

August 2024

Agenus announced in SEC filing that Bristol Myers Squibb is returning rights to biotech for its proprietary TIGIT bispecific antibody program and their 2021 licensing agreement

December 2023

Agenus has triggered the second development milestone payment under its global licensing agreement with Bristol Myers Squibb Company for BMS-986442, an Fc-enhanced bispecific TIGIT antibody.

Agenus will receive a $25 million cash payment from Bristol Myers Squibb with the dosing of the first patient in the phase 2 dose expansion portion of the ongoing CA115-001 clinical trial of BMS-986442.

May 2021

Bristol Myers Squibb and Agenus have entered into a definitive agreement under which Bristol Myers Squibb will be granted a global exclusive license to Agenus’ proprietary bispecific antibody program, AGEN1777, that blocks TIGIT and a second undisclosed target.

AGEN1777 is an Fc-enhanced antibody in late preclinical development designed to target major inhibitory receptors expressed on T and NK cells to improve anti-tumor activity.

In preclinical studies this approach has shown significant potential in tumor models where anti-PD-1 or anti-TIGIT monospecific antibodies alone are ineffective.

Bristol Myers Squibb will become solely responsible for the development and any subsequent commercialization of AGEN1777 and its related products worldwide.

Agenus will receive a $200 million upfront payment and up to $1.36 billion in development, regulatory and commercial milestones in addition to tiered double-digit royalties on net product sales.

Agenus will retain options to conduct clinical studies under the development plan, to conduct combination studies with certain other Agenus pipeline assets, and also, upon commercialization, to co-promote AGEN1777 in the US.

Alpine Immune Sciences and Horizon Therapeutics announced an exclusive license and collaboration agreement for the development and commercialization of up to four preclinical candidates generated from Alpine’s unique discovery platform.

The overall agreement includes licensing of a lead, potential first-in-class preclinical candidate, as well as a research collaboration to jointly generate additional novel candidates.

These candidates include previously undisclosed multi-specific fusion protein-based therapeutic candidates for autoimmune and inflammatory diseases.

Horizon will make an upfront payment to Alpine of $25 million as well as an equity investment in Alpine of $15 million at a 25 percent premium to the 30-day volume-weighted average share price.

Alpine is eligible to receive up to $381 million per program, or approximately $1.52 billion in total, in future success-based payments related to development, regulatory and commercial milestones as well as tiered royalties on global net sales.

Alpine will advance candidate molecules to pre-defined preclinical milestones.

Horizon will then assume responsibility for development and commercialization activities and costs.

Eli Lilly and Regor Therapeutics have entered into a multi-year research collaboration and licensing agreement to discover, develop and commercialize novel therapies for metabolic disorders.

Lilly will have a license to select Regor intellectual property with an option to extend the license.

Lilly will be responsible for clinical development, manufacturing and commercialization worldwide, except for People's Republic of China, Macau, Hong Kong and Taiwan, where Regor will maintain these rights and responsibilities.

The agreement will allow each company the opportunity to fully leverage both parties' existing compounds and technologies globally to maximize patient treatment choice.

Regor will receive an upfront payment of up to $50 million, which partially includes an equity investment by Lilly in Regor, subject to the parties entering into standard equity agreements.

The company is also eligible to receive up to $1.5 billion in potential payments based on the achievement of prespecified preclinical, clinical development and commercial milestones, as well as tiered royalties from low-single to low-double digits on sales resulting from the agreement.

Perrigo has reached a definitive agreement to sell its Generic Rx Pharmaceuticals business to Altaris Capital Partners for total consideration of $1.55 billion, including $1.5 billion in cash, subject to customary adjustments.

As part of the consideration, Altaris will also assume more than $50 million in potential R&D milestone payments and contingent purchase obligations with third-party Rx partners.

UCB has entered into a global co-development and co-commercialization agreement with Novartis covering UCB0599, a potential first in class, small molecule, alpha-synuclein misfolding inhibitor currently in Phase 2 clinical development, and upon completion of the ongoing Phase 1 program, an opt-in to co-develop UCB7853, an anti-alpha-synuclein antibody, both in Parkinson's Disease (PD).

Under the terms of the agreement, the parties will co-develop and co-fund the further global development of UCB0599.

Novartis also have the right to "opt-in" to engage in global co-development of UCB7853 upon completion of a Phase 1 study currently being run by UCB.

Further clinical development would then also be jointly funded and managed.

UCB will receive an upfront payment of US$150 million and is eligible to receive further potential payments with a total consideration approaching US$1.5 billion upon receipt of certain regulatory approvals and satisfying certain development and sales related milestones.

If approved, commercial responsibilities will be split, with UCB being the marketing authorization holder and commercial lead in Europe and Japan, and Novartis in the US and all other territories.

MacroGenics and Zai Lab have entered into an exclusive collaboration and license agreement involving up to four immuno-oncology molecules.

The first collaboration program covers a lead research molecule that incorporates MacroGenics’ DART platform and binds CD3 and an undisclosed target that is expressed in multiple solid tumors.

The next-generation CD3 component of the DART bispecific molecule has been designed to minimize cytokine-release syndrome while maintaining anti-tumor cytolytic activity.

The second collaboration program will cover a target to be designated by MacroGenics.

For both molecules, Zai receives commercial rights in Greater China, Japan, and Korea and MacroGenics receives commercial rights in all other territories.

For the lead molecule, Zai Lab receives an option upon reaching a predefined clinical milestone to convert the regional arrangement into a global 50/50 profit share.

Zai Lab also obtains exclusive, global licenses from MacroGenics to develop, manufacture and commercialize two additional molecules.

For the four programs, each company will contribute intellectual property to generate either CD3- or CD47-based bispecific antibodies.

MacroGenics receives initial consideration from Zai Lab of $55 million, including an upfront payment of $25 million and an equity investment of $30 million in MacroGenics’ common stock at $31.30 per share.

In addition, MacroGenics is eligible to receive up to $1.4 billion in potential development, regulatory and commercial milestone payments for the four programs.

If products from the collaboration are commercialized, MacroGenics would also receive royalties on annual net sales in Zai Lab’s territories.

Pieris has entered into a multi-program research collaboration and license agreement with Genentech to discover, develop and commercialize locally delivered respiratory and ophthalmology therapies that leverage Pieris' proprietary Anticalin technology.

The research collaboration will enable Pieris to combine its robust discovery engine with Genentech's targets, as well as its preclinical and clinical development expertise, to create novel therapies for the treatment of respiratory and ophthalmological diseases.

These two focus areas of the collaboration are uniquely suited to the advantages offered by the small size of Anticalin proteins when delivered locally.

Pieris will receive $20 million as an upfront payment and may be eligible to receive more than $1.4 billion in additional milestone payments across multiple programs, as well as tiered royalties for commercialized programs.

Pieris will be responsible for discovery research and early preclinical development of the programs, and Genentech will be responsible for IND-enabling activities, clinical development, and commercialization of those programs.

Genentech will also have the option to select additional targets in return for an option exercise fee.

The collaboration does not include any of Pieris' internal programs.

Vertex Pharmaceuticals and Obsidian Therapeutics have entered into a strategic research collaboration and licensing agreement focused on the discovery of novel therapies that regulate gene editing for the treatment of serious diseases.

The collaboration leverages Obsidian’s cytoDRiVE platform technology to discover gene-editing medicines whose therapeutic activity can be precisely controlled using small molecules and Vertex’s established scientific and clinical capabilities in small molecule, cell and genetic therapies to more rapidly bring these approaches to patients.

Obsidian will use its cytoDRiVE technology to develop novel regulated gene editing therapy candidates for multiple serious diseases.

Obsidian grants Vertex the exclusive option to license worldwide rights to candidates discovered and developed under the collaboration.

Following Vertex’s exercise of its options, Vertex will be responsible for further preclinical and clinical development and commercialization.

Vertex will pay Obsidian up to $75 million in upfront payments and research milestones that may be paid during the research term, including an equity investment in Obsidian.

Obsidian is eligible to receive up to $1.3 billion in potential payments based upon the successful achievement of specified research, development, regulatory, and commercial milestones across up to five potential programs.

Vertex will pay tiered royalties on future net sales on any products that may result from this collaboration.

Specific diseases that are the subject of this collaboration are not disclosed.

Molecular Templates has entered into a worldwide strategic research collaboration with Bristol-Myers Squibb to discover and develop multiple novel therapies designed for specific oncology targets.

The collaboration will seek to discover new molecules utilizing MTEM’s next generation engineered toxin body (ETB) platform.

ETBs represent a new class of targeted therapeutics that act through differentiated mechanisms of actions including the ability to force receptor internalization, deliver therapeutic payloads, and directly kill targeted cells through the enzymatic inactivation of ribosomes.

MTEM will conduct research activities for the discovery of next generation ETBs for multiple targets, of which the first target has been selected by Bristol Myers Squibb.

Bristol Myers Squibb will have the option to obtain an exclusive worldwide license to develop and commercialize ETBs directed to each selected target.

Following the exercise of the option, Bristol Myers Squibb would be solely responsible for developing and commercializing the licensed ETBs.

Bristol Myers Squibb will make an up-front payment of $70 million to MTEM.

MTEM is also eligible to receive near-term and development, regulatory and sales milestone payments of up to approximately $1.3 billion as well as tiered royalty payments on future sales.

f-Star has entered into a license and collaboration agreement with Janssen Biotech.

F-star will grant Janssen a worldwide, exclusive royalty-bearing license to research, develop, and commercialize up to five novel bispecific antibodies directed to Janssen therapeutic targets using F-star’s proprietary Fcab and mAb2 platforms.

Janssen will be responsible for all research, development, and commercialization activities under the agreement.

F-star is entitled to receive upfront fees of $17.5 million, near-term fees and potential further milestones of up to $1.35 billion.

F-star is also eligible to receive potential tiered mid-single digit royalties on annual net sales.

Dunad Therapeutics has entered a strategic collaboration and license agreement with Novartis to generate orally bioavailable covalent and protein degrading small molecule drugs.

Dunad will apply its tunable and highly selective platform to generate novel covalent and targeted protein degrading small molecule drugs focusing on up to four drug targets agreed with Novartis.

Dunad will also be responsible for program execution up to lead optimization.

Novartis will contribute target and ligand knowledge as well as access to unique assays and models and will fully fund the research collaboration.

Novartis has an exclusive option to develop and commercialize products resulting from the research programs directed against up to four drug targets.

Upon exercise of this option, Novartis will assume responsibility for future development, manufacturing and global commercialization of the small molecule therapeutic products generated against the agreed targets.

Dunad will receive $24 million in an upfront payment and equity investment, as well as significant research funding.

Dunad will also be eligible for milestone payments that could aggregate to up to $1.3 billion and royalties.

Alongside the equity investment of Novartis, and the founding investor Epidarex Capital, BioGeneration Ventures (BGV) is joining Dunad as a new investor. Oskar Slotboom, General Partner at BGV, has joined Dunad's Board of Directors.

Artios Pharma announced a global research collaboration with Novartis to discover and validate next generation DDR targets to enhance Novartis' Radioligand Therapies.

Artios and Novartis will perform target discovery and validation, and Novartis will select up to three exclusive DDR targets, and receive worldwide rights on these targets to be utilized with its RLT’s.

Novartis will make an up-front payment of US$20 million and provide near term research funding to support the collaboration.

Artios will be eligible to receive discovery, development, regulatory and sales-based milestones, in addition to royalty payments on net sales of products commercialized by Novartis.

The collaboration does not include Artios’ lead programs, ART0380, which is currently in clinical development, or ART4215, a first-in-class Pol Theta inhibitor.

July 2023

Silence Therapeutics will receive a $4.0 million cash payment from Hansoh Pharmaceutical following the achievement of two undisclosed preclinical milestones.

April 2022

Silence Therapeutics will receive a $2.0 million cash payment from Hansoh Pharmaceutical Group following the achievement of an undisclosed preclinical milestone.

October 2021

Silence Therapeutics and Hansoh Pharmaceutical announced a collaboration to develop siRNAs for three undisclosed targets leveraging Silence’s proprietary mRNAi GOLD platform.

Hansoh will have the exclusive option to license rights to the first two targets in Greater China, Hong Kong, Macau and Taiwan following the completion of phase 1 studies.

Silence will retain exclusive rights for those two targets in all other territories.

Silence will be responsible for all activities up to option exercise and will retain responsibility for development outside the China region post phase 1 studies.

Hansoh will also have the exclusive option to license global rights to a third target at the point of IND filing.

Hansoh will be responsible for all development activities post option exercise for the third target.

Hansoh will make a $16 million upfront payment and Silence is eligible to receive up to $1.3 billion in additional development, regulatory and commercial milestones.

Silence will also receive royalties tiered from low double-digit to mid-teens on Hansoh net product sales.

Xencor announced an exclusive collaboration and worldwide license agreement with Janssen Biotech to develop and commercialize plamotamab and novel XmAb B-cell targeting bispecific antibodies that are designed to conditionally activate T cells through the CD28 co-stimulatory receptor.

Plamotamab is a CD20 x CD3 XmAb bispecific antibody and is currently completing a Phase 1 dose-escalation study in patients with CD20-expressing hematologic malignancies.

Janssen will receive worldwide exclusive development and commercialization rights to plamotamab, whether as a monotherapy or in combination regimens.

Xencor will collaborate with Janssen on further clinical development of plamotamab with Janssen paying 80% and Xencor paying 20% of costs, including those for a subcutaneous formulation anticipated to enter clinical trials in 2022.

In parallel, Xencor will continue, at its own expense, a previously announced clinical collaboration to evaluate the combination of plamotamab, tafasitamab and lenalidomide in patients with B-cell lymphoma, including a Phase 2 trial in relapsed or refractory diffuse large B-cell lymphoma anticipated to start in late 2021 or early 2022.

Further, Xencor will apply its XmAb bispecific Fc technology to create and characterize XmAb CD28 bispecific antibody candidates against B-cell targets during a two-year joint research collaboration, and Janssen will have an exclusive worldwide license to develop selected molecules in combination with plamotamab and other agents, such as CD3 bispecific antibodies.

Xencor will receive an upfront payment of $100 million, and Johnson & Johnson Innovation will purchase $25 million of newly issued shares of Xencor common stock.

Xencor will be eligible to receive up to $1.188 billion in potential development, regulatory and sales milestone payments, as well as tiered royalties on net sales of products developed under the agreement, ranging from mid-teen to low-twenties percentages for products containing plamotamab and plamotamab/CD28 bispecific antibody combinations.

Separate terms apply to CD28 bispecific antibodies commercialized outside of a plamotamab combination, where Xencor retains an option to co-fund development costs in exchange for higher royalties and the right to co-detail such products in the United States.

Biogen and Capsigen have entered into a strategic research collaboration to engineer novel adeno-associated virus capsids that have the potential to deliver transformative gene therapies that address the underlying genetic causes of various CNS and neuromuscular disorders.

Capsigen’s proprietary TRADE platform and associated technologies will be utilized with the aim to create and identify novel AAV capsids tailored to meet disease-specific transduction profiles.

Capsids are the protein coat that protects and facilitates delivery of the virus’ genetic payload into host cells.

The collaboration will leverage Capsigen’s capsid engineering expertise and Biogen’s discovery, development, manufacturing and commercialization capabilities with the goal to accelerate delivery of gene therapies to patients in need.

Capsigen will apply its vector engineering approaches to develop novel capsids designed to meet highly customized, disease-specific transduction profiles.

Biogen will receive an exclusive license under Capsigen’s proprietary technology for an undisclosed number of CNS and neuromuscular disease targets.

Capsigen will receive a $15 million upfront payment and is eligible to receive up to $42 million in potential research milestones and up to an additional $1.25 billion in potential development and commercial payments should the collaboration programs achieve certain developmental milestones and sales thresholds.

Capsigen is also eligible to receive royalties on future net sales of products that incorporate capsids resulting from the collaboration.

Ensoma has entered into a strategic collaboration with Takeda Pharmaceutical.

The agreement grants Takeda an exclusive worldwide license to Ensoma’s Engenious vectors for up to five rare disease indications.

Takeda will make an equity investment of $10 million in Ensoma’s Series A Preferred Stock with the potential for $100 million in upfront and preclinical research payments.

In total, assuming success for five programs, Ensoma is eligible to receive up to $1.25 billion from Takeda, including additional development and commercialization milestone payments and up to low double-digit royalties on net sales of each product.

Takeda is granted an exclusive worldwide license to Ensoma’s Engenious vector technology platform for up to five rare genetic disease indications.

Ensoma will conduct preclinical research activities for the Takeda programs, and both parties will share in responsibilities leading to submission of Investigational New Drug applications.

Takeda will lead development activities thereafter.

Eli Lilly and MiNA Therapeutics announced a global research collaboration to develop novel drug candidates using MiNA's proprietary small activating RNA (saRNA) technology platform.

MiNA will utilize its saRNA platform to research up to five targets selected by Lilly that aim to address diseases across Lilly's key therapeutic focus areas.

Lilly will be responsible for preclinical and clinical development of candidates and will retain exclusive commercialization rights for any products resulting from the collaboration.

MiNA will receive a $25 million upfront payment and is eligible to receive potential development and commercialization milestones up to a total of $245 million per target, as well as tiered royalties from the low-single to low-double digits on product sales resulting from the collaboration.

Amgen and Kyowa Kirin announced an agreement to jointly develop and commercialize KHK4083, which is Kyowa Kirin's potential first-in-class, Phase 3-ready anti-OX40 fully human monoclonal antibody in development for the treatment of atopic dermatitis, with potential in other autoimmune diseases.

Amgen will lead the development, manufacturing, and commercialization for KHK4083 for all markets globally, except Japan, where Kyowa Kirin will retain all rights.

Kyowa Kirin will co-promote KHK4083 with Amgen in the U.S. and have opt-in rights to co-promote KHK4083 in certain other markets outside the U.S., including in Europe and Asia.

Amgen will make a $400 million up-front payment to Kyowa Kirin and future contingent milestone payments potentially worth up to an additional $850 million, as well as significant royalty payments on future global sales.

Kyowa Kirin and Amgen will share global development costs, except in Japan, and U.S. commercialization costs.

Amgen will consolidate sales for KHK4083 in all markets globally, except for Japan.

Amgen also will leverage unique data from its deCODE Genetics subsidiary to inform the potential use of KHK4083 in indications beyond atopic dermatitis.

Biohaven Pharma and Pfizer announced a strategic commercialization arrangement for rimegepant in markets outside of the United States upon approval. Rimegepant is commercialized as Nurtec ODT in the U.S., and is indicated for the acute treatment of migraine attacks with or without aura and the preventive treatment of episodic migraine in adults.

An application for the approval of rimegepant is currently under review by the European Medicines Agency and several additional regulatory authorities outside of the U.S.

Biohaven would remain primarily responsible for further clinical development of rimegepant and the parties will cooperate in regulatory activities to secure approval for the product.

Biohaven will continue to solely commercialize Nurtec ODT in the U.S and Pfizer would commercialize rimegepant, upon approval, in all regions outside the U.S.

Pfizer gains rights outside of the U.S. to zavegepant, a third generation, high affinity, selective and structurally unique, small molecule CGRP receptor antagonist, currently being studied in an intranasal delivery and a soft-gel formulation in Phase 3 clinical trials for migraine indications.

Biohaven and Pfizer are entering into a collaboration and license agreement and related sublicense agreement pursuant to which Pfizer will acquire rights to commercialize rimegepant and zavegepant outside of the U.S.

Biohaven will continue to lead research and development globally and Pfizer would execute commercialization globally, outside of the U.S.

Pfizer will make an upfront payment of $500 million, consisting of $150 million cash and $350 million in the purchase of Biohaven equity at a 25 percent market premium.

Biohaven is also eligible to receive up to $740 million in milestones.

In addition to the tiered double-digit royalties owed to Biohaven on net sales outside of the U.S., Pfizer will compensate Biohaven for the related royalties on net sales outside of the U.S. owed under the Company's license and funding agreements with Bristol-Myers Squibb Company and Royalty Pharma.

As noted above, in connection with the transaction, Pfizer will make a $350 million investment in the common shares of Biohaven.

August 2021

Exscientia announced that Bristol-Myers Squibb has elected to in-license an immune-modulating drug candidate created by Exscientia.

Exscientia has two active collaborations with Bristol Myers Squibb, which together focus on multiple therapeutic areas, including oncology and immunology.

Bristol Myers Squibb will be responsible for clinical and commercial development of the drug candidate.

Exscientia will receive a $20 million option exercise fee with the potential for additional development milestones as well as tiered royalties on any product sales.

May 2021

Exscientia has entered into a collaboration agreement with Bristol-Myers Squibb.

This collaboration has the potential to add to the Bristol Myers Squibb drug pipeline whilst enhancing Exscientia’s portfolio of shared assets.

The collaboration will use AI to accelerate the discovery of small molecule therapeutic drug candidates in multiple therapeutic areas, including oncology & immunology.

The agreement includes up to $50 million in upfront funding, up to $125 million in near to mid-term potential milestones, and additional clinical, regulatory and commercial payments that take the potential value of the deal beyond $1.2 billion.

Exscientia will also receive tiered royalties on net sales of any marketed drug products resulting from the collaboration.

Merck has entered into a procurement agreement with the United States government for molnupiravir (MK-4482).

Through the agreement, if molnupiravir receives Emergency Use Authorization or approval by the U.S. Food and Drug Administration, Merck will receive approximately $1.2 billion to supply approximately 1.7 million courses of molnupiravir to the United States government.

Merck has been investing at risk to support development and scale-up production of molnupiravir and expects to have more than 10 million courses of therapy available by the end of 2021.

Prothena and Novo Nordisk have entered into a definitive purchase agreement under which Novo Nordisk has acquired Prothena’s clinical stage antibody PRX004 and broader ATTR amyloidosis programme.

Novo Nordisk will initially focus on the clinical development of PRX004 in ATTR cardiomyopathy - an underdiagnosed and potentially fatal form of ATTR amyloidosis characterised by build-up of amyloid deposits in cardiac tissue.

Novo Nordisk acquires Prothena’s wholly-owned subsidiary and gains full worldwide rights to the intellectual property and related rights of Prothena’s ATTR amyloidosis business and pipeline.

Prothena is eligible to receive development and sales milestone payments totalling up to 1.2 billion US dollars including 100 million dollars in upfront and near-term clinical milestone payments.

Vertex Pharmaceuticals and Arbor Biotechnologies announced a collaboration to enhance efforts in developing ex vivo engineered cell therapies, using Arbor’s proprietary CRISPR gene-editing technology for select diseases.

Vertex will receive rights to use Arbor’s technology to research and develop ex vivo engineered cell therapies towards Vertex’s goal of generating fully differentiated, insulin-producing hypoimmune islet cells for the treatment of type 1 diabetes, for next-generation approaches in sickle cell disease and beta thalassemia, and for the treatment of other diseases.

Arbor will receive an upfront cash payment and is eligible to receive up to $1.2 billion in potential payments based upon the successful achievement of specified research, development, regulatory and commercial milestones across up to seven potential programs.

Vertex will pay tiered royalties on future net sales on any products that may result from this collaboration.

Vertex will also make an investment in Arbor in the form of a convertible note.

Merck & Co and Ridgeback Biotherapeutics announced that the Japanese government will purchase, upon authorization or approval, approximately 1.6 million courses of molnupiravir (MK-4482, EIDD-2801), an investigational oral antiviral medicine. Merck is developing molnupiravir in collaboration with Ridgeback Biotherapeutics.

Under the agreement, if molnupiravir receives authorization or approval by Japan’s Pharmaceuticals and Medical Devices Agency, Merck will supply approximately 1.6 million courses of molnupiravir to the Japanese government for approximately $1.2 billion including applicable taxes.

In anticipation of results from the Phase 3 MOVe-OUT clinical trial, and the potential for regulatory authorization or approval, Merck has been investing at risk to support development and scale-up production of molnupiravir and expects to produce 10 million courses of treatment by the end of 2021, with at least 20 million courses to be produced in 2022.

Biond Biologics has entered into an exclusive worldwide license agreement with Sanofi for the development and commercialization of BND-22.

Biond will receive a $125 million upfront payment in cash and will be entitled to receive more than $1 billion in development, regulatory, and sales milestones, as well as tiered double digit royalty payments.

Biond will lead the first-in-human, phase 1a study of BND-22, evaluating its safety and tolerability as a single agent and in combination with approved cancer therapeutics as well as exploring potential associations between BND-22 anti-tumor activity and select tumor and blood-based biomarkers; Sanofi will assume clinical development and commercialization responsibilities thereafter.

December 2021

FibroGen and HiFiBiO Therapeutics announced an extension of their partnership with FibroGen’s exercise of an exclusive license option for HiFiBiO’s anti-CCR8 monoclonal antibody program (HFB1011).

HiFiBiO will receive a $35 million upfront payment from FibroGen in addition to potential clinical, regulatory, and commercial milestones.

HiFiBiO will also be eligible to receive royalties based upon net sales.

FibroGen will have the sole right to develop all products in the CCR8 program worldwide. The development candidate is expected to enter clinical development in 2023.

June 2021

FibroGen and HiFiBiO Therapeutics announced a partnership covering three HiFiBiO programs.

FibroGen will make a $25 million upfront payment to HiFiBiO, as well as payments upon option exercise.

HiFiBiO may receive up to a total of an additional $1.1B in future option, clinical, regulatory, and commercial milestone payments across all three programs.

HiFiBiO will also be eligible to receive royalties based upon worldwide net sales.

FibroGen exclusively licensed all products in the Galectin-9 program and will have sole right to develop them worldwide.

The lead product candidate in the Galectin-9 program is expected to enter clinical development in the first quarter of 2023.

FibroGen has also obtained exclusive options to license all product candidates in HiFiBiO’s CXCR5 and CCR8 programs.

Each option may be independently exercised following delivery of program-specific data to be generated by HiFiBiO.

If an option is exercised, FibroGen will have the sole right to develop products from that program worldwide.

The lead product candidates from the CXCR5 and CCR8 programs are expected to enter clinical development by the middle of 2023.

Selecta Biosciences has entered into a strategic licensing agreement with Takeda Pharmaceutical to develop targeted, next-generation gene therapies for two indications within the field of lysosomal storage disorders.

The collaboration leverages Selecta’s ImmTOR platform to enable redosing of transformative therapies.

Selecta is entitled to receive an undisclosed upfront payment and up to $1.124 billion in future additional payments over the course of the partnership that are contingent on the achievement of development or commercial milestones or Takeda’s election to continue its activities at specified development stages.

Selecta is also eligible for tiered royalties on future commercial sales.

January 2022

Coherus BioSciences and Shanghai Junshi Biosciences announced that Coherus has initiated the process to exercise its option to license JS006, Junshi Biosciences’ TIGIT-targeted antibody, in the United States and Canada, expanding the companies’ 2021 immuno-oncology collaboration agreement.

Coherus will pay Junshi Biosciences $35 million upfront, up to $255 million in development regulatory and sales milestones, and an 18% royalty on net product revenue, subject to terms and conditions agreed between the parties.

February 2021

Junshi Biosciences announced a collaboration with Coherus BioSciences for the development and commercialization of toripalimab, Junshi Biosciences’ anti-PD-1 antibody, in the United States and Canada.

Junshi Biosciences will receive up to an aggregate of US$1.11 billion of upfront payment, exercise fee and milestone payments from Coherus for the grant of the license of toripalimab and the two option programs (if exercised).

Junshi Biosciences and Coherus will co-develop toripalimab, and Coherus will be responsible for all commercial activities in US and Canada.

Junshi Biosciences has also granted Coherus options to JS006 (an anti-TIGIT antibody) and JS018-1 (a next generation engineered IL-2 cytokine), as well as first negotiation rights to two early-stage checkpoint inhibitor antibodies.

Coherus has also acquired options or first negotiation rights to four of Junshi Biosciences’ novel oncology molecules.

The Companies may develop toripalimab in combination with one or more of these four compounds, and potentially with other cancer drugs:

An option to JS006, an antibody targeting TIGIT, a clinically validated immune inhibitory checkpoint.

Anti-TIGIT antibodies have demonstrated significant synergistic anti-tumor activity in combination with anti-PD-1 antibodies.

JS006 is expected to enter global clinical development later this year.

The option term expires prior to initiation of Phase 2 development.

An option to JS018-1, a next-generation engineered IL-2 cytokine designed to inhibit stimulation of regulatory T cells while retaining stimulatory activity on effector T-cells and natural killer (“NK”) cells.

The option term expires prior to initiation of Phase 2 development.

First negotiation rights to two undisclosed early-stage novel oncology programs directed against immune checkpoint molecules.

Junshi Biosciences will grant Coherus exclusive rights to toripalimab in the United States and Canada as well as options in these territories to Junshi Biosciences’ JS006 and JS018-1.

Coherus will also have first negotiation rights to two undisclosed preclinical immuno-oncology programs.

Junshi Biosciences will receive an upfront payment of US$150 million.

For toripalimab, Junshi Bioscience will receive 20% royalty on the annual net sales of toripalimab and up to an aggregate $380 million in one-time payments for the achievement of various milestones.

For JS006 and JS108-1, Junshi Biosciences will receive an opt-in payment of $35 million per program.

Additionally, for each program, Junshi Biosciences will receive 18% royalty on the annual net sales and up to an aggregate $255 million for the achievement of various milestones.

The Companies will collaborate on the development of toripalimab and other licensed compounds, and Coherus will pay for a portion of these co-development activities up to a maximum of US$25 million per licensed compound per year.

Debiopharm announced an exclusive license agreement with Merck KGaA for the development and commercialization of xevinapant (Debio 1143).

Xevinapant, a potent, oral of Inhibitor of Apoptosis Proteins (IAP) antagonist, is the only medicine in its class in late-stage clinical development and has the potential to be first in class.

Xevinapant is currently being investigated in the pivotal Phase III TrilynX study for previously untreated high-risk locally advanced squamous cell carcinoma of the head and neck (LA SCCHN), in combination with platinum-based chemotherapy and standard fractionation intensity-modulated radiotherapy.

Given their strong commercial footprint in the field of head and neck cancer, Merck KGaA is the partner of choice to leverage our outstanding phase II data and make xevinapant a transformative therapy for cancer patients.

Merck KGaA receives exclusive rights to develop and commercialize xevinapant worldwide, including in the U.S.

Merck KGaA will also co-fund with Debiopharm the ongoing Phase III registrational TrilynX study, a global double-blind, placebo-controlled, 700-patient randomized clinical trial to evaluate the efficacy and safety of xevinapant vs. placebo when added to definitive chemoradiotherapy (CRT) in cisplatin-eligible patients with high-risk LA SCCHN.

Debiopharm to receive €188 million upfront and up to €710 million in milestone, as well as royalty payments.

Boston Scientific has entered into a definitive agreement with an affiliate of Baring Private Equity Asia to acquire the global surgical business of Lumenis for an upfront cash payment of $1.07 billion, subject to closing adjustments.

BPEA will retain ownership of the Lumenis global aesthetics and ophthalmology businesses.

January 2024

Enara Bio announced that Boehringer Ingelheim has exercised its option to license a number of cancer antigens discovered and validated through the ongoing collaboration using Enara Bio’s Dark Antigen discovery platform, EDAPT.

January 2021

Boehringer Ingelheim and Enara Bio have entered into a strategic collaboration and licensing agreement to research and develop novel targeted cancer immunotherapies, leveraging Enara Bio’s Dark Antigen discovery platform.

This new collaboration combines Boehringer Ingelheim’s approach to tackle cancer through pairing leading science with innovative immune-oncology platforms, such as oncolytic viruses and cancer vaccines, with Enara Bio’s expertise in cancer antigen identification.

The aim is to provide potential new therapies for patients with difficult to treat lung and gastrointestinal cancers.

Boehringer Ingelheim has the option to license Dark Antigens discovered and validated by Enara Bio.

Boehringer Ingelheim will also be responsible for all non-clinical and clinical development, as well as commercialization of associated cancer immunotherapies, including therapeutic vaccines and T-cell redirecting biologics. Enara Bio retains rights to use any discovered antigens for use in cell therapy-based products.

Enara Bio is eligible to receive an upfront payment, together with research/preclinical milestones and licensing fees for each tumor type that is explored.

Enara Bio is also eligible to receive more than EUR 876 million in clinical, regulatory and commercial milestones, in addition to royalties on future product sales.

April 2023

Arrowhead Pharmaceuticals earned a $30 million milestone payment from GSK following the start of GSK’s Phase 2b trial of GSK4532990, formerly called ARO-HSD, an investigational RNA interference therapeutic for the treatment of patients with non-alcoholic steatohepatitis.

November 2021

Arrowhead Pharmaceuticals entered into an exclusive license agreement with GlaxoSmithKline under which GSK will develop and commercialize ARO-HSD, Arrowhead’s investigational RNA interference therapeutic in a Phase 1/2 trial that is currently being developed as a treatment for patients with nonalcoholic steatohepatitis.

Arrowhead will receive an upfront payment of $120 million and is eligible for additional payments of $30 million at the start of Phase 2 and $100 million upon achieving a successful Phase 2 trial readout and the first patient dosed in a Phase 3 trial.

Furthermore, should the Phase 3 trial read out positively, and the potential new medicine receives regulatory approval in major markets, the deal provides for commercial milestone payments to Arrowhead of up to $190 million at first commercial sale, and up to $590 million in sales-related milestone payments.

Arrowhead is further eligible to receive tiered royalties on net product sales.

GSK will receive an exclusive license to develop and commercialize ARO-HSD in all territories except Greater China, which will be retained by Arrowhead.

GSK will be wholly responsible for further clinical development and commercialization, outside of Greater China.

November 2022

SOTIO Biotech has exercised its first of five exclusive, target-specific options with LegoChem Biosciences for antibody-drug conjugate SOT106, which is currently being evaluated in preclinical studies across a multitude of solid tumor indications.

The exercise of the first option triggers an undisclosed milestone payment by SOTIO to LCB.

November 2021

SOTIO Biotech announced an exclusive, target-specific license and option agreement with LegoChem Biosciences.

SOTIO will obtain rights to deploy LCB’s ADC technology for up to five therapeutic programs targeting distinct tumor-associated antigens.

The deal enables SOTIO to combine its proprietary antibodies with LCB’s ADC technology platform in order to deliver novel therapeutics for the treatment of solid tumors and includes LCB’s proprietary conjugation technology ConjuAll and potent linker-payload platform including multiple different payloads.

LCB is eligible to receive upfront and potential milestone payments worth up to $1027.5 million, payable based on certain developments and regulatory achievements, plus royalties on net sales.

The deal includes upfront and near-term milestones worth up to $29.5 million, subject to exercise of the options and achievement of success-based milestones.

No further financial details are disclosed.

Ribometrix announced a strategic collaboration with Genentech to discover and develop novel RNA-targeted small molecule therapeutics against several targets.

Ribometrix will apply its proprietary discovery platform to identify and optimize small molecule compounds that modulate RNA function by targeting three-dimensional (3D) RNA structures.

Ribometrix and Genentech will collaborate on the discovery and preclinical development of programs.

Genentech will be responsible for further development and commercialization.

Genentech will pay Ribometrix a $25 million upfront payment, and in return will receive exclusive rights to several predefined targets including an exclusive global license for the development and commercialization of molecules under this collaboration.

Ribometrix will also be eligible to receive potential milestone payments exceeding $1 billion as well as tiered royalties on future global net sales of products that result from the collaboration.

December 2022

Exicure announced the termination of its collaboration agreement with Ipsen BioPharm.

Ipsen retains the right to re-enter into the collaboration with Exicure in Huntington’s Disease and Angelman’s Syndrome.

August 2021

Ipsen and Exicure have signed an exclusive collaboration agreement to research, develop, and commercialize novel Spherical Nucleic Acids (SNAs) as potential investigational treatments for Huntington’s disease and Angelman syndrome.

Ipsen will receive exclusive options to license SNA-based therapeutics arising from two collaboration programs for Huntington’s disease and Angelman syndrome.

Ipsen will pay Exicure a cash upfront payment of $20m upon closing and Exicure will be responsible for discovery and certain pre-clinical development activities.

In the event Ipsen exercises its option, Ipsen will be responsible for further development and commercialization of the licensed products.

Exicure will receive a $20m upfront payment and is eligible to receive up to $1B in option exercise fees and milestone payments should Ipsen opt into both programs, as well as tiered royalties.

Cardinal Health has signed a definitive agreement to sell its Cordis business to Hellman & Friedman for approximately $1 billion, which includes buyer's assumption of certain liabilities and seller's retention of certain working capital accounts.

The transaction is expected to close in the first half of Cardinal Health's fiscal year 2022, subject to customary closing conditions and regulatory clearances.

Eureka Therapeutics and Memorial Sloan Kettering Cancer Center entered into a license agreement with Sanofi for the non-CAR use of a novel, human binding domain targeting GPRC5D (G Protein-Coupled Receptor Family C Group 5 Member D).

The GPRC5D binding domain was discovered using Eureka’s proprietary E-ALPHA antibody discovery platform and developed under a collaboration agreement between Eureka and MSK.

Sanofi has exclusive rights to the GPRC5D binder for non-CAR use.

Eureka and MSK are eligible to receive an upfront payment and over $1 billion of potential development, regulatory and sales milestone payments.

Eureka and MSK are also eligible to receive tiered royalties on net sales.

GlaxoSmithKline and Vir Biotechnology announced US government contracts totaling approximately $1 billion to purchase sotrovimab, an investigational monoclonal antibody for the early treatment of COVID-19, which the US Food and Drug Administration granted Emergency Use Authorization in May 2021.

GSK will supply these doses to the US government by December 17, 2021, enabling further expanded nationwide access to sotrovimab for patients.

In addition to the doses that will be supplied this year, the US government will have the option to purchase additional doses through March 2022.

February 2023

Omeros announced that Rayner Surgical has paid the $200 million milestone payment due to Omeros under the Asset Purchase Agreement, dated December 1, 2021, pursuant to which Omeros sold its ophthalmology product OMIDRIA to Rayner in December of 2021.

December 2021

Omeros has entered into a definitive agreement for the sale of OMIDRIA to Rayner Surgical Group.

Expected to close on or before December 31, 2021, the transaction includes an upfront payment of $125 million with an additional $200 million in a commercial milestone payment.

Omeros will also retain its accounts receivable balance at the closing, which was $34 million at the end of last quarter.

Together with substantial royalties to be paid by Rayner to Omeros on net sales of OMIDRIA, the transaction is valued in excess of $1 billion.

Rayner will pay Omeros royalties on both U.S. and ex-U.S. net sales of OMIDRIA.

In the U.S., the royalty rate will be 50 percent of U.S. net sales until the earlier of either January 1, 2025 or payment of the $200-million commercial milestone, after which Omeros will receive royalties of 30 percent of U.S. net sales for the life of OMIDRIA’s U.S. patent estate.

The commercial milestone payment is triggered if separate payment for OMIDRIA is secured for a continuous period of at least four years.

Outside of the U.S., Omeros will receive a 15-percent royalty rate on OMIDRIA net sales throughout the applicable patent life on a country-by-country basis.

Eli Lilly and Rigel Pharmaceuticals announced a global exclusive license agreement and strategic collaboration to co-develop and commercialize Rigel's R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for all indications including autoimmune and inflammatory diseases.

Lilly will also lead all clinical development of brain penetrating RIPK1 inhibitors in central nervous system diseases.

Lilly will pay an upfront cash payment to Rigel of $125 million.

Rigel may also be eligible to receive up to $835 million in potential development, regulatory, and commercial milestone payments, as well as tiered royalties ranging from the mid-single digit to high-teens that will vary depending upon Rigel's clinical development investment.

Lilly and Rigel will co-develop R552 at specified contribution levels.

Lilly will be responsible for all costs of global commercialization for R552, and Rigel will have the right to co-commercialize R552 in the U.S.

Lilly will be solely responsible for all clinical development and commercialization of brain penetrating RIPK1 inhibitors in CNS indications.

Biogen and InnoCare Pharma have entered into a license and collaboration agreement for orelabrutinib, an oral small molecule Bruton’s tyrosine kinase inhibitor (BTKi) for the potential treatment of multiple sclerosis.

Orelabrutinib is a covalent BTKi with high selectivity and the ability to cross the blood-brain barrier, and is currently being studied in a multi-country, placebo-controlled Phase 2 trial in relapsing-remitting MS.

Biogen will have exclusive rights to orelabrutinib in the field of MS worldwide and certain autoimmune diseases outside of China (including Hong Kong, Macau and Taiwan), while InnoCare will retain exclusive worldwide rights to orelabrutinib in the field of oncology and certain autoimmune diseases in China (including Hong Kong, Macau and Taiwan).

InnoCare will receive a $125 million upfront payment and is eligible to receive up to $812.5 million in potential development milestones and potential commercial payments should the collaboration achieve certain development, commercial milestones and sales thresholds.

InnoCare is also eligible to receive tiered royalties in the low to high teens on potential future net sales of any product resulting from the collaboration.

Nykode Therapeutics has entered into a license and collaboration agreement with Regeneron for the discovery, development and commercialization of potential new vaccines for cancer and infectious diseases.

The agreement includes five distinct programs, three within cancer and two within infectious diseases.

Each of these may include several vaccine candidates, all of which being eligible for milestone and royalty payments.

The vaccines will combine Regeneron’s unique antigen selection expertise andinnovative VelociSuite in vivo models with Nykode Therapeutics’ modular vaccine platform and expertise in vaccine design.

Nykode Therapeutics will be responsible for vaccine generation and characterization, as well as product supply through the end of Phase 1 trials.

Regeneron will be responsible for antigen identification, preclinical and clinical development, manufacturing (from the end of Phase 1 trials) and commercialization.

Nykode Therapeutics will receive a USD 30 million upfront payment and a USD 20 million equity investment at a premium of 20% on a 30-day volume weightedaverage price of the Nykode Therapeutics share for the last 30 trading days before the effective date of the agreement.

Nykode Therapeutics will potentially be eligible to receive more than USD 875 million in milestone payments, plus high single-digit to low double-digit tiered royalties on sales of commercialized products arising from the collaboration, bringing the total potential value of the agreement to more than USD 925 million, plus royalties.

Regeneron will cover costs for research, as well as potential clinical, regulatory, manufacturing and commercialization activities.

January 2024

Inmagene Biopharmaceuticals exercised the option to obtain an exclusive, worldwide and royalty-bearing license for IMG-007, a non-depleting humanized anti-OX40 mAb, and IMG-004, an oral non-covalent and reversible BTK inhibitor, with the right to sublicense through multiple tiers.

The option was exercised pursuant to a collaboration between Inmagene and HUTCHMED announced in 2021 to develop and commercialize a portfolio of drug candidates for I&I diseases.

January 2021

Hutchison China MediTech and Inmagene Biopharmaceuticals announced a strategic partnership to further develop four novel preclinical drug candidates discovered by Chi-Med for the potential treatment of multiple immunological diseases.

Funded by Inmagene, the companies will work together to move the drug candidates towards investigational new drug submission.

If successful, Inmagene will then move the drug candidates through global clinical development.

Chi-Med grants Inmagene exclusive options to four drug candidates solely for the treatment of immunological diseases.

Should Inmagene exercise the option, it will have the right to further develop, manufacture and commercialize that specific drug candidate worldwide, with Chi-Med retaining first right to co-commercialization in mainland China.

For each of the drug candidates, Chi-Med will be entitled to development milestones of up to US$95 million and up to US$135 million in commercial milestones, as well as up to double-digit royalties upon commercialization.

September 2024

Collaboration with Bristol Myers Squibb for the co-development of IMA401 has ended due to ongoing portfolio prioritization efforts within Bristol Myers Squibb

Existing collaboration and license agreement signed in December 2021 will terminate effective December 12, 2024

IMA401 development and commercialization rights will be reverted to Immatics

Immatics is not obligated to refund Bristol Myers Squibb any part of the $150 million upfront received under the collaboration and is not required to make any future milestone payments to Bristol Myers Squibb

Parties will engage in a wind-down period as stipulated under the collaboration agreement

Immatics has been responsible for conducting the ongoing Phase 1 clinical trial

Immatics intends to advance IMA401 further through clinical development

December 2021

Immatics and Bristol Myers Squibb have entered into a license, development and commercialization agreement for Immatics’ TCR Bispecific candidate, IMA401.

Immatics will receive an upfront payment of $150 million as well as up to $770 million in development, regulatory and commercial milestone payments, in addition to tiered double-digit royalty payments on net sales of IMA401.

Immatics retains the options to co-fund US development in exchange for enhanced US royalty payments and/or to co-promote IMA401 in the US.

Immusoft has signed a research collaboration and license option agreement with Takeda Pharmaceutical to discover, develop and commercialize transformative cell therapies in rare inherited metabolic disorders with central nervous system manifestations and complications using Immusoft’s Immune System Programming technology platform, which modifies a patient’s B cells and instructs the cells to deliver gene-encoded therapies.

The collaboration will focus on delivering protein therapeutics across the blood-brain barrier, a promising area of Immusoft’s research, which has the potential to enable the treatment of diseases with high unmet need.

Immusoft will receive an undisclosed upfront payment and research funding support.

The company is also eligible to receive future option fees and milestone payments with a total potential value of more than $900 million if all options are exercised and all milestones are achieved over the course of the partnership.

Takeda has options to exclusively license the programs at the preclinical stage and Immusoft is eligible for tiered royalties on future products resulting from the partnership.

Takeda would be responsible for further preclinical and clinical development, and commercialization.

Sunovion Pharmaceuticals, Sumitomo Dainippon Pharma and Otsuka Pharmaceutical have entered into a worldwide license agreement for the joint development and commercialization of four compounds: ulotaront (SEP-363856), non-racemic ratio of amisulpride enantiomers (SEP-4199), SEP-378614 and SEP-380135.

Otsuka Pharmaceutical Development & Commercialization will jointly lead, together with Sunovion, the effort to advance the research and development program worldwide, as well as plan for future commercial activities.

This collaboration recognizes that there is a great need for novel treatments in the area of neuropsychiatric medicine development.

The companies are focused on working together on solutions to address these areas of unmet medical need by advancing four promising compounds―ulotaront (SEP-363856), SEP-4199, SEP-378614 and SEP-380135―that address serious neuropsychiatric disorders.

The goal of the co-development programs is to contribute to changing the course of serious medical conditions and provide new treatment options to patients and healthcare providers globally.

Upon the completion of the agreement, in addition to an upfront payment of USD 270 million, Sunovion is eligible for development milestone payments of up to USD 620 million for the four compounds and relevant sales milestone payments.

Sunovion and Otsuka will share profits from the four compounds, as well as all expenses for clinical studies, applications for approval, and commercialization in each country.

Additional details regarding terms of the agreement are not being disclosed.

Genmab and Bolt Biotherapeutics have entered into an oncology research and development collaboration.

Together, the companies will evaluate Genmab antibodies and bispecific antibody engineering technologies in combination with Bolt’s proprietary Boltbody immune-stimulating antibody conjugate technology platform, with the goal of discovering and developing next-generation, immune-stimulatory, antibody-based conjugate therapeutics for the treatment of cancer.

This research collaboration will evaluate multiple bispecific ISAC concepts to identify up to three clinical candidates for development.

Genmab will fund the research, along with the preclinical and clinical development of these candidates through clinical proof of concept.

Genmab will pay Bolt an upfront payment of USD 10 million.

Genmab will also make a USD 15 million equity investment in Bolt.

Bolt is eligible to receive total potential milestone payments of up to USD 285 million per therapeutic candidate exclusively developed and commercialized by Genmab, along with tiered royalties.

Genmab will fully fund pre-clinical and early clinical development of all candidates.

If a candidate is co-developed, development costs will be split 50:50 between the two companies, and the companies will be solely responsible for commercialization costs in their respective territories and shall pay each other royalties on product sales.

November 2021

Cytovia Therapeutics and Cellectis have expanded their collaboration of TALEN gene-edited iPSC-derived NK and CAR-NK cells to include new CAR target and development in China by Cytovia’s joint venture entity, CytoLynx Therapeutics.

The amended financial terms include an equity stake totaling $20 million in Cytovia stock as well as up to $805 million of development, regulatory, and sales milestones and single-digit royalty payments on the net sales of all partnered products commercialized by Cytovia.

February 2021

Cytovia Therapeutics and Cellectis have entered into a strategic research and development collaboration to develop TALEN gene-edited iPSC NK and CAR-NK cells.

The financial terms of the partnership include up to $760 million of development, regulatory, and sales milestones from Cytovia to Cellectis for the first 5 TALEN gene-edited iPSC-derived NK products.

Cellectis will also receive single-digit royalty payments on the net sales of all partnered products commercialized by Cytovia.

Cellectis will receive an equity stake of $15 million in Cytovia stock or an upfront cash payment of $15 million if certain conditions are not met by December 31, 2021, as well as an option to invest in future financing rounds.

Cellectis will develop custom TALEN, which Cytovia will use to edit iPSCs.

Cytovia will be responsible for the differentiation and expansion of the gene-edited iPSC master cell bank into NK cells and will conduct the pre-clinical evaluation, clinical development, and commercialization of the mutually-agreed-upon selected therapeutic candidates.

Cellectis is granting Cytovia a worldwide license to its TALEN gene-editing technology, enabling Cytovia to modify NK cells addressing multiple gene targets for therapeutic use in several cancer indications.

Kite Pharma and Appia Bio announced a collaboration and license agreement to research and develop HSC-derived cell therapies directed toward hematological malignancies.

Kite and Appia Bio will develop chimeric antigen receptor (CAR)-engineered invariant natural killer T (CAR-iNKT) cells using Appia Bio’s ACUA technology platform for allogeneic cell therapy.

Appia Bio will be responsible for preclinical and early clinical research of two HSC-derived CAR-iNKT product candidates engineered with CARs provided by Kite.

Appia Bio will receive an upfront payment, an equity investment, and additional milestone payments for a total value of up to $875 million as well as tiered royalties.

Kite will be responsible for the development, manufacturing, and commercialization of the product candidates identified through the collaboration.

Takeda Pharmaceutical and Ovid Therapeutics announced that Takeda has entered into an exclusive agreement under which Takeda will secure global rights at closing from Ovid to develop and commercialize the investigational medicine soticlestat (TAK-935/OV935) for the treatment of developmental and epileptic encephalopathies, including Dravet syndrome and Lennox-Gastaut syndrome.

Under the new exclusive agreement, all global rights to soticlestat have been secured by Takeda from Ovid.

Takeda will assume sole responsibility for further worldwide development and commercialization, and Ovid will no longer have any financial obligation to Takeda under the original collaboration agreement, including for milestone payments or any future development and commercialization costs.

Ovid will receive an upfront payment of $196 million at closing and is eligible to receive up to an additional $660 million upon achieving development, regulatory and sales milestones.

Ovid will receive tiered royalties beginning in the low double-digits and up to 20 percent on sales of soticlestat, if approved and commercialized.

Ipsen and BAKX Therapeutics have signed an exclusive worldwide-collaboration agreement to research, develop, manufacture and commercialize BKX-001 as a potential treatment for leukemia, lymphoma and solid tumors.

Ipsen will pay BAKX Therapeutics $14.5m upon closing, comprising an equity investment and an upfront payment, followed by up to $837.5m in milestone payments.

The companies would also share equally costs and profits.

Gilead Sciences and Gritstone Oncology have entered into a collaboration, option and license agreement to research and develop a vaccine-based immunotherapy as part of Gilead’s efforts to find a curative treatment for human immunodeficiency virus (HIV) infection.

Gilead and Gritstone will develop an HIV-specific therapeutic vaccine using Gritstone’s proprietary prime-boost vaccine platform, comprised of self-amplifying mRNA (SAM) and adenoviral vectors, with antigens developed by Gilead.

Gilead will make a $60 million payment at closing, consisting of a $30 million upfront cash payment and a $30 million equity investment at a premium.

Gilead will be responsible for conducting a Phase 1 study for the HIV-specific therapeutic vaccine and holds an exclusive option under the collaboration to obtain an exclusive license to develop and commercialize the HIV-specific therapeutic vaccine beyond Phase 1.

Gritstone is also eligible to receive up to an additional $725 million if the option is exercised and if certain clinical, regulatory and commercial milestones are achieved, as well as mid single-digit to low double-digit tiered royalties on net sales upon commercialization.

Cidara Therapeutics has entered into an exclusive worldwide license and collaboration agreement with Janssen Pharmaceuticals to develop and commercialize Cidara’s Cloudbreak antiviral conjugates for the prevention and treatment of seasonal and pandemic influenza.

This agreement was facilitated by Johnson & Johnson Innovation.

Cidara will be responsible for the development and manufacturing of the first influenza AVC, CD388, into the clinic and through Phase 2 clinical development, and Janssen will be responsible for late-stage development, manufacturing, registration and global commercialization.

Cidara will receive an upfront payment of $27 million and Janssen will fund all future research, development, manufacturing and commercialization for CD388.

In addition to the upfront payment, Cidara is eligible to receive up to an aggregate of $753 million in budgeted R&D funding and in development, regulatory and commercial milestones, plus tiered royalties on worldwide sales in the mid to high single digits.

Cidara has the option to co-detail CD388 in the U.S.

Quest Diagnostics announced the sale of its minority share in Q2 Solutions to IQVIA for $760 million in an all-cash transaction.

ViiV Healthcare and Halozyme Therapeutics announced a global collaboration and license agreement that gives exclusive access to Halozyme's ENHANZE drug delivery technology, recombinant human hyaluronidase PH20 enzyme (rHuPH20), for specific targets used in the treatment and prevention of HIV.

ViiV Healthcare will make an upfront payment of $40 million to Halozyme for the exclusive license to four HIV small and large molecule targets and is obligated to make potential future payments of up to $175 million in development and commercial milestones per target, subject to achievement of specified development and commercial milestones, including certain specified sales milestones.

Halozyme will also be entitled to receive mid-single digit royalties on sales of commercialised medicines using the technology.

The license gives ViiV exclusive use of Halozyme's proprietary rHuPH20 technology for four, specific HIV medicine targets that will expand opportunities for development of nearly all of ViiV's pipeline assets.

These assets are integrase inhibitors, reverse transcriptase inhibitors limited to nucleoside reverse transcriptase inhibitors (NRTI) and nucleoside reverse transcriptase translocation inhibitors (NRTTIs), capsid inhibitors and broadly neutralising monoclonal antibodies (bNAbs), that bind to the gp120 CD4 binding site.

Verge Genomics announced a three-year collaboration with Eli Lilly to research and develop novel therapies for the treatment of amyotrophic lateral sclerosis.

Verge will receive up to $25 million in upfront, equity investment and potential near-term payments, with additional milestone value of $694 million and potential downstream royalties.

Verge will apply its all-in-human platform to discover and validate new targets for ALS.

The all-in-human platform is based on a proprietary collection of patient brain transcriptomes across a variety of neurodegenerative diseases.

Through its application, the all-in-human platform provides insights into novel causal disease mechanisms in genetically segmented patient populations, and enables the discovery of therapeutic targets.

Based on these insights, Verge will apply its human-based discovery capabilities to validate targets.

Lilly will select up to four targets identified by Verge with plans to advance through clinical development and commercialization.

Twist Bioscience announced a broad-based research collaboration with Boehringer Ingelheim to use Twist’s proprietary antibody libraries to discover therapeutic antibodies against multiple targets provided by Boehringer Ingelheim.

Twist Biopharma will utilize its “Library of Libraries,” a panel of synthetic antibody phage display libraries derived only from sequences that exist in the human body, to identify potential therapeutic antibody candidates.

Twist and Boehringer Ingelheim will work together to validate and optimize any resulting new antibody candidates, which could be researched against a range of therapeutic areas.

Boehringer Ingelheim retains exclusive worldwide rights to develop and commercialize any therapeutic antibodies discovered as part of the collaboration.

Twist will receive an upfront payment for each program entry.

Twist has the potential to earn up to a total of $710 million in success-based clinical, regulatory and commercial milestone payments for the multiple target discovery programs.

Arrowhead Pharmaceuticals and Horizon Therapeutics announced a global collaboration and license agreement for ARO-XDH, a previously undisclosed discovery-stage investigational RNA interference (RNAi) therapeutic being developed by Arrowhead as a potential treatment for people with uncontrolled gout.

Arrowhead will conduct all activities through preclinical stages of development of the siRNA therapeutic.

Horizon will receive a worldwide exclusive license to the therapeutic and will be wholly responsible for clinical development and commercialization.

Arrowhead will receive $40 million as an upfront payment from Horizon and is eligible to receive up to $660 million in potential development, regulatory and commercial milestones, and is further eligible to receive royalties in the low- to mid-teens range on net product sales.

Vertex Pharmaceuticals and Mammoth Biosciences announced a partnership to develop in vivo gene-editing therapies for two genetic diseases using Mammoth’s next-generation CRISPR systems.

Mammoth Biosciences will receive upfront payments of $41 million, including an investment in the form of a convertible note, and is eligible to receive up to $650 million in potential future payments based upon the successful achievement of prespecified research, development and commercial milestones across two potential programs.

Vertex will pay tiered royalties on future net sales on any products that may result from this collaboration.

Takeda Pharmaceutical announced the completion of its sale of a portfolio of select products to Orifarm Group for a total value of up to $670 million USD.

The portfolio includes approximately 130 over-the-counter (OTC) and prescription pharmaceutical products sold in Europe, and two manufacturing sites located in Denmark and Poland.

This divestment agreement was first announced in April 2020.

Lineage Cell Therapeutics announced that Lineage and its subsidiary, Cell Cure Neurosciences, have entered into an exclusive worldwide collaboration and license agreement with Roche and Genentech for the development and commercialization of a retinal pigment epithelium cell therapy for the treatment of ocular disorders, including advanced dry age-related macular degeneration with geographic atrophy.

Genentech will assume responsibility for further clinical development and commercialization of Lineage’s OpRegen program, which currently is being evaluated in a Phase 1/2a open-label, dose escalation clinical safety and efficacy study in patients with advanced dry AMD with GA.

Lineage will complete activities related to the ongoing clinical study, for which enrollment is complete, and perform certain manufacturing activities.

Genentech will pay Lineage a $50 million upfront payment and Lineage is eligible to receive up to $620 million in additional development, approval and sales milestone payments, in addition to tiered double- digit royalties.

Spark Therapeutics announced a collaboration and option agreement with Senti Biosciences to apply Senti Bio’s gene circuit technology to the development of next-generation precision gene therapies directed toward specific cell types in the central nervous system, eye or liver.

Created from novel and proprietary combinations of DNA sequences, gene circuits reprogram cells with biological logic to sense inputs, compute decisions and respond to their environments for defined therapeutic applications.

Senti Bio will be responsible for designing, building and testing cell type- and disease specific-synthetic promoters for use in developing certain CNS, eye or liver-directed gene therapies.

Spark Therapeutics will receive the option to exclusively license a defined number of synthetic promoters emerging from the collaboration for use in developing gene therapy products in specified indications.

Upon option exercise, Spark Therapeutics will be responsible for conducting preclinical, clinical and commercialization activities for any gene therapy candidates that incorporate Senti Bio’s licensed synthetic promoters.

Senti Bio will receive an upfront payment as well as funding to support its research activities, and upon option exercise will be eligible to receive an option exercise payment as well as development, regulatory and sales milestone payments in addition to royalties on a per product basis.

The aggregate potential value of upfront, opt-in and milestone payments to Senti Bio may exceed $645 million.

NovaRock Biotherapeutics have entered into an exclusive license agreement and strategic partnership with Flame Biosciences.

NovaRock has granted Flame Biosciences the exclusive rights to NBL-015 outside of Greater China (including mainland China, Hong Kong, Macau, and Taiwan).

Flame shall be responsible for the development, regulatory approval, and commercialization of NBL-015.

NovaRock will, at Flame Biosciences's expense, collaborate with Flame on the discovery and preclinical development of two new bispecific antibodies based on NovaRock's NovaTE bi-specific antibody technology platform and subsequently grant Flame Biosciences the exclusive rights to further develop, manufacture and commercialize the Licensed Products.

The lead product candidates from this collaboration are expected to enter clinical development in late 2023.

NovaRock will receive an upfront payment of US$7.5 million and is eligible to receive development milestone payments of up to US$172.5 million subject to achievement of the development milestone events.

NovaRock is also eligible to receive sales milestone payments of up to US$460 million subject to the achievement of the sales milestone events and royalties based on a certain percentage of the net sales of the Licensed Products in the Territory.

October 2022

Voyager Therapeutics announced that Pfizer has exercised its option to license a novel capsid generated from Voyager’s TRACER capsid discovery platform to help enable a potential gene therapy program against an undisclosed rare neurologic disease target.

Under the terms of the license option agreement, originally announced in October 2021, Voyager previously received a $30 million upfront payment and is entitled to receive a $10 million option exercise payment.

Voyager is eligible to receive potential future development, regulatory and commercialization milestone payments of up to $115 million, sales milestones of up to $175 million, and mid- to high-single-digit tiered royalties in connection with Pfizer’s use of its capsid in development and commercialization of a gene therapy for a rare neurologic target.

October 2021

Voyager Therapeutics announced an agreement through which Pfizer may exercise options to license novel capsids generated from Voyager’s RNA-driven TRACER (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) screening technology as part of Pfizer’s efforts to develop, manufacture, and commercialize gene therapies, utilizing two undisclosed transgenes to treat certain neurologic and cardiovascular diseases.

Pfizer will have the right to evaluate novel capsids selected for central nervous system and cardiac tropisms from Voyager’s TRACER platform and to exercise options to license capsids for exclusive use in Pfizer’s development of AAV gene therapies incorporating two undisclosed transgenes.

These transgenes will be distinct from those planned for Voyager’s internal pipeline.

Voyager will retain global rights to all licensed capsids for use with other transgenes and to all other applications of its TRACER technology.

Voyager will receive $30 million upfront and is entitled to receive up to $20 million in exercise fees for two options, exercisable by Pfizer within 12 months of signing.

Voyager will be eligible to earn up to $580 million in total development, regulatory, and commercial milestones associated with licensed products incorporating the two undisclosed Pfizer transgenes together with a Voyager licensed capsid.

Voyager is also eligible to receive mid- to high-single-digit tiered royalties based on net sales of Pfizer’s products incorporating the licensed capsids.

Celltrion announced that the Defense Logistics Agency under the Department of Defense has awarded Celltrion USA a procurement contract for its DiaTrustTM COVID-19 Ag Rapid Test.

The DLA estimates its order volume to be as much as $626 million considering the change in demand by the COVID-19 community transmission rate in the U.S.

Blueprint Medicines and Zai Lab announced an exclusive collaboration and license agreement for the development and commercialization of BLU-945 and BLU-701 for the treatment of patients with epidermal growth factor receptor -driven non-small cell lung cancer in Greater China, including mainland China, Hong Kong, Macau and Taiwan.

By combining Blueprint Medicines' precision therapy expertise with Zai Lab's development capabilities and established lung cancer franchise in Greater China, the collaboration aims to accelerate global development of BLU-945 and BLU-701 while addressing significant medical needs in China, where 40-50 percent of patients with NSCLC are believed to harbor EGFR mutations.

Blueprint Medicines will retain all rights to BLU-945 and BLU-701 in the rest of the world.

Blueprint Medicines will receive an upfront cash payment of $25 million and will be eligible to receive up to $590 million in potential development, regulatory and sales-based milestone payments, and tiered royalties on a product-by-product basis ranging from the low-teens to mid-teens on annual net sales of BLU-945 and BLU-701 in Greater China, subject to adjustment in specified circumstances.

In addition, Zai Lab will be responsible for all the development costs for BLU-945 and BLU-701 occurring in Greater China and will receive the rights to develop and exclusively commercialize BLU-945 and BLU-701 in the region.

Novome Biotechnologies announced a multi-year research collaboration and licensing agreement with Genentech to use Novome’s proprietary Genetically Engineered Microbial Medicines platform to discover, engineer and develop bacterial strains that express and deliver specific therapeutically relevant molecules to targets in the human intestinal tract to treat diseases such as Inflammatory Bowel Disease.

Novome will have responsibility for research activities up to initiation of IND-enabling preclinical studies for this multi-target collaboration.

Genentech will be responsible for clinical development of candidates and commercialization of potential medicines resulting from the collaboration.

Novome will receive an upfront payment of $15 million.

The Company is also eligible to receive up to $590 million in potential milestone payments based on the achievement of prespecified development and commercial milestones, as well as tiered royalties on sales resulting from the agreement.

Novome retains rights to develop its own, wholly-owned IBD candidates utilizing targets outside of those included in the collaboration.

Syndax Pharmaceuticals and Incyte have entered into an exclusive worldwide collaboration and license agreement to develop and commercialize axatilimab, Syndax's anti-CSF-1R monoclonal antibody.

Syndax and Incyte are seeking to develop axatilimab as a backbone therapy for patients with cGVHD as well as in additional immune-mediated diseases where CSF-1R-dependent monocytes and macrophages are believed to contribute to organ fibrosis.

Syndax recently completed a Phase 1/2 trial of axatilimab in patients with cGVHD.

Data from the Phase 1 portion of the trial highlighting the tolerability and high response rate of axatilimab in cGVHD patients refractory to multiple therapeutic agents were reported during an oral presentation at the American Society of Hematology Annual Meeting in December 2020.

Updated results from the Phase 1 portion and preliminary results from the Phase 2 expansion portion of the study, which evaluated 1 mg/kg of axatilimab every two weeks, are expected to be presented at a medical meeting in the fourth quarter of 2021.

Incyte will lead global commercial activities for axatilimab across all indications.

The companies will participate in a 50:50 profit share in the US, and Syndax will receive double-digit royalties on sales outside of the US Syndax will retain the option to co-promote axatilimab for any approved indications in the US.

Syndax will receive an upfront payment of $117 million plus a $35 million equity investment, which will be purchased at $24.62 per share, a 30% premium to the volume weighted average price over the 10 days prior to September 24, 2021.

Syndax will also be eligible to receive up to an additional $450 million in potential regulatory, development and commercial milestone payments.

The companies will share development costs associated with global and US-specific trials for all agreed upon trials at a rate of 55% (Incyte) and 45% (Syndax), with Incyte responsible for 100% of future development costs for trials that are specific to ex-US countries.

Syndax will fund the initial development of axatilimab in IPF and Incyte will have the option to co-fund late-stage development for this indication.

Genevant Sciences has entered into a global collaboration and license agreement with Takeda Pharmaceutical for the discovery, development and commercialization of LNP-delivered nucleic acid therapeutics directed to previously inaccessible drug targets in hepatic stellate cells to treat liver fibrosis.

Genevant is initially eligible to receive up to $600 million in upfront and milestone payments, plus royalties on future product sales.

Takeda has exclusive rights to Genevant’s LNP technology for a specified number of selected hepatic stellate cells targets.

Intellia Therapeutics and SparingVision announced a strategic collaboration to develop novel genomic medicines utilizing CRISPR/Cas9 technology for the treatment of ocular diseases.

Intellia will grant SparingVision exclusive rights to Intellia’s proprietary in vivo CRISPR/Cas9-based genome editing technology for up to three ocular targets addressing diseases with significant unmet medical need.

SparingVision will lead and fund the preclinical and clinical development for the genome editing product candidates pursued under the collaboration.

In addition, the parties will research and develop novel self-inactivating AAV vectors and LNP-based approaches to address delivery of CRISPR/Cas9 genome editing reagents to the retina.

As part of the licensing agreement, Intellia will receive a 10% equity ownership stake in SparingVision.

Intellia will also be eligible to receive certain development and commercial milestone payments (around $200 million per product) as well as royalties on potential future sales of products arising from the collaboration.

Intellia may exercise an option to obtain the US commercialization rights for product candidates arising from two of three collaboration targets.

For product candidates Intellia chooses to option, Intellia will pay an opt-in fee, reimburse certain costs, share in 50% of development costs and pay royalties to SparingVision on US sales.

Intellia will also maintain the ability to leverage technology advances established under this collaboration for any targets outside the partnership.

Envista has entered into a definitive agreement to acquire Carestream Dental's Intra-Oral Scanner (IOS) business for $600 million.

Heartseed and Novo Nordisk have entered into an exclusive worldwide collaboration and licence agreement for development, manufacturing and commercialisation of Heartseed’s lead asset HS-001.

Novo Nordisk gains exclusive rights to develop, manufacture and commercialise HS-001 worldwide except in Japan.

Heartseed will maintain the rights to solely develop HS-001 in Japan and Novo Nordisk has the rights to co-commercialise the product in Japan with Heartseed with 50/50 profit and cost sharing.

Heartseed is eligible to receive payments totalling up to 598 million US dollars including 55 million dollars in upfront and near-term milestone payments.

Heartseed is also eligible to receive tiered high single-digit to low double-digit royalties of annual net sales outside of Japan.

Ipsen and GENFIT have entered into a long-term strategic partnership for global collaboration between the two companies.

The agreement gives Ipsen exclusive worldwide license to develop, manufacture and commercialize GENFIT’s investigational treatment elafibranor, for people living with Primary Biliary Cholangitis.

The partnership also gives Ipsen access to future clinical programs led by GENFIT and combines GENFIT’s scientific expertise and proprietary technologies in liver disease with Ipsen’s development and commercialization capabilities.

To underscore the long-term commitment represented by this partnership, Ipsen will also purchase newly issued GENFIT equity representing 8% post-issuance through a €28m investment in GENFIT, becoming one of the largest shareholders.

Ipsen will pay GENFIT up to €480m, comprising upfront cash payment of €120m, as well as regulatory, commercial, and sales-based milestone payments up to €360m, plus tiered double-digit royalties of up to 20%.

Ipsen also becomes a shareholder of GENFIT through the purchase of 3,985,239 newly issued shares representing 8% of GENFIT S.A. after issuance, via a €28m investment.

The new shares will be issued pursuant to the twentieth resolution of GENFIT’s 30 June 2021 shareholders’ meeting and will be subject, upon issuance, to a lock-up period ending, in the event of positive ELATIVE results, on the earlier of the date on which the EMA makes a formal recommendation to the European Commission for the marketing authorisation of elafibranor in PBC or the date on which the U.S. FDA grants approval of elafibranor in PBC.

Issuance of the new shares is expected to take place on or about December 22, 2021.

In addition, the Board of Directors of GENFIT will propose at the next shareholders’ meeting that Ipsen becomes a board member.

CANbridge Pharmaceuticals has entered into a strategic collaboration and licensing agreement with LogicBio Therapeutics.

The agreement includes a worldwide license to develop, manufacture and commercialize gene therapy candidates for treatments for Fabry and Pompe diseases, based on LogicBio’s adeno-associated virus (AAV) sL65, the first capsid produced from the LogicBio sAAVy platform.

The agreement also includes options for the development of AAV sL65-based treatments for two additional indications.

AAV sL65 has unique liver-targeting properties, the potential to overcome limited potency and immunogenicity issues, and is more efficient to manufacture, potentially resulting in higher yields, making it a valuable strategic addition to the CANbridge’s gene therapy program.

CANbridge is also granted an option to an exclusive license for LB-001, an investigational in-vivo gene editing technology based on GeneRide platform for the potential treatment of methylmalonic acidemia (MMA), in Greater China (China, Taiwan, Hong Kong and Macau).

LogicBio is eligible to receive an upfront payment of $10 million for the exclusive worldwide license to support the development of two gene therapy candidates for Fabry and Pompe diseases.

In addition, the agreement grants options for two additional undisclosed gene therapy programs, based on AAV sL65, and an option to an exclusive license for LB-001 in Greater China.

Upon exercising the option for LB-001, CANbridge would assume responsibility and costs for all future development in the territory, including regulatory and commercial activities and, potentially, manufacturing.

The agreement also includes payments, including opt-in fees triggered upon the exercise of these options, as well as clinical, regulatory, and commercial milestone payments for up to $581 million, and up to double-digit royalties on net sales.

February 2022

ITM Isotope Technologies Munich and Grand Pharmaceutical announced that ITM and a subsidiary of GP have entered into a definitive agreement under which GP will make a EUR 25 million (USD 28 million) equity investment in ITM.

The agreement will further deepen the strategic collaboration between the two companies and support ITM to further expanding its broad pipeline of precision oncology treatments and diagnostics in Greater China.

December 2021

ITM Isotope Technologies and Grand Pharmaceutical have entered into an exclusive licensing agreement for GP to develop, manufacture and commercialize ITM’s oncological radiopharmaceutical candidates, ITM-11 (n.c.a. 177Lu-edotreotide) and ITM-41 (n.c.a. 177Lu-zoledronate) as well as the diagnostic TOCscan (68Ga-edotreotide) in the territory of mainland China, Hong Kong, Macau and Taiwan.

ITM grants GP an exclusive license for the named products in the licensed territory and will support the supply of the pharmaceutical materials needed to conduct clinical and commercial activities.

GP will be responsible for clinical development, regulatory activities and commercialization of these products in the licensed geographies.

ITM is eligible for a significant upfront payment as well as potential aggregate regulatory and commercial milestone payments totalling up to approximately EUR 520 million in addition to tiered royalties.

Cyclerion Therapeutics has entered into an exclusive, global license agreement with Akebia Therapeutics for the development and commercialization of praliciguat, an oral sGC stimulator.

Akebia has obtained an exclusive license to research, develop and commercialize praliciguat globally and will be solely responsible for these activities going forward.

Cyclerion is eligible to receive up to $225M in pre-commercial milestones, including up to $15M in the first 18 months.

Total potential future development, regulatory, and commercialization milestone payments could result in up to $585M.

Cyclerion is also eligible to receive tiered, sales-based royalties ranging from single-digit to high-teen percentages.

Everest Medicines has entered into an exclusive licensing agreement with Suzhou Sinovent Pharmaceuticals and SinoMab BioScience to develop, produce and commercialize XNW1011 (referred as "SN1011" by SinoMab), a covalent reversible Bruton's tyrosine kinase inhibitor, globally for the treatment of renal diseases.

Everest will pay Sinovent and SinoMab USD $12 million in initial upfront payments and up to $549 million as future development, regulatory, and commercial milestone payments, as well as high single-digit to low double-digit royalties on global net sales.

The agreement will also include full technology transfer of the current manufacturing process to Everest to support future development and commercialization.

July 2023

Alligator Bioscience announced that Technical Feasibility in the second program under the research collaboration and license agreement with Orion, which aims to discover and develop new bispecific antibody cancer therapeutics, has been achieved.

May 2023

Alligator Bioscience announced that Orion has selected bispecific lead antibodies and is exercising its option to develop these molecules under the existing research collaboration and license agreement between the two companies.

Alligator will continue to generate additional data in order for Orion to select the final development candidate over the coming months.

Upon exercise, the development option is conditional upon a milestone payment to Alligator.

January 2023

Alligator Bioscience announced an expansion to its research collaboration and license agreement with Orion to discover and develop together new bispecific antibody cancer therapeutics.

The collaboration has been expanded to add the development of a second bispecific antibody using Alligator’s proprietary bispecific RUBY platform, where Alligator will provide validated monospecific binders for one target and Orion will do the same for the other target.

August 2021

Alligator Bioscience has entered into a research collaboration and license agreement with Orion to discover and develop together new bispecific antibody cancer therapeutics

The research collaboration will focus on the discovery of novel bispecific antibodies directed towards immuno-oncology targets selected by Orion.

The agreement covers an option to develop three bispecific antibodies.

Alligator Bioscience will employ its proprietary phage display libraries and RUBY bispecific platform to develop immuno-oncology product candidates based on design criteria identified by Orion.

During the initial research period of the collaboration, Alligator Bioscience will receive an upfront payment and research support payments.

Alligator Bioscience is eligible for development, approval and sales milestone payments of up to 469 million euros, in addition to royalties if Orion exercises its options to continue development and commercialization of the resulting product candidates.

ATCC has been awarded a seven-year, Indefinite Delivery/Indefinite Quantity contract with a ceiling value of $545 million by the National Institute of Allergy and Infectious Diseases.

With this contract, ATCC will support NIAID’s Division of Clinical Research, Division of Intramural Research and Vaccine Research Center with rapid response capabilities to infectious disease issues, such as COVID-19, as well as provide quality services across basic science, preclinical, clinical, assay development and vaccine production.

Seres Therapeutics has entered into an agreement with Nestlé Health Science to jointly commercialize SER-109, Seres’ investigational oral microbiome therapeutic for recurrent Clostridioides difficile infection (CDI), in the United States and Canada.

If approved, SER-109 would become the first-ever FDA-approved microbiome therapeutic.

Nestlé Health Science will utilize its global pharmaceutical business Aimmune Therapeutics and will assume the role of lead commercialization party.

Seres will receive license payments of $175 million up front, and an additional $125 million upon FDA approval of SER-109.

The agreement also includes sales target milestones which, if achieved, could total up to $225 million.

Seres will be responsible for development and pre-commercialization costs in the U.S. Upon commercialization, Seres will be entitled to an amount equal to 50% of the commercial profits.

The agreement to co-commercialize SER-109 in the U.S. and Canada represents the expansion of an existing strategic collaboration between the companies.

Nestlé Health Science already has commercial rights to Seres’ investigational treatments for CDI and inflammatory bowel disease outside of the U.S. and Canada, and with this expansion, Nestlé Health Science becomes Seres’ global collaborator in SER-109.

Synthekine has entered into a worldwide research collaboration and license agreement with Merck & Co.

The collaboration will leverage Synthekine’s proprietary surrogate cytokine agonist platform to discover, develop, and commercialize novel cytokine therapeutics.

Synthekine is responsible for initial research efforts in collaboration with Merck, and Merck will have exclusive rights to develop, manufacture and commercialize surrogate cytokine agonists for up to two cytokine targets.

Initially, the collaboration will focus on a target that has the potential to treat autoimmune diseases.

Merck will make an upfront payment and will make an additional one-time payment if it designates a second target.

Synthekine will be eligible for up to $525 million in development, regulatory and commercialization milestones, as well as tiered royalties on net sales, for each target.

Merck will provide research funding to Synthekine for programs under the collaboration.

Graviton Bioscience and Beijing Tide Pharmaceutical announced the signing of an exclusive license agreement for TDI01.

The agreement grants development and commercialization rights for TDI01 to Graviton in all territories, excluding China.

Graviton will make an upfront payment and additional amounts for development, regulatory and sales milestone payments for all programs, as well as royalties on net sales and an option for a revenue-sharing arrangement for certain developed products.

The aggregate amount of upfront, development, regulatory and sales milestone payments is up to USD 517.5 million.

May 2023

KSQ Therapeutics has expanded its strategic collaboration with Takeda to research and validate novel tumor-intrinsic targets.

Takeda will provide KSQ with an upfront payment and an investment in the double-digit millions of dollars.

KSQ is also eligible to receive up to $510 million in future payments if all milestones are achieved during the term of the agreement, plus royalties on potential net sales of any commercial product resulting from the collaboration.

January 2021

KSQ Therapeutics has entered into a broad strategic collaboration with Takeda Pharmaceutical Company to research, develop and commercialize novel immune-based therapies for cancer.

KSQ has granted Takeda an exclusive, worldwide, royalty-bearing license to develop, manufacture and commercialize cell and non-cell therapy products that modulate targets identified using KSQ’s CRISPRomics technology.

The deal includes two T-cell targets previously identified and validated by KSQ, with the potential to introduce two additional T-cell targets to the collaboration.

The companies will also collaborate to discover and develop therapeutics that modulate natural killer cell targets to be identified through the collaboration.

Under the terms of the agreement, upfront and potential preclinical milestones have the potential to exceed $100 million.

KSQ will be eligible for additional option payments along with development and commercialization milestone payments.

Depending on the target, these option and milestone payments can reach up to more than $400 million per program.

KSQ is also eligible to receive tiered royalties on net sales of each approved product.

KSQ and Takeda can collaborate on IND-enabling activities, with clinical development led by Takeda to explore multiple modalities.

Takeda will assume responsibility for funding all development and commercialization activities.

KSQ will have the option to participate in cost/profit sharing on one of the two products based on the T-cell targets previously identified and validated by KSQ, in the U.S. and retain royalties on all ex-U.S. sales for that product.

Sandoz has signed an agreement to acquire GSK’s cephalosporin antibiotics business, reinforcing its leading global position in antibiotics.

The agreement includes the global rights to three established brands (Zinnat, Zinacef and Fortum)) in more than 100 markets.

It excludes the rights in the US, Australia and Germany to certain of those brands, which were previously divested by GSK, and in India, Pakistan, Egypt, Japan (to certain of the brands) and China, which will be retained by GSK.

Sandoz will pay GSK USD 350 million at closing, plus additional milestone payments of up to USD 150 million, subject to the terms of the transaction.

Closing of the transaction is expected in the second half of 2021, subject to customary closing conditions including regulatory approvals.

Once the transaction is completed, GSK will supply Zinnat to Sandoz under a manufacturing and supply agreement, while supporting a transfer of the related manufacturing operations to Sandoz.

We expect this process to last for approximately four years from the close of the transaction onwards.

Amathus Therapeutics announced a strategic collaboration with Merck to develop novel small molecule therapeutic candidates for neurodegenerative diseases.

Amathus will be responsible for identifying and progressing novel chaperone activators through preclinical discovery.

Merck has the option to acquire Amathus Therapeutics and its pipeline of mitochondrial targeted candidates for the treatment of neurodegenerative disorders and renal diseases.

Amathus will receive an upfront payment from Merck and, upon Merck’s exercise of its option, will be eligible for milestone payments associated with the successful development of candidates in excess of $500 million per program.

Upon exercise of its option, Merck will be solely responsible for clinical development and commercialization.

March 2023

BridGene Biosciences has achieved a significant milestone in its collaboration with Takeda.

The collaboration between BridGene and Takeda is based on BridGene's proprietary IMTAC (Isobaric Mass Tagged Affinity Characterization) chemoproteomics platform, which is used to identify targets and small molecules for Takeda to develop into therapeutic candidates for clinical development.

BridGene is entitled to receive an undisclosed milestone payment.

March 2021

BridGene Biosciences announced a strategic research collaboration and licensing agreement with Takeda Pharmaceutical.

Under the collaboration, the parties will establish up to five drug discovery programs, harnessing BridGene's proprietary IMTAC (Isobaric Mass Tagged Affinity Characterization) Chemoproteomics platform to identify targets and small molecule drug candidates for Takeda to develop into therapeutic candidates and pursue into clinical development.

BridGene with its chemoproteomics platform can identify small molecule interactions with a wide variety of proteins in living cells.

BridGene will receive from Takeda a one-time upfront payment for access to its IMTAC technology.

For any validated targets selected by Takeda, Takeda will receive an exclusive license to research, develop and commercialize any drug candidates that result from the research programs.

BridGene will then be eligible to receive potential preclinical, clinical and commercial milestone payments that could exceed $500 million, as well as royalties from future sales of commercialized drugs resulting from the collaboration.

Amyris has signed and closed an agreement with DSM Nutritional Products for the exclusive rights to supply Amyris's product portfolio of flavor and fragrance ingredients.

Amyris will continue to develop, scale and manufacture future molecules with its existing partners and DSM.

The total transaction value is estimated at over $500 million from short and long-term contributions with approximately 1/3 as an upfront payment at closing, more than 1/3 from potential earn-out payments based on milestones over the three year period from 2022 through 2024, and the remainder attributable to a 15-year manufacturing agreement between Amyris and DSM and the expected value of developing and scaling a pipeline of new F&F molecules through collaboration agreements.

Amyris will continue to develop, scale-up and produce all existing ingredients in its F&F portfolio with the support of DSM and Amyris's current F&F partners.

Amyris's F&F partners have extended their current R&D collaboration agreements by 15 years to accelerate the development of future F&F ingredients.

DSM will be responsible for the commercial relationship with Amyris's current partners.

The parties expect that the combination of DSM's market reach and Amyris's proprietary synthetic biology and fermentation platform will accelerate the industry's transition to clean, sustainable chemistry.

Organon and ObsEva have entered into an agreement whereby Organon will license the global development, manufacturing and commercial rights to ebopiprant (OBE022).

Ebopiprant is an investigational, orally active, selective prostaglandin F2α (PGF2α) receptor antagonist being evaluated as a potential treatment for preterm labor by reducing inflammation and uterine contractions.

Organon will gain exclusive worldwide rights to develop and commercialize ebopiprant.

ObsEva is entitled to receive tiered double-digit royalties on commercial sales as well as up to $500 million in upfront and milestone payments including $25 million to be paid at signing, up to $90 million in development and regulatory milestones and up to $385 million sales based milestones.

Arix Bioscience and Merck KGaA announced a global three-year strategic research collaboration to discover and develop multiple precision oncology drugs.

Artios will receive a payment of US$30 million in the form of an upfront and near-term payments.

Merck KGaA shall have the right to opt into exclusive development of compounds on up to eight targets.

If Merck KGaA chooses to exercise the option, subject to double digit option fees, Artios will be eligible to receive up to US$860 million per target, in addition to up to double digit royalty payments on net sales of each product commercialised by Merck KGaA.

Subject to certain conditions, Artios has opt-in rights for joint development and commercialisation with Merck KGaA for the programmes.

Under the terms of the agreement, the companies will leverage Artios’ proprietary nuclease targeting discovery platform to jointly identify multiple synthetic lethal targets for precision oncology drug candidates.

Daiichi Sankyo has entered into a global development and commercialization agreement with AstraZeneca for Daiichi Sankyo’s DS-1062, a TROP2 directed DXd antibody drug conjugate, currently in phase 1 clinical development for non-small cell lung cancer and triple negative breast cancer.

Daiichi Sankyo and AstraZeneca will jointly develop and commercialize DS-1062 worldwide, except in Japan where Daiichi Sankyo will maintain exclusive rights.

Daiichi Sankyo will manufacture and supply DS-1062.

AstraZeneca will pay Daiichi Sankyo an upfront payment of $1 billion, of which $350 million is due upon execution, $325 million after 12 months and $325 million after 24 months.

Contingent payments of up to $5 billion include $1 billion for achievement of future regulatory milestones, and $4 billion for sales-related milestones.

Total payments under the agreement have the potential to reach up to $6 billion.

Daiichi Sankyo and AstraZeneca will share equally development and commercialization costs as well as profits from DS-1062 worldwide, except for Japan.

Daiichi Sankyo is expected to book sales in U.S., certain countries in Europe, and certain other markets where Daiichi Sankyo has affiliates.

AstraZeneca is expected to book sales in other markets worldwide, including China, Australia, Canada and Russia.

The upfront payment and regulatory milestones will be booked as revenue over the period in which Daiichi Sankyo has contractual performance obligations under this collaboration.

Impact on Daiichi Sankyo’s consolidated financials for fiscal year ending March 31, 2021 will be announced at an appropriate time in the future.

The collaboration is expected to enhance the corporate and shareholder value for Daiichi Sankyo over the mid- to long-term.

Seattle Genetics and Merck announced a strategic oncology collaboration.

The companies will globally develop and commercialize Seattle Genetics’ ladiratuzumab vedotin, an investigational antibody-drug conjugate (ADC) targeting LIV-1, which is currently in phase 2 clinical trials for breast cancer and other solid tumors.

The collaboration will pursue a broad joint development program evaluating ladiratuzumab vedotin as monotherapy and in combination with Merck’s anti-PD-1 therapy KEYTRUDA (pembrolizumab) in triple-negative breast cancer, hormone receptor-positive breast cancer and other LIV-1-expressing solid tumors.

Seattle Genetics will receive a $600 million upfront payment and Merck will make a $1.0 billion equity investment in 5.0 million shares of Seattle Genetics common stock at a price of $200 per share.

Seattle Genetics is eligible for progress-dependent milestone payments of up to $2.6 billion.

Seattle Genetics and Merck will collaborate and equally share costs on the global development of ladiratuzumab vedotin and other LIV-1-targeting ADCs.

The companies have agreed to jointly develop and share future costs and profits for ladiratuzumab vedotin on a 50:50 basis worldwide.

Merck will pay Seattle Genetics $600 million upfront and make a $1.0 billion equity investment in 5.0 million shares of Seattle Genetics common stock at a price of $200 per share.

In addition, Seattle Genetics will be eligible to receive up to $2.6 billion in milestone payments, including $850 million in development milestones and $1.75 billion in sales milestones.

The companies will jointly develop and commercialize ladiratuzumab vedotin and equally share profits worldwide.

The companies will co-commercialize in the U.S. and Europe.

Seattle Genetics will be responsible for marketing applications for approval in the U.S. and Canada, and will record sales in the U.S., Canada and Europe.

Merck will be responsible for marketing applications for approval in Europe and in countries outside the U.S. and Canada, and will record sales in countries outside the U.S., Europe and Canada.

Including the upfront payment, equity investment proceeds and potential milestone payments, Seattle Genetics is eligible to receive up to $4.2 billion.

Myovant Sciences and Pfizer announced a collaboration to develop and commercialize relugolix – a once-daily, oral gonadotropin-releasing hormone (GnRH) receptor antagonist – in oncology and women’s health in the U.S. and Canada.

Pfizer will also receive an exclusive option to commercialize relugolix in oncology outside the U.S. and Canada, excluding certain Asian countries.

Myovant and Pfizer will jointly develop and commercialize ORGOVYX (relugolix) in advanced prostate cancer and, if approved, relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) in women’s health in the U.S. and Canada.

Myovant and Pfizer will begin co-promoting ORGOVYX for advanced prostate cancer in early 2021.

Myovant and Pfizer will equally share profits and certain expenses for ORGOVYX and relugolix combination tablet with Myovant recording revenues.

Myovant will remain responsible for regulatory interactions and drug supply and continue to lead clinical development for relugolix combination tablet.

Myovant will receive up to $4.2 billion, including an upfront payment of $650 million, $200 million in potential regulatory milestones for U.S. Food and Drug Administration (FDA) approvals for relugolix combination tablet in women’s health, and tiered sales milestones upon reaching certain thresholds up to $2.5 billion in net sales for prostate cancer and also for the combined women’s health indications.

If Pfizer exercises the option to commercialize relugolix in oncology outside of the U.S. and Canada, excluding certain Asian countries, Myovant will receive $50 million and be entitled to receive double-digit royalties on sales.

Alteogen has entered into a non-exclusive, global license agreement with a Top Ten Pharmaceutical Company, to use ALT-B4, Alteogen’s novel hyaluronidase- derived utilizing the Hybrozyme technology.

ALT-B4 is a proprietary recombinant human hyaluronidase enzyme that enables large-volume subcutaneous administration of biologics that would otherwise be administered as an IV injection.

Alteogen has granted worldwide rights for TTPC to develop multiple products in combination with ALT-B4.

Alteogen will receive an initial payment of USD 16 Million and is also eligible to receive additional milestones upon TTPC’s achievement of specified development, regulatory and sales milestones, totaling up to USD 3.865 Billion for the initial products under this agreement.

TTPC may in the future elect to develop additional products in combination with ALT-B4 upon achievement of the pre-specified milestone. Alteogen will be responsible for regulatory development and commercial supply of ALT-B4.

AbbVie and Genmab have signed a broad collaboration agreement to jointly develop and commercialize three of Genmab's early-stage investigational bispecific antibody product candidates and enter into a discovery research collaboration for future differentiated antibody therapeutics for cancer.

The companies will partner to develop Genmab's next-generation bispecific antibody programs, epcoritamab (DuoBody-CD3xCD20), DuoHexaBody-CD37 and DuoBody-CD3x5T4.

The collaboration combines Genmab's world-class discovery and development engine and next-generation bispecific antibody therapeutic candidates with AbbVie's deep clinical expertise, innovative antibody-drug conjugate (ADC) platform and global commercial leadership in hematological cancers.

The discovery research collaboration will combine proprietary antibodies from both companies along with Genmab's DuoBody technology and AbbVie's payload and ADC technology to select and develop up to four additional differentiated next-generation antibody-based product candidates, potentially across both solid tumors and hematological malignancies.

Genmab's DuoBody-CD3 technology engages and directs cytotoxic T cells selectively to tumors to elicit an immune response towards malignant tumor cells.

AbbVie's ADC technology allows the delivery of a therapeutic toxin directly to cancer cells while sparing normal, healthy cells, providing for a more targeted, less toxic treatment approach.

This collaboration will provide for the joint development and commercialization of the three bispecific antibody therapeutic candidates.

For epcoritamab, the companies will share commercial responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization.

Genmab will book net sales in the U.S. and Japan and receive tiered royalties on remaining global sales.

For DuoHexaBody-CD37, DuoBody-CD3x5T4 and any product candidates developed as a result of the companies' discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan.

Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan.

For the discovery research partnership, Genmab will conduct Phase 1 studies for these programs.

AbbVie retains the right to opt-in to program development.

AbbVie will pay Genmab USD 750 million in upfront payment with the potential for Genmab to receive up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs as well as tiered royalties between 22% and 26% on net sales for epcoritamab outside the U.S. and Japan.

Except for these royalty-bearing sales, the parties share in pre-tax profits from the sale of products on a 50:50 basis.

Included in these potential milestones are up to USD 1.15 billion in payments related to clinical development and commercial success across the three existing bispecific antibody programs.

In addition, if all four next-generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exercise and success-based milestone payments.

July 2021

PeptiDream and Takeda Pharmaceutical announced an expansion of its research collaboration and exclusive license agreement to create peptide-drug conjugates (PDCs) for several central nervous system (CNS) targets, which play importantroles in chronic neurodegenerative diseases.

PeptiDream is eligible to receive up to approximately $3.5 billion (JPY 390.3 billion) in total as upfront and potential preclinical, development, launch, and sales-based milestones.

PeptiDream is also eligible to receive royalties on net sales of any product resulting from the collaboration.

December 2020

PeptiDream and Takeda Pharmaceutical have agreed to a collaborative research and exclusive license agreement to create peptide-drug conjugates (PDCs) for neuromuscular diseases.

Despite advances in the understanding of neuromuscular diseases, the broad biodistribution required to target key tissues throughout the body that contribute to disease remains a key challenge for drug development.

The agreement aims to address these challenges by conjugating peptides developed by PeptiDream and JCR Pharmaceuticals that bind to the transferrin receptor to specific drug payloads selected by Takeda to improve their profile of tissue distribution for treating neuromuscular diseases.

PeptiDream will receive an upfront payment from Takeda.

PeptiDream may also receive milestone payments based on the achievements of specified pre-clinical research and clinical trial achievements.

Financial terms of the collaboration were not disclosed.

September 2024

Sage Therapeutics announced that Biogen has terminated its rights under collaboration and license agreement with Sage specific to the SAGE-324 program

Companies recently announced negative results from the Phase 2 KINETIC 2 Study of investigational SAGE-324 for the chronic treatment of essential tremor and discontinued further clinical development of SAGE-324 in ET

Sage and Biogen will continue to partner on ZURZUVAE (zuranolone), the first and only FDA-approved oral treatment for women with postpartum depression and will continue to work on their shared vision to help women suffering from PPD

Termination will be effective on February 17, 2025, and Sage will resume full ownership of the SAGE-324 asset at that time

Sage plans to continue to evaluate other potential indications, if any, for SAGE-324

November 2020

Biogen and Sage Therapeutics have executed a global collaboration and license agreement to jointly develop and commercialize zuranolone (SAGE-217) for major depressive disorder (MDD), postpartum depression (PPD) and other psychiatric disorders and SAGE-324 for essential tremor and other neurological disorders.

Biogen and Sage will collaborate to further define the development and commercialization strategy for zuranolone.

Beyond PPD and MDD, zuranolone may also have potential in other psychiatric disorders including bipolar disorder and generalized anxiety disorder.

Sage will receive $1.525 billion in cash to be comprised of an upfront payment of $875 million and a $650 million equity investment in Sage from the purchase of approximately 6.2 million newly issued shares of Sage common stock at a price of $104.14 per share, representing a premium of 40 percent over the 30-day volume-weighted average share price of $74.39 per share as of November 25, 2020.

Should the zuranolone and SAGE-324 programs achieve certain development and commercial milestones, Sage will be eligible to receive up to approximately $1.6 billion in potential milestone payments.

Biogen and Sage will share responsibility and costs for development as well as profits and losses for commercialization in the U.S. (50 percent Biogen; 50 percent Sage).

Outside the U.S., Biogen will be responsible for development and commercialization, excluding Japan, Taiwan and South Korea with respect to zuranolone, and will pay Sage tiered royalties in the high teens to low twenties.

January 2023

Fate Therapeutics has declined a proposal from Janssen Biotech for continuation of the collaboration and option agreement between the parties on revised terms and conditions and, as a result, the agreement has been terminated and all collaboration activities will be wound down in the first quarter of 2023.

Janssen exercised its second commercial option for a collaboration product, for which the Company expects to receive a $10 million milestone payment.

As a result of the collaboration’s termination, during the first quarter of 2023, the Company will wind down its activities with Janssen, including discontinuing development of all collaboration products, at the expense of Janssen.

As a result of such termination, all licenses and other rights granted pursuant to the agreement terminate; neither party has any right to continue to develop, manufacture or commercialize any collaboration product or use the other party’s materials; and neither party is restricted from independently developing, manufacturing, or commercializing any product, including any product directed to any antigen targeted by a collaboration product.

April 2020

Fate Therapeutics announced a global collaboration and option agreement with Janssen Biotech.

Janssen will contribute proprietary antigen binding domains for up to four tumor-associated antigen targets.

The Company will apply its iPSC product platform to research and preclinically develop new iPSC-derived chimeric antigen receptor (CAR) NK and CAR T-cell product candidates.

The Company will receive $50 million in cash and $50 million from the purchase by Johnson & Johnson Innovation of newly issued shares of the Company’s common stock at a price per share of $31.00.

Janssen will also reimburse the Company for all activities conducted under the collaboration.

The Company will advance candidates under the collaboration to the filing of an Investigational New Drug (IND) application, after which Janssen will have the right to exercise its option for an exclusive license for the development and commercialization of collaboration candidates targeting the tumor-associated antigens.

The Company will be primarily responsible for the manufacture of collaboration candidates, the cost of which will be paid for by Janssen.

The Company is eligible to receive payments of up to $1.8 billion upon the achievement of development and regulatory milestones and up to $1.2 billion upon the achievement of commercial milestones, plus double-digit royalties on worldwide commercial sales of products targeting the antigens.

In addition, the Company has the right to elect to co-commercialize each collaboration candidate in the U.S. and share equally in profits and losses in the U.S., subject to its payment of certain clinical development costs and adjustments in milestone and royalty payments.

Repare Therapeutics has entered into an exclusive, worldwide research collaboration with Bristol Myers Squibb.

Under the terms of the agreement, the companies will leverage Repare’s proprietary, CRISPR-enabled genome-wide synthetic lethal target discovery platform, SNIPRx, to jointly identify multiple synthetic lethal precision oncology targets for drug candidates.

Repare will grant BMS exclusive worldwide rights to develop and commercialize therapeutics for select validated synthetic lethal precision oncology targets discovered under the collaboration.

BMS will make an upfront payment of $65 million which includes a $15 million equity investment in Repare.

Repare will be eligible to receive up to approximately $3 billion in license fees, discovery, development, regulatory and sales-based milestones, in addition to royalty payments on net sales of each product commercialized by BMS.

WuXi Biologics announced that WuXi Vaccines has entered into a strategic partnership with a global vaccine leader and signed a 20-year vaccine manufacturing contract valued approximately $3 billion USD, pursuant to which WuXi Vaccines will build a dedicated facility and supply a commercial vaccine products for the global market.

WuXi Vaccines will build an integrated vaccine manufacturing facility including drug substance manufacturing (DS), drug product manufacturing (DP), Manufacture Science and Technology Labs (MS&T) as well as Quality Control labs (QC).

The facility will be dedicated to manufacture one of its partner's vaccine products for the global market.

The new facility is expected to be operational in 2022.

Schrödinger announced a discovery collaboration with Bristol Myers Squibb to discover, develop, and commercialize therapeutics in multiple disease areas.

The multi-year collaboration will combine Schrödinger’s leading physics-based computational platform and drug discovery capabilities with Bristol Myers Squibb's expertise in development and commercialization to advance small molecule therapeutics for targets in oncology, immunology, and neurological disorders.

The collaboration includes two of Schrödinger’s early-stage programs and additional undisclosed targets.

Schrödinger will be responsible for the discovery of development candidates for each of the targets under the collaboration.

Bristol Myers Squibb will then be responsible for the development, manufacturing, and commercialization of the candidates.

Bristol Myers Squibb will pay Schrödinger $55 million upfront, and Schrödinger will also be eligible to receive up to $2.7 billion in preclinical, development, regulatory and sales-based milestone payments.

Schrödinger is entitled to receive royalties on net sales of each product commercialized by Bristol Myers Squibb.

Schrödinger has agreed to grant Bristol Myers Squibb exclusive worldwide rights to develop and commercialize the development candidates generated by the collaboration.

March 2023

Biogen notified Sangamo of its termination for convenience, effective June 15, 2023, of the Collaboration and License Agreement by and between Biogen and Sangamo dated February 26, 2020, pursuant to which Biogen and Sangamo were engaged in programs to research and develop gene regulation therapies to treat neurological diseases.

Biogen has indicated to Sangamo that the termination relates to a recent strategic review.

Sangamo will investigate alternative options to advance the neurological disease programs that were subject to the Biogen Agreement, including potential development internally or with a collaboration partner, dependent on the outcome of a broader strategic review of its pre-clinical pipeline of therapies to treat patients suffering from central nervous system disorders.

February 2020

Biogen and Sangamo Therapeutics have executed a global licensing collaboration agreement to develop and commercialize ST-501 for tauopathies including Alzheimer’s disease, ST-502 for synucleinopathies including Parkinson’s disease, a third undisclosed neuromuscular disease target, and up to nine additional undisclosed neurological disease targets.

The companies will leverage Sangamo’s proprietary zinc finger protein (ZFP) technology delivered via adeno-associated virus (AAV) to modulate the expression of key genes involved in neurological diseases.

Biogen has exclusive global rights to ST-501 for tauopathies including Alzheimer’s disease, ST-502 for synucleinopathies including Parkinson’s disease, and a third undisclosed neuromuscular disease target.

In addition, Biogen has exclusive rights to nominate up to nine additional undisclosed targets over a target selection period of five years.

Sangamo will perform early research activities, costs for which will be shared by the companies, aimed at the development of the combination of proprietary CNS delivery vectors and ZFP-TFs targeting therapeutically relevant genes.

Biogen will then assume responsibility and costs for the investigational new drug-enabling studies, clinical development, related regulatory interactions, and global commercialization.

Sangamo will be responsible for GMP manufacturing activities for the initial clinical trials for the first three products of the collaboration and plans to leverage its in-house manufacturing capacity.

Biogen will assume responsibility for GMP manufacturing activities beyond the first clinical trial for each of the first three products.

Sangamo will receive $350 million comprised of $125 million in a license fee payment and $225 million from the sale of new Sangamo stock, or approximately 24 million shares at $9.21 per share.

Sangamo may receive up to $2.37 billion in other development, regulatory, and commercial milestone payments, including up to $925 million in pre-approval milestone payments and up to $1,445 million in first commercial sale and other sales-based milestone payments.

Sangamo will also be eligible to receive from Biogen tiered high single digit to sub-teen double-digit royalties on potential net commercial sales of products arising from the collaboration.

Nurix Therapeutics announced a global strategic collaboration with Sanofi to discover, develop and commercialize a pipeline of innovative targeted protein degradation drugs for patients with challenging diseases in multiple therapeutic areas.

Nurix will utilize its proprietary drug discovery platform, DELigase, that integrates its DNA-encoded libraries (DEL) and its unparalleled portfolio of E3 ligases to create small molecules designed to induce degradation of three specified drug targets, with an option by Sanofi to expand to a total of five targets.

Sanofi will have exclusive rights and be responsible for clinical development and commercialization of drug candidates resulting from the work while Nurix will retain the option to co-develop and co-promote up to two products in the United States under certain conditions.

The collaboration excludes Nurix’s lead degradation programs for which Nurix retains all rights.

Nurix will receive an upfront payment of $55 million and subsequent payments upon expansion of the number of targets to be included in the collaboration.

In addition, Nurix will be eligible to receive up to approximately $2.5 billion in total payments based on the successful completion of certain research, pre-clinical, clinical, regulatory and sales milestones.

For those programs that Nurix exercises its option to co-develop and co-promote, the parties will split U.S. profits and losses evenly and Nurix will be eligible to receive royalties on ex-U.S. net sales on all optioned products.

Merck announced an exclusive worldwide research collaboration and license agreement with Taiho Pharmaceutical and Astex Pharmaceuticals focused on the development of small molecule inhibitors against several drug targets, including the KRAS oncogene, which are currently being investigated for the treatment of cancer.

Merck, Taiho and Astex will combine preclinical candidates and their data with knowledge and expertise from their respective research programs.

In exchange for providing Merck an exclusive global license to their small molecule inhibitor candidates, Taiho and Astex will receive an aggregate upfront payment of $50 million and will be eligible to receive approximately $2.5 billion contingent upon the achievement of preclinical, clinical, regulatory and sales milestones for multiple products arising from the agreement, as well as tiered royalties on sales.

Merck will fund research and development and will be responsible for commercialization of products globally.

Taiho has retained co-commercialization rights in Japan and an option to promote in specific areas of South East Asia.

June 2021

Translate Bio has achieved a manufacturing milestone under the collaboration with Sanofi Pasteur related to its influenza mRNA vaccine program.

Translate Bio will receive a $50 million payment from Sanofi Pasteur for the successful manufacture, release, and delivery of clinical drug product to supply Sanofi Pasteur’s Phase 1 influenza clinical trial which is anticipated to begin in the coming weeks.

The Phase 1 clinical trial will evaluate a monovalent influenza vaccine candidate and will inform the next steps of the mRNA-based influenza vaccine program.

July 2020

Translate Bio announced the closing of a previously announced expansion of the collaboration and licensing agreement with Sanofi Pasteur to develop mRNA vaccines for all infectious disease pathogens.

Translate Bio will receive $425 million in upfront payment and common stock equity investment and overall is eligible to receive up to $1.9 billion of potential milestones and other payments as well as tiered royalties on worldwide sales of developed vaccines.

Sanofi received exclusive worldwide rights for infectious disease mRNA vaccines. Sanofi will pay for all costs during the collaboration term.

March 2020

Sanofi Pasteur and Translate Bio collaborate to develop a novel mRNA vaccine for COVID-19.

This collaboration leverages an existing agreement from 2018 between the two companies to develop mRNA vaccines for infectious diseases.

Skyhawk Therapeutics and Vertex Pharmaceuticals announced a strategic research collaboration and licensing agreement aimed at the discovery and development of novel small molecules that modulate RNA splicing for the treatment of serious diseases.

Vertex will pay Skyhawk $40 million upfront.

Skyhawk will grant Vertex options to exclusively license worldwide intellectual property rights to candidates discovered and developed under the collaboration that are directed to program targets.

Following Vertex’s exercise of its options, Vertex will be responsible for further development and commercialization.

Skyhawk is also eligible to receive up to $2.2 billion in potential milestone payments, as well as potential royalties on future sales.

Kymera Therapeutics has entered into a multi-program strategic collaboration with Sanofi to develop and commercialize first-in-class protein degrader therapies targeting IRAK4 in patients with immune-inflammatory diseases.

The companies will also partner on a second earlier stage program.

Kymera will receive $150 million in cash upfront and may receive more than $2 billion in potential development, regulatory and sales milestones, as well as significant royalty payments.

Kymera retains the option to participate in US development and commercialization for both programs.

This includes the ability to participate equally in the costs, profits and losses after opt-in, and to co-promote partnered products in the US.

Sanofi will make an upfront payment of $150 million in cash to Kymera for global rights to develop its small molecule IRAK4 protein degraders in inflammation and immunology indications, and a second earlier stage undisclosed program.

IRAK4 is believed to play a key role in multiple immune-inflammatory diseases, including hidradenitis suppurativa, atopic dermatitis and rheumatoid arthritis.

Kymera will advance the IRAK4 program through Phase 1 clinical trials; Sanofi will assume clinical development and commercialization responsibilities thereafter.

Sanofi will lead all clinical development activities for the second program.

Kymera will have the option to participate in the development of both programs in the US during clinical development.

Kymera will retain global rights to its IRAK4 program in oncology indications.

April 2023

Biogen has exercised the option to license Denali Therapeutics’s Antibody Transport Vehicle:Amyloid beta program.

Accumulation of Aβ plaque in the brain is a defining feature of Alzheimer’s disease.

Using Denali’s ATV platform to cross the blood-brain barrier, ATV:Aβ is designed to increase brain exposure and target engagement of antibody therapeutics directed against Aβ, which may enable improved plaque clearance and/or reduced amyloid-related imaging abnormalities.

Following the exercise of the option, Biogen will assume responsibility for all development and commercial activities and associated expenses.

Denali will receive a one-time option exercise payment and, should certain milestones be achieved, Denali will be eligible to receive potential development and commercial milestone payments and royalties based on future net sales.

August 2020

Biogen and Denali Therapeutics have signed a binding agreement to co-develop and co-commercialize Denali’s small molecule inhibitors of leucine-rich repeat kinase 2 (LRRK2) for Parkinson’s disease.

Biogen will also receive rights to opt into two programs and a right of first negotiation for two additional programs, in each case for neurodegenerative diseases leveraging Denali’s Transport Vehicle (TV) technology platform to cross the blood-brain barrier (BBB).

Biogen will collaborate with Denali to co-develop and co-commercialize Denali’s small molecule inhibitors of LRRK2 for Parkinson’s disease.

Biogen and Denali will co-commercialize the LRRK2 product in the U.S. and China, and Biogen will commercialize in all other markets.

DNL151 has been selected to progress into late stage clinical studies expected to commence in 2021.

In addition to the LRRK2 program, Biogen will also receive an exclusive option to license two preclinical programs from Denali’s TV platform, which aims to improve brain uptake of biotherapeutics, including its Antibody Transport Vehicle (ATV): Abeta program (ATV enabled anti-amyloid beta program) and a second program utilizing its TV technology.

Biogen will have right of first negotiation on two additional TV-enabled therapeutics, currently at a preclinical stage, should Denali decide to seek a collaboration for such programs.

Denali’s TV platform is a proprietary technology designed to effectively deliver large therapeutic molecules such as antibodies, enzymes, proteins and oligonucleotides across the BBB after intravenous administration.

Biogen will make an upfront payment to Denali of $560 million and make a $465 million equity investment in Denali from the purchase of 13.3 million newly issued shares of Denali common stock at approximately $34.94 per share, representing 11.2 percent of Denali’s pro-forma outstanding stock.

Should the LRRK2 program achieve certain development and commercial milestones, Denali will be eligible to receive up to $1.125 billion in potential milestone payments.

In the LRRK2 collaboration, Biogen and Denali will share responsibility and costs for global development (60 percent Biogen; 40 percent Denali), and will share responsibility and costs as well as profits and losses for commercialization in the U.S. (50 percent Biogen; 50 percent Denali) and China (60 percent Biogen; 40 percent Denali).

Outside the U.S. and China, Biogen will be responsible for commercialization and pay Denali tiered royalties.

October 2024

UCB has regained all global rights to bepranemab from Roche/Genentech

July 2020

UCB announced an agreement to enter into a world-wide, exclusive license agreement with Roche and Genentech for the global development and commercialization of UCB0107 in Alzheimer's Disease.

The transaction remains subject to obtaining antitrust clearance and other customary closing conditions.

UCB will provide an exclusive, world-wide license to Roche and Genentech to develop and commercialize UCB0107 in AD.

UCB will receive an initial upfront payment of US $120 million.

UCB will fund and perform a proof-of-concept study in AD and, upon availability of the results of that study, Genentech has the right to progress with the development or return full rights back to UCB.

After Genentech's decision to proceed with further clinical development, UCB will be eligible to receive further potential cost reimbursement, development and sales milestone payments as well as royalties with a total potential consideration approaching US $2 billion upon receipt of certain regulatory approvals and satisfying certain clinical and sales milestones.

Innovent Biologics announced a strategic research and development collaboration with Roche covering multiple cell therapies and bispecific antibodies.

The collaboration will focus on the discovery, clinical development and commercialization of bispecific antibodies and multiple cell therapies and will be directed to the treatment of hematological and solid cancers.

Innovent will pay upfront, development and commercial milestone payments, and royalties, to non-exclusively access certain Roche technologies that enable the discovery and development of specific 2:1 T-cell bispecific antibodies (TCB) and the universal CAR-T platform.

Innovent will create, develop, manufacture, and commercialize the products. Roche retains an option right to license each product for ex-China development and commercialization.

Should Roche exercise all of its options, it will pay option exercise payments totaling $140 million plus additional development, approval, and sales milestone payments up to $1.96 billion if all products are successfully developed and commercialized.

Roche will pay double-digit up to mid teen percentage royalties on each product.

Insitro has entered into a five-year, discovery collaboration with Bristol Myers Squibb focused on the discovery and development of novel therapies for the treatment of amyotrophic lateral sclerosis and frontotemporal dementia.

Insitro will apply its proprietary platform, the insitro Human (ISH) platform, to create induced pluripotent stem cell (iPSC) derived disease models for ALS and FTD.

The ISH platform applies machine learning, human genetics and functional genomics to generate and optimize predictive in vitro models and drive therapeutic discovery and development.

Through its application, the ISH platform will provide insights into disease progression, identify coherent patient segments and discover candidate targets.

Based on these insights, insitro will apply its machine-learning-enabled therapeutics discovery capabilities to advance programs.

Bristol Myers Squibb will have the option to select a number of targets identified by insitro to advance through clinical development and commercialization.

insitro will receive $50 million in an upfront payment and will be eligible to receive an additional $20 million in near term operational milestones and up to an aggregate of more than $2 billion in discovery, development, regulatory and commercial milestones in addition to royalty payments on net product sales.

Bristol Myers Squibb will be responsible for clinical development as well as regulatory submissions and commercialization activities.

Affimed and Roivant Sciences have entered into a licensing and strategic collaboration agreement to develop and commercialize novel ICE molecules in oncology.

The collaboration grants Roivant a license to the preclinical molecule AFM32. The collaboration will also leverage Affimed’s proprietary Redirected Optimized Cell Killing (ROCK) platform to generate ICE molecules against targets not included in Affimed’s current pipeline.

Affimed will receive $60 million in upfront consideration, comprised of $40 million in cash and pre-paid R&D funding, and $20 million of newly issued shares in Roivant.

Affimed could receive further short-term proceeds in the form of option fees contingent on the commencement of additional programs contemplated under the agreement.

The company is eligible to receive up to an additional $2 billion in milestones over time upon achievement of specified development, regulatory and commercial milestones, as well as tiered royalties on net sales.

Pursuant to the agreement, Affimed will be primarily responsible for driving the discovery and research phases of molecule development through filing of the IND.

Roivant will be responsible for clinical development and commercialization worldwide, and Affimed retains an option for co-promotion.

uniQure and CSL Behring have entered into a licensing agreement providing CSL Behring with exclusive global rights to etranacogene dezaparvovec, uniQure’s investigational gene therapy for patients with hemophilia B.

Etranacogene dezaparvovec consists of an AAV5 viral vector carrying a gene cassette with the patent-protected Padua variant of Factor IX (FIX-Padua).

uniQure will receive a $450 million upfront cash payment and be eligible to receive up to $1.6 billion in payments based on regulatory and commercial milestones.

uniQure will also be eligible to receive tiered double-digit royalties in a range of up to a low-twenties percentage of net product sales arising from the collaboration.

Neurocrine Biosciences and Takeda Pharmaceutical announced a strategic collaboration to develop and commercialize compounds in Takeda’s early-to-mid-stage psychiatry pipeline.

Specifically, Takeda granted an exclusive license to Neurocrine Biosciences for seven pipeline programs, including three clinical stage assets for schizophrenia, treatment-resistant depression and anhedonia.

Neurocrine Biosciences will be responsible for developing and commercializing all pipeline compounds included in the collaboration.

Takeda will receive a total of $120 million USD in upfront cash.

Takeda will be entitled to development milestones of up to $495 million USD, commercial milestones of up to $1.4 billion USD and up to double-digit royalties on net sales.

At certain development events, Takeda may elect to opt in or out of a 50:50 profit share on all clinical programs on an asset-by-asset basis.

For any asset in which Takeda is participating in a 50:50 profit share arrangement, Takeda will not be eligible to receive development or commercial milestones.

MorphoSys and Incyte have entered into a collaboration and license agreement to further develop and commercialize MorphoSys' proprietary anti-CD19 antibody tafasitamab (MOR208) globally.

Tafasitamab is an Fc-engineered antibody against CD19 currently in clinical development for the treatment of B cell malignancies.

MorphoSys and Incyte will co-commercialize tafasitamab in the U.S., while Incyte has exclusive commercialization rights outside of the U.S.

MorphoSys will receive an upfront payment of $750 million and, in addition, Incyte will make an equity investment into MorphoSys of $150 million in new American Depositary Shares (ADS) of MorphoSys at a premium to the share price at signing of the agreement.

Depending on the achievement of certain developmental, regulatory and commercial milestones, MorphoSys will be eligible to receive milestone payments amounting to up to $1.1 billion.

MorphoSys will also receive tiered royalties on ex-U.S. net sales of tafasitamab in a mid-teens to mid-twenties percentage range of net sales.

In the U.S., MorphoSys and Incyte will co-commercialize tafasitamab, with MorphoSys leading the commercialization strategy and booking all revenues from sales of tafasitamab.

Incyte and MorphoSys will be jointly responsible for commercialization activities in the U.S. and will share profits and losses on a 50:50 basis.

Outside the U.S., Incyte will have exclusive commercialization rights, and will lead the commercialization strategy and book all revenues from sales of tafasitamab, paying MorphoSys royalties on ex-U.S. net sales.

Furthermore, the companies will share development costs associated with global and U.S.-specific trials at a rate of 55% (Incyte) to 45% (MorphoSys); Incyte will cover 100% of the future development costs for trials that are specific to ex-U.S. countries.

Both parties have agreed to co-develop tafasitamab broadly in relapsed/refractory diffuse large B cell lymphoma (r/r DLBCL), frontline DLBCL as well as additional indications beyond DLBCL, such as follicular lymphoma (FL), marginal zone lymphoma (MZL) and chronic lymphocytic leukemia (CLL).

Incyte will be responsible for initiating a combination study of its investigational PI3K-delta inhibitor parsaclisib and tafasitamab in r/r B cell malignancies.

Further, Incyte will be responsible for leading any potential registration-enabling studies in CLL and a phase 3 trial in r/r FL/MZL. MorphoSys will continue to be responsible for its currently ongoing clinical trials of tafasitamab in non-Hodgkin lymphoma (NHL), CLL, r/r DLBCL and frontline DLBCL. The parties will share responsibility in starting additional global trials, and Incyte intends to pursue development in additional territories including Japan and China.

MorphoSys recently submitted a Biologics License Application (BLA) for tafasitamab, in combination with lenalidomide, to the U.S. Food and Drug Administration (FDA) for the treatment of r/r DLBCL; the FDA decision regarding a potential approval is expected by mid-2020.

The submission of a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in r/r DLBCL is planned for mid-2020.

Blackstone Medical and Alnylam Pharmaceuticals have entered into a broad strategic collaboration under which Blackstone will provide up to $2 billion to support Alnylam’s advancement of innovative RNA interference (RNAi) medicines that have the potential to transform the lives of patients suffering from a range of debilitating diseases.

The deal is anchored by Blackstone’s purchase of 50 percent of the royalties owed to Alnylam on global sales of inclisiran, an investigational RNAi therapeutic for the treatment of hypercholesterolemia, currently under review by the U.S. Food and Drug Administration.

Inclisiran is a twice-a-year, subcutaneously injected RNAi therapeutic that has been shown in a comprehensive Phase 3 program to reduce low-density lipoprotein (LDL) or “bad” cholesterol with an acceptable safety profile.

If approved, this medicine is expected to help patients lower LDL cholesterol, a major risk factor for cardiovascular disease, the leading cause of mortality in the U.S. and globally.

The strategic financing collaboration, led by Blackstone Life Sciences and GSO Capital Partners, Blackstone’s credit platform, is expected to enable Alnylam’s achievement of a self-sustainable financial profile without need for future equity financing, accelerating the commercial potential of Alnylam’s rapidly advancing product portfolio.

The investment by multiple Blackstone businesses will support the development and delivery of promising medicines to the patients who need them and is one of the largest ever private financings of a biotech company.

The transaction includes the inclisiran royalty monetization, corporate debt, purchase of Alnylam equity, and funding for certain R&D activities related to the clinical advancement of two Alnylam investigational RNAi therapeutic programs in cardiovascular disease.

Specifically, the transaction is comprised of the following components:

$1 billion in committed payments, led by Blackstone Life Sciences, to acquire 50 percent of Alnylam’s royalties and commercial milestones for inclisiran;

Up to $750 million in a first lien senior secured term loan led by GSO;

Up to $150 million from Blackstone Life Sciences for development of Alnylam’s cardiometabolic programs vutrisiran and ALN-AGT (to be established based upon a non-binding letter of intent);

$100 million purchase of Alnylam common stock.

Servier has entered into an agreement for the acquisition of Agios Pharmaceuticals' oncology business including its commercial, clinical and research-stage oncology portfolio for up to $2 billion, including an upfront payment of $1.8 Billion and a potential $200 million in regulatory milestone, plus royalties.

The transaction has been approved by both companies' respective boards of directors.

Pfizer and BioNTech announced the execution of an agreement with the U.S. Department of Health and Human Services and the Department of Defense to meet the U.S. government’s Operation Warp Speed program goal to begin delivering 300 million doses of a vaccine for COVID-19 in 2021.

Under the agreement, the U.S. government will receive 100 million doses of BNT162, the COVID-19 vaccine candidate jointly developed by Pfizer and BioNTech, after Pfizer successfully manufactures and obtains approval or emergency use authorization from U.S. Food and Drug Administration.

The U.S. government will pay the companies $1.95 billion upon the receipt of the first 100 million doses, following FDA authorization or approval.

The U.S. government also can acquire up to an additional 500 million doses.

Pfizer and BioNTech announced a second agreement with the U.S. government to supply an additional 100 million doses of the companies’ COVID-19 Vaccine from production facilities in the U.S.

This agreement brings the total number of doses to be delivered to the U.S. to 200 million.

The companies expect to deliver the full 200 million doses to Operation Warp Speed (OWS) by July 31, 2021.

Consistent with the original agreement announced in July 2020, the U.S. government will pay $1.95 billion for the additional 100 million doses.

September 2023

I-Mab received a notice on September 21, 2023, from AbbVie Global Enterprises terminating the license and collaboration agreement between the parties dated September 3, 2020, and subsequently amended on August 15, 2022, relating to certain CD47 antibody compounds and products.

The termination of the Collaboration Agreement in its entirety by AbbVie is based on the previous program discontinuation and AbbVie’s strategic decision.

The termination will take effect on November 20, 2023.

As a result, the Company will regain the full global rights to develop and commercialize certain CD47 compounds and products under the Collaboration Agreement, including lemzoparlimab.

The termination will not affect the upfront and milestone payments of $200 million that the Company has received from AbbVie.

September 2020

AbbVie and I-Mab have signed a broad, global collaboration agreement for the development and commercialization of lemzoparlimab (also known as TJC4), an innovative anti-CD47 monoclonal antibody internally discovered and developed by I-Mab for the treatment of multiple cancers.

In addition, the two partners have the potential to expand the collaboration to additional transformative therapies.

The collaboration established today provides AbbVie with an exclusive global license, excluding greater China, to develop and commercialize lemzoparlimab. Both companies will collaborate to design and conduct further global clinical trials to evaluate lemzoparlimab in multiple cancers.

I-Mab retains all rights to develop and to commercialize lemzoparlimab in mainland China, Macau and Hong Kong.

The collaboration also allows for potential collaboration on future CD47-related therapeutic agents.

Each party will have the opportunity subject to further licenses to explore each other's related programs in their respective territories.

The companies will share manufacturing responsibilities with AbbVie being the primary manufacturer for global supply.

The collaboration will accelerate I-Mab's establishment of commercial production operations in China.

AbbVie will pay I-Mab $180 million in an upfront payment to exclusively license lemzoparlimab, along with $20 million in a milestone payment based on the Phase 1 results, for a total of $200 million.

I-Mab will be eligible to receive up to $1.74 billion in success-based milestone payments for lemzoparlimab, of which $840 million are based on clinical development and regulatory approval milestones, with the remainder based on commercial milestones.

Upon commercialization of lemzoparlimab, AbbVie will also pay tiered royalties from low-to-mid teen percentages on global net sales outside of greater China.

January 2024

Gilead Sciences and Arcus Biosciences announced an amendment to their collaboration agreement and a separate equity investment by Gilead of $320 million in Arcus common stock at $21.00 per share.

The equity investment and collaboration amendment enable accelerated growth of the companies’ joint development programs that span multiple indications.

Additionally, Johanna Mercier, Chief Commercial Officer at Gilead Sciences, will join the Arcus Board, bringing Gilead’s total director designees to three.

The amendment also includes governance enhancements enabling streamlined decision-making and reflecting the continued growth of the collaboration.

May 2023

Gilead Sciences and Arcus Biosciences have expanded the previously announced research collaboration focused on oncology to include therapies for the treatment of inflammatory diseases.

The expanded collaboration builds upon Gilead’s growing presence in inflammatory disease and serves as a step towards broadening Arcus’ capabilities and portfolio beyond oncology and into inflammation.

Arcus will receive an upfront payment of $35 million and will initiate research programs against up to four targets jointly selected by the parties that are applicable to inflammatory diseases.

Gilead may exercise an option to license each program at two separate, prespecified time points.

If Gilead exercises its option at the earlier time point for the first two target programs, Arcus would be eligible to receive up to $420 million in option and milestone payments and tiered royalties for each optioned program.

For any other option exercise by Gilead for the four target programs, the parties would have rights to co-develop and share global development costs and to co-commercialize and share profits in the United States for optioned programs.

November 2021

Gilead Sciences and Arcus Biosciences announced that Gilead has exercised its options to three programs in Arcus’s clinical-stage portfolio, including both anti-TIGIT molecules, domvanalimab and AB308, as well as etrumadenant and quemliclustat.

Arcus will receive option payments totaling $725 million.

The parties will co-develop and share the global costs related to these programs.

If the optioned molecules achieve regulatory approval, Gilead and Arcus will co-commercialize and equally share profits in the U.S.

Gilead will hold exclusive rights outside the U.S., subject to any rights of Arcus’s existing collaboration partners, and Gilead will pay to Arcus tiered royalties.

With Gilead’s early option exercises for all three programs, Gilead and Arcus amended the 2020 Agreement, including as follows:

Arcus may be required to operationalize at least 50% of the clinical studies, with costs to be shared by Gilead and Arcus.

The royalties payable by Gilead to Arcus on sales for these three programs outside of the U.S. were slightly reduced.

The reduced royalties range from the mid-teens to the low twenties.

Arcus will lead the discovery and early development of drug candidates against two novel research targets jointly selected by the parties.

Upon closing of the transaction for all three programs, the $100 million option continuation payment due in 2022 will not be made by Gilead.

May 2020

Gilead Sciences and Arcus Biosciences have entered into a 10-year partnership to co-develop and co-commercialize current and future therapeutic product candidates in Arcus’s pipeline.

The agreement will also provide ongoing funding to support Arcus’s research and development programs.

Arcus will receive $375 million upon closing, consisting of a $175 million upfront payment and a $200 million equity investment from Gilead.

Arcus is eligible to receive up to $1.225 billion in opt-in and milestone payments with respect to its current clinical product candidates.

Gilead will gain access to Arcus’s current and future investigational immuno-oncology products through the agreement, as Gilead continues to expand its presence in the field.

This includes immediate rights to zimberelimab, as well as the right to opt-in to all other current Arcus clinical candidates, which include AB154, AB928 and AB680, upon payment of an opt-in fee that ranges from $200 million to $275 million per program, after delivery of a qualifying data package.

If Gilead opts-in to the AB154 program, Arcus is eligible to receive up to $500 million in potential future U.S. regulatory approval milestones.

Gilead will receive the right to opt-in to all other programs that emerge from Arcus’s research portfolio over the next 10 years, upon payment of an opt-in fee of $150 million per program after Arcus’s delivery of a qualifying data package.

Upon Gilead’s exercise of its option for a program, unless Arcus opts out according to terms of the agreement, the companies will co-develop and share global development costs and will co-commercialize and share profits in the United States.

Gilead will obtain exclusive rights to commercialize any optioned programs outside of the U.S., subject to any rights of Arcus’s existing partners, and for which Gilead will pay to Arcus tiered royalties ranging from high-teens to low twenties.

Gilead will further provide ongoing research and development support of up to $400 million over the collaboration term.

Gilead will have the right to appoint two individuals to Arcus’s Board of Directors upon closing of the transaction.

Gilead’s $200 million equity investment will be at a price per share of $33.54. Additionally, Gilead will have the right to purchase additional shares from Arcus, up to a maximum of 35% of the outstanding voting stock of Arcus over the course of the next five years, at a 20% premium at the time Gilead exercises such option, or, if greater, at the initial purchase price per share.

Dyno Therapeutics announced a collaboration and license agreement with Roche to apply Dyno’s CapsidMap platform for the development of next-generation adeno-associated virus (AAV) vectors for gene therapies for central nervous system (CNS) diseases and liver-directed therapies for the portfolio of both Roche and Spark Therapeutics, a member of the Roche Group.

Dyno will be responsible for the design of novel AAV capsids with improved functional properties for gene therapy, while Roche and Spark Therapeutics will be responsible for conducting preclinical, clinical and commercialization activities for gene therapy product candidates using the novel capsids.

Dyno will receive an undisclosed upfront payment and if successful, is eligible to receive additional payments during the research phase of the collaboration as well as clinical and sales milestone payments and royalties for any resulting products.

The aggregate potential value of future milestone payments to Dyno may exceed $1.8 billion.

March 2023

Pionyr and Gilead Sciences have mutually agreed to change their 2020 exclusive option agreements.

Gilead has waived its exclusive option to acquire Pionyr and certain other rights under the 2020 agreements.

Gilead will retain its 49% equity stake in Pionyr as well as its right, under certain conditions, to review new data as it emerges.

Pionyr is now free to pursue fundraising and partnering opportunities as part of its ongoing strategy.

June 2020

Gilead Sciences announced that for $275 million the company will acquire a 49.9 percent equity interest in Pionyr Immunotherapeutics, and an exclusive option to purchase the remainder of Pionyr.

Pionyr’s shareholders may receive up to an additional $1.47 billion in option exercise fees and future milestone payments.

Pionyr’s shareholders will receive $275 million upon closing.

Gilead will receive 49.9 percent of the common stock of Pionyr and an exclusive option to purchase the remaining equity.

Gilead may exercise its exclusive option upon completion of Phase 1b studies for PY314 and PY159, or at an earlier time if Gilead chooses to do so, for a $315 million option exercise fee and up to $1.15 billion in potential future milestone payments.

Gilead will provide Pionyr with additional funding for the PY314 and PY159 clinical programs, as well as ongoing research and development programs.

Gilead will have the right to nominate one individual to Pionyr’s Board of Directors upon closing of the transaction.

Gilead and the other stockholders of Pionyr will jointly select and nominate one independent individual to Pionyr’s Board of Directors.

July 2022

Bicycle Therapeutics announced that Genentech has exercised its second option to initiate a new program, expanding the exclusive strategic collaboration agreement with Bicycle to discover, develop and commercialize novel Bicycle-based immuno-oncology therapies.

October 2021

Bicycle Therapeutics announced that Genentech has exercised an option to initiate a new program, expanding the exclusive strategic collaboration agreement with Bicycle to discover, develop and commercialize novel Bicycle®-based immuno-oncology therapies.

February 2020

Bicycle Therapeutics has entered into a strategic collaboration agreement with Genentech to discover, develop and commercialize novel Bicycle-based immuno-oncology therapies.

By entering into this early discovery collaboration with Genentech, Bicycle will be exploring its technology on a wider range of immuno-oncology targets, combining the expertise of both companies.

Bicycle brings its proprietary discovery platform, which allows rapid screening of novel targets to identify Bicycles and the ability to readily conjugate these together to create novel molecules that may overcome the potential limitations of other modalities.

Genentech brings to the collaboration its knowledge of immuno-oncology drug discovery and emerging target biology, as well as its development and commercialization expertise.

Genentech and Bicycle will collaborate on the discovery and pre-clinical development of novel Bicycle-based immunotherapies against multiple targets.

Bicycle will be responsible for discovery research and early pre-clinical development up to candidate selection, and Genentech will be responsible for further development and commercialization upon the selection of candidates.

None of Bicycle’s wholly owned oncology pipeline, including its immuno-oncology candidates, are included in the collaboration.

Bicycle will receive a $30 million upfront payment.

The upfront payment and potential discovery, development, regulatory and commercial-based milestone payments could total up to $1.7 billion.

Bicycle will also be eligible to receive tiered royalties on Bicycle-based medicines commercialized by Genentech.

Blueprint Medicines has entered into a global collaboration with Roche and Genentech to develop and commercialize pralsetinib, an investigational once-daily oral precision therapy for the treatment of people with cancer driven by oncogenic RET alterations, including non-small cell lung cancer (NSCLC), medullary thyroid cancer (MTC), other thyroid cancers and other solid tumors.

Blueprint Medicines and Genentech will co-commercialize pralsetinib in the U.S. and Roche will obtain exclusive commercialization rights for pralsetinib outside of the U.S., excluding Greater China.

The companies also plan to expand development of pralsetinib in multiple treatment settings and explore development of a next-generation RET inhibitor as part of this collaboration.

The collaboration combines Blueprint Medicines' pralsetinib and precision therapy expertise with Roche's global reach, integrated personalized healthcare capabilities and portfolio of cancer therapies.

Marketing applications for pralsetinib are submitted or planned for RET fusion-positive NSCLC, RET mutation-positive MTC and RET fusion-positive thyroid cancer in the U.S., Europe and other geographies.

Blueprint Medicines will grant Roche an exclusive worldwide license excluding Greater China and the U.S., and a co-exclusive license in the U.S. to develop and commercialize pralsetinib.

In addition, Roche will have the right to opt in to a next-generation RET compound co-developed under the collaboration.

Blueprint Medicines will receive $775 million in upfront payments, including a cash payment of $675 million and an equity investment by Roche of $100 million in Blueprint Medicines' common stock at a purchase price of $96.57 per share.

Blueprint Medicines will be eligible to receive up to an additional $927 million in contingent payments, including specified development, regulatory and sales-based milestones for pralsetinib and any licensed product containing a next-generation RET compound.

In the U.S., Blueprint Medicines and Genentech will work together to co-commercialize pralsetinib, with the companies equally sharing responsibilities, profits and losses.

In addition, Blueprint Medicines is eligible to receive tiered royalties ranging from high-teens to mid-twenties on annual net sales of pralsetinib outside the U.S.

Blueprint Medicines and Roche have agreed to co-develop pralsetinib globally in RET-altered solid tumors, including NSCLC, MTC and other thyroid cancers, as well as other solid tumors.

The companies will share global development expenses based on pre-specified cost-sharing.

March 2024

First clinical candidate in its TCB agreement with Astellas has entered into GLP toxicology studies which triggers a $5 million payment to CytomX

The clinical candidate is the first PROBODY® TCB molecule under this alliance to progress into a GLP toxicology study

CytomX and Astellas are also collaborating on additional conditionally activated TCB programs with CytomX eligible to receive future preclinical, clinical and commercial milestones

CytomX retains a cost share and co-commercialization option on a select number of targets.

January 2023

CytomX Therapeutics achieved a clinical candidate milestone under its TCB agreement with Astellas Pharma US.

The clinical candidate is the first Probody TCB molecule to progress in the collaboration and will trigger a $5 million dollar milestone payment to CytomX.

CytomX and Astellas are also collaborating on additional conditionally activated TCB programs with CytomX eligible to receive future preclinical, clinical and commercial milestones.

CytomX retains a cost share and co-commercialization option on a select number of targets.

March 2020

CytomX Therapeutics and Astellas Pharma have entered into a strategic collaboration agreement focused on the discovery, research, development and commercialization of novel T-cell engaging bispecific antibodies targeting CD3 and tumor cell surface antigens for the treatment of cancer.

The parties will utilize CytomX’s Probody therapeutic technology platform, as well as its proprietary bispecific formats and CD3 modules.

CytomX and Astellas will collaborate on several initial programs.

CytomX will lead research and discovery activities, up to clinical candidate selection, that will be funded by Astellas.

Astellas will lead and fund preclinical and clinical development and commercialization activities.

Astellas will make an upfront cash payment of $80 million to CytomX with CytomX eligible to receive future preclinical, clinical and commercial milestones of over $1.6 billion.

CytomX is also eligible to receive tiered royalties on global net sales that range from high-single digits to mid-teens.

For a specified number of targets, prior to the initiation of the first pivotal clinical trial for a product directed toward such target, CytomX may exercise an option to co-fund a pre-determined portion of clinical development costs.

For these products, CytomX is eligible to receive a pre-specified portion of profits in the United States and tiered low-double digit to mid-teen percentage royalties on net sales outside of the United States.

CytomX may later elect to co-commercialize the products directed toward such targets in the United States.

Vertex Pharmaceuticals and Affinia Therapeutics have entered into a strategic research collaboration to engineer novel adeno-associated virus (AAV) capsids to deliver transformative genetic therapies to people with serious diseases.

Affinia Therapeutics’ proprietary AAVSmartLibrary and associated technology provides capsids for improved tissue tropism, manufacturability and pre-existing immunity.

The collaboration will leverage Affinia Therapeutics’ capsid engineering expertise and Vertex’s scientific, clinical and regulatory capabilities to accelerate the development of genetic therapies for people affected by Duchenne muscular dystrophy (DMD), myotonic dystrophy type 1 (DM1) and cystic fibrosis (CF).

Affinia Therapeutics will apply its vector design and engineering technologies to develop novel capsids with improved properties.

The agreement provides Vertex an exclusive license under Affinia Therapeutics’ proprietary technology and intellectual property (IP) in DMD and DM1 with an exclusive option to license rights for CF and an additional undisclosed disease.

The scope of the agreement covers all genetic therapy modalities in these diseases.

Affinia Therapeutics will be eligible to receive over $1.6 billion in upfront and development, regulatory and commercial milestones, including $80 million in upfront payments and research milestones that will be paid during the research term, plus tiered royalties on future net global sales on any products that result from the collaboration.

Affinia Therapeutics will be responsible for the discovery of capsids that meet certain pre-determined criteria.

Vertex will be responsible for and will fund the design and manufacturing of genetic therapies incorporating the selected capsids, preclinical and clinical development efforts, and commercialization of any approved products in the licensed diseases.

Novavax has been selected to participate in Operation Warp Speed, a U.S. government program that aims to begin delivering millions of doses of a safe, effective vaccine for COVID-19 in 2021.

Novavax has been awarded $1.6 billion by the federal government to complete late-stage clinical development, including a pivotal Phase 3 clinical trial; establish large-scale manufacturing; and deliver 100 million doses of NVX‑CoV2373, Novavax’ COVID-19 vaccine candidate, as early as late 2020. NVX‑CoV2373 consists of a stable, prefusion protein made using its proprietary nanoparticle technology and includes Novavax’ proprietary Matrix‑M adjuvant.

Novavax will demonstrate it can rapidly stand up large-scale manufacturing and transition into ongoing production, including the capability to stockpile and distribute large quantities of NVX-CoV2373 when needed.

The agreement will fund the late-stage clinical studies necessary to determine the safety and efficacy of NVX-CoV2373, including a pivotal Phase 3 clinical trial with up to 30,000 subjects beginning in the fall of 2020.

Gilead Sciences announced that it will invest $300 million to acquire a 49.9 percent equity interest in Tizona Therapeutics.

Gilead will also receive an exclusive option to acquire the remainder of Tizona for up to an additional $1.25 billion, including an option exercise fee and potential future milestone payments.

Gilead can exercise its option to acquire the remainder of Tizona following the readout of a Phase 1b study of Tizona’s investigational antibody, TTX-080, or earlier if Gilead decides to do so.

TTX-080, discovered by Tizona, is a potential first-in-class medicine that targets HLA-G, a novel and emerging immune checkpoint expressed across multiple tumor types.

The expression pattern of HLA-G often appears distinct from that of PD-(L)1, suggesting potential utility to address tumors that do not respond to current anti-PD-(L)1 treatments and to deepen responses in tumors that are sensitive to anti-PD-(L)1 therapies.

Tizona equity holders will receive $300 million upon closing.

Gilead will obtain a 49.9 percent equity stake and an exclusive option to purchase the remaining equity exercisable following the completion of Phase 1b studies for TTX-080, or earlier if Gilead chooses.

Tizona equity holders will be eligible to receive up to $1.25 billion in an option exercise fee and potential future milestone payments.

Gilead will also provide funding to support Tizona’s ongoing research and development to advance its novel pipeline.

Gilead will have the right to appoint two individuals to Tizona’s Board of Directors upon closing of the transaction.

Amunix Pharmaceuticals has provided a technology license to F. Hoffmann-La Roche and Hoffmann-La Roche to utilize Amunix’s technology platform, XTEN, to discover and develop non-oncology therapeutics against certain undisclosed targets.

This agreement builds on Amunix’s previous technology assessment with Roche focused on using XTEN, a proprietary unstructured polypeptide, to extend drug half-life.

Amunix will receive a $40 million upfront payment from Roche.

Amunix may also receive up to $1.5 billion in payments from Roche associated with the achievement of certain developmental and sales milestones, plus royalties on sales of commercialized products.

Gilead Sciences and Second Genome have entered into a four-year strategic collaboration to identify biomarkers associated with clinical response in up to five of Gilead’s pipeline compounds in inflammation, fibrosis and other diseases, and to identify potential new targets and drug candidates for the treatment of inflammatory bowel disease (IBD).

Second Genome will utilize its proprietary Microbiome Analytics Platform to identify novel biomarkers associated with clinical response to Gilead’s investigational medicines.

This work will harness the latest insights in microbiome science to help inform patient stratification and optimize potential treatments for patients in the future.

The platform, in combination with additional discovery and development tools, will also seek to identify new targets and drug candidates relevant to IBD.

This will include the identification of up to five novel IBD targets or drug candidates over the next four years, with an option to extend the collaboration for an additional two years.

Second Genome will receive $38 million in an upfront payment, and up to approximately $300 million in success-based preclinical, clinical, regulatory and commercial milestones for each of five target discovery programs as well as low double-digit royalties for any approved products.

In addition, it will receive success-based milestones for each validated biomarker delivered under the agreement.

Gilead will have the option to worldwide rights for up to five programs for all diseases as well as exclusive rights to all biomarkers developed under the collaboration.

Moderna announced that the US government has secured 100 million doses of mRNA-1273 as part of the US government’s goal of securing early access to safe and effective COVID-19 vaccines for the American people.

The award of up to $1.525 billion is for the manufacturing and delivery of 100 million doses of mRNA-1273 including incentive payments for timely delivery of the product.

With the previous award of up to $955 million from BARDA for the development of mRNA-1273 to licensure, today’s announcement brings the U.S. government commitments for early access to mRNA-1273 to up to $2.48 billion.

Under the terms of the agreement, the U.S. government, as a part of Operation Warp Speed, will also have the option to purchase up to an additional 400 million doses of mRNA-1273 from Moderna.

The U.S. government has announced that consistent with its commitment to free access to COVID-19 vaccines, Americans will receive mRNA-1273 at no cost for the vaccine itself.

October 2020

Aro Biotherapeutics announced today that Ionis Pharmaceuticals has exercised an option to acquire a license to an undisclosed antisense oligonucleotide (ASO)-Centyrin drug conjugate.

January 2020

Aro Biotherapeutics has entered a licensing and collaboration agreement with Ionis Pharmaceuticals through which Ionis will use Aro’s CENTYRIN technology to develop targeted cell- and tissue- specific delivery of antisense oligonucleotides (ASOs).

Under the terms of the agreement, the companies will collaborate to create unique ASO-Centyrin conjugates that are designed to achieve tissue specific, therapeutically effective gene knockdown in extra-hepatic tissues with systemic administration.

Under the terms of the agreement, the two companies have agreed to jointly work towards advancing a defined number of ASO-Centyrin drug conjugates.

Aro will be responsible for Centyrin discovery and will collaborate with Ionis to create lead ASO-Centyrin drug conjugates for further development.

Ionis will be responsible for development and will have global commercialization rights for each ASO-Centyrin drug conjugate.

The parties will also collaborate on additional discovery programs.

Aro will receive an upfront cash payment, funding to support R&D efforts, and payments associated with the achievement of specific development and commercial milestones, up to $1.4B.

In addition, Aro will receive royalties on net sales.

Eli Lilly and Precision BioSciences announced a research collaboration and exclusive license agreement to utilize Precision's proprietary ARCUS genome editing platform for the research and development of potential in vivo therapies for genetic disorders, with an initial focus on Duchenne muscular dystrophy (DMD) and two other undisclosed gene targets.

Genome editing technologies enable precise editing of the DNA of a living organism, opening up the possibility of correcting genetic problems at their source.

ARCUS is a unique, proprietary, and versatile genome editing platform with attributes including specificity, ability to make a variety of efficient edits (knock-in, knock-out, and repair), and small size, thereby enabling a range of therapeutic editing.

The platform is derived from a natural genome-editing enzyme called I-CreI, a homing endonuclease that can be optimized to control for potency and specificity.

Precision will receive an upfront cash payment of $100 million, as well as an equity investment by Lilly of $35 million in Precision's common stock.

Precision is also eligible to receive up to $420 million in potential development and commercialization milestones per product, as well as tiered royalties ranging from the mid-single digits to low-teens on product sales should Lilly successfully commercialize a therapy from the collaboration.

Precision will lead pre-clinical research and IND-enabling activities, with Lilly then assuming responsibility for clinical development and commercialization.

Lilly will have the right to select up to three additional gene targets for this collaboration.

Precision can co-fund clinical development of one product in exchange for an increased royalty rate on co-funded product sales.

December 2021

Mesoblast was notified by Novartis that it has chosen to terminate the agreement with Mesoblast prior to closing.

Mesoblast remains highly focused on executing on our short term objective to bring remestemcel-L to market for patients with acute respiratory distress syndrome due to COVID19.

November 2020

Mesoblast has entered into an exclusive worldwide license and collaboration agreement with Novartis for the development, manufacture and commercialization of Mesoblast’s mesenchymal stromal cell (MSC) product remestemcel-L, with aninitial focus on the development of the treatment of acute respiratory distress syndrome (ARDS), including that associated with COVID-19.

Novartis will make a US$50 million upfront payment including US$25 million in equity.

From the initiation of a Phase 3 trial in all-cause ARDS, Novartis will fully fund global clinical development for all-cause ARDS and potentially other respiratory indications.

Mesoblast may receive a total of US$505 million pending achievement of precommercialization milestones for ARDS indications.

Mesoblast may receive additional payments post-commercialization of up to US$750 million based on achieving certain sales milestones and tiered double-digit royalties on product sales.

Mesoblast will retain full rights and economics for remestemcel-L for graft versus host disease (GVHD), and Novartis has an option to, if exercised, become the commercial distributor outside of Japan.

For most non-respiratory indications, the parties may co-fund development andcommercialization on a 50:50 profit-share basis.

Mesoblast will be responsible for clinical and commercial manufacturing and Novartis will purchase commercial product under agreed pricing terms. Novartis will reimburse Mesoblast up to US$50 million on the achievement of certain milestones related to the successful implementation of its next-generation manufacturing processes using its proprietary media and three-dimensional bioreactors aimed at delivering substantial manufacturing efficiencies.

Novartis will be responsible for any capital expenditure required to meet increased capacity requirements for manufacture of remestemcel-L.

November 2020

Novartis entered into an exclusive worldwide license and collaboration agreement with Mesoblast to develop, commercialize and manufacture remestemcel-L for the treatment of acute respiratory distress syndrome (ARDS), including that associated with COVID-19.

ARDS is an area of significant unmet need, with an approximate 40% mortality rate with current standard of care, which includes prolonged ICU treatment and mechanical ventilation.

As the potential first ARDS therapy, remestemcel-L will use mesenchymal stromal cells (MSCs), a cell-based platform technology, to treat this deadly condition and improve outcomes.

Remestemcel-L is currently being studied in COVID-19-related ARDS in an ongoing 300-patient Phase III study.

Novartis intends to initiate a Phase III study in non-COVID-19-related ARDS after the anticipated closing of the license agreement and successful completion and outcome of the current study.

Novartis will acquire the exclusive worldwide rights to develop, commercialize and manufacture remestemcel-L for ARDS, and will obtain access to an innovative cell-therapy platform with a range of potential applications in severe respiratory conditions and beyond.

Novartis will make a $25 million upfront payment and invest $25 million in Mesoblast equity with additional payments and royalties due on achievement of agreed development, regulatory and commercial milestones.

Novartis will provide certain support to enable commercial manufacturing scale-up.

Novartis has the option, if exercised, to distribute remestemcel-L for graft versus host disease (GVHD) (outside Japan).

Both parties have rights to co-fund development and commercialization for other non-respiratory indications.

CStone Pharmaceuticals announced an agreement to out-license ex-Greater China rights for two key late-stage immuno-oncology assets, sugemalimab (anti-PD-L1) and CS1003 (anti-PD-1), to EQRx, a biopharmaceutical company with an innovative business model that will allow these drugs to be competitively positioned in global markets against established treatments for the target indications.

CStone will receive an upfront payment of US$150 million and up to US$1.15 billion in milestone payments for both drugs as well as separate tiered royalties.

EQRx will obtain exclusive rights to lead global development and commercialization worldwide, excluding Mainland China, Taiwan, Hong Kong and Macau.

CStone retains rights to CS1003 in Greater China, where it can continue to pursue development as a monotherapy or as part of its combination strategy for this drug.

Apellis Pharmaceuticals and Swedish Orphan Biovitrum announced a strategic collaboration to accelerate the advancement of systemic pegcetacoplan, a targeted C3 therapy, for the treatment of multiple rare diseases with high unmet need that impact more than 275,000 patients globally.

Sobi will receive global co-development and exclusive ex-US commercialization rights for systemic pegcetacoplan.

Apellis retains U.S. commercialization rights for systemic pegcetacoplan and worldwide commercial rights for ophthalmological pegcetacoplan, which is being evaluated by Apellis in two fully enrolled Phase 3 studies in geographic atrophy (GA).

Pegcetacoplan targets excessive activation of C3 in the complement cascade, part of the body’s immune system, which can lead to the onset and progression of many serious diseases.

Apellis and Sobi plan to jointly advance the clinical development of systemic pegcetacoplan in five parallel registrational programs across hematology, nephrology, and neurology.

These include new registrational programs in cold agglutinin disease (CAD) and hematopoietic stem cell transplantation-associated thrombotic microangiopathy (HSCT-TMA), both of which are expected to start in 2021.

By controlling complement activation centrally, pegcetacoplan offers the potential to become a transformative new therapy in several rare diseases where patients have few or no treatment options today.

Apellis and Sobi will co-develop systemic pegcetacoplan in the following rare diseases:

Hematology – Paroxysmal nocturnal hemoglobinuria (PNH), CAD, and HSCT-TMA

Nephrology – Immune complex membranoproliferative glomerulonephritis (IC-MPGN) and C3 glomerulopathy (C3G)

Neurology – Amyotrophic lateral sclerosis (ALS)

Sobi will make an upfront payment of $250 million to Apellis and up to $915 million in other regulatory and commercial milestone payments, and will contribute $80 million in reimbursement payments over a four-year period for research and development to support the initial development plan, which includes ongoing studies in PNH, IC-MPGN/C3G, and ALS and new studies in CAD and HSCT-TMA.

Apellis will also be eligible for tiered double-digit royalties on sales ranging from high teens to high twenties.

Sobi intends to finance these payments with available funds.

Sobi will receive reimbursement payments for the costs incurred by Sobi in connection with the CAD and HSCT-TMA trials that Sobi will conduct.

The parties have agreed to split costs 50/50 for any future global studies beyond the initial development plan.

Apellis will be responsible for all regulatory and commercial activities in the United States and the ongoing Marketing Authorization Application review for PNH in the European Union, which will be subsequently transferred to Sobi.

Sobi will be responsible for regulatory and commercial activities for systemic pegcetacoplan in ex-US markets.

The co-development of systemic pegcetacoplan will be overseen by a joint development committee, and the commercial strategy will be overseen by a joint commercial committee.

Evox Therapeutics announced a research collaboration and license agreement with Eli Lilly to leverage Evox's proprietary DeliverEX platform to develop and deliver RNA interference (RNAi) & antisense oligonucleotide (ASO) drug payloads for the potential treatment of neurological disorders.

During this research collaboration and five-target license agreement, Evox will be responsible for exosome engineering in order to achieve brain/CNS-targeting, drug loading and analytics and some in vitro assay development, as well as material supply for initial in vivo studies.

Any resulting candidate handover and technology transfer to Lilly will occur after pre-clinical proof of concept studies have been completed.

Evox will receive a $20 million cash up-front payment, research funding over three years, as well as a $10 million investment from Lilly in exchange for a convertible bond from the Company.

Evox will also be eligible for potential pre-clinical and clinical development, regulatory and commercial milestones of up to approximately $1.2 billion, as well as tiered royalties up to low double digits on net sales of products arising from the collaboration.

Accent Therapeutics and AstraZeneca will collaborate to discover, develop and commercialize transformative therapeutics targeting RNA-modifying proteins (RMPs) for the treatment of cancer.

The collaboration combines Accent’s expertise as a leader in the biology, target identification and drug discovery of RMP-targeting therapies with AstraZeneca’s industry leading expertise in oncology.