Key Deal Terms Summary

1. Agreement Overview

• BioNTech and Bristol Myers Squibb (BMS) have entered a global co-development and co-commercialization agreement for BNT327, a bispecific antibody targeting PD-L1 and VEGF-A.
• The agreement covers joint development of BNT327 across numerous solid tumor indications, including monotherapy and combination therapies.
• Both companies retain the right to independently develop BNT327 in additional indications or combinations with their respective pipeline assets.
• The collaboration includes a 50/50 split of global development and manufacturing costs and profit/loss sharing.

2. Financial Terms

• Upfront Payment: USD 1.5 billion (to be recorded in Q2)
• Non-contingent Anniversary Payments: USD 2 billion (payable through 2028)
• Milestone Payments: Up to USD 7.6 billion in development, regulatory, and commercial milestones
• Cost Sharing: Joint development and manufacturing costs shared 50:50
• Profit/Loss Sharing: Equal global split (50/50)

3. Development & Commercialization Plans

• BNT327 is in advanced clinical development, with 1,000+ patients treated and 20+ ongoing/planned trials across 10+ tumor types.

• Global Phase 3 trials are currently underway in:

• First-line extensive-stage small cell lung cancer (ES-SCLC)

• First-line non-small cell lung cancer (NSCLC)
• Planned global Phase 3 trial in triple-negative breast cancer (TNBC) expected to begin by end of 2025
• Future trials will also evaluate combinations with BioNTech’s antibody-drug conjugates (ADCs) and other modalities.

4. Strategic Impact

• Positions BNT327 as a potential next-generation immuno-oncology backbone by combining checkpoint inhibition (PD-L1) with anti-angiogenesis (VEGF-A).
• Enhances therapeutic precision by localizing anti-VEGF activity within the tumor microenvironment, potentially improving treatment response and minimizing systemic toxicity.
• Strengthens both companies' solid tumor portfolios and provides global scalability through combined resources and R\&D infrastructure.

Overall Summary

BioNTech and Bristol Myers Squibb have announced a landmark global 50/50 partnership to co-develop and co-commercialize BNT327, a bispecific antibody targeting PD-L1 and VEGF-A, across a broad spectrum of solid tumors. The agreement includes an upfront USD 1.5 billion, USD 2 billion in non-contingent payments, and up to USD 7.6 billion in milestones. With multiple Phase 3 trials underway or planned, BNT327 may establish a new immuno-oncology standard and serve as a backbone therapy in cancer care.

Pfizer Enters into Exclusive Licensing Agreement with 3SBio

NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) today announced it has entered into an exclusive global, ex-China, licensing agreement with 3SBio, Inc. (01530.HK), a leading Chinese biopharmaceutical company, for the development, manufacturing and commercialization of SSGJ-707, a bispecific antibody targeting PD-1 and VEGF, currently undergoing several clinical trials in China for non-small cell lung cancer, metastatic colorectal cancer, and gynecological tumors. SSGJ-707 has shown initial efficacy and safety data in a promising class of cancer medicines. 3SBio plans to initiate the first Phase 3 study in China in 2025.

Under the terms of the agreement, 3SBio and its subsidiaries Shenyang Sunshine Pharmaceutical Co., Ltd. and 3S Guojian Pharmaceutical (Shanghai) Co., Ltd. will grant Pfizer an exclusive global license to develop, manufacture and commercialize SSGJ-707 worldwide, excluding China. The agreement also provides Pfizer the option of commercialization rights in China. 3SBio will receive an upfront payment of $1.25 billion and is eligible to receive milestone payments associated with certain development, regulatory and commercial milestones up to $4.8 billion as well as tiered double-digit royalties on sales of SSGJ-707, if approved.

The transaction is expected to close in the third quarter subject to fulfillment of customary closing conditions, including receipt of required regulatory approvals and 3SBio shareholder approval. Upon close, Pfizer will make a $100 million equity investment in 3SBio subject to an agreed upon securities subscription agreement between the parties. Pfizer plans to manufacture drug substance for SSGJ-707 in Sanford, North Carolina, and drug product in McPherson, Kansas.

About Pfizer Oncology

At Pfizer Oncology, we are at the forefront of a new era in cancer care. Our industry-leading portfolio and extensive pipeline includes three core mechanisms of action to attack cancer from multiple angles, including small molecules, antibody-drug conjugates (ADCs), and bispecific antibodies, including other immune-oncology biologics. We are focused on delivering transformative therapies in some of the world’s most common cancers, including breast cancer, genitourinary cancer, hematology-oncology, and thoracic cancers, which includes lung cancer. Driven by science, we are committed to accelerating breakthroughs to help people with cancer live better and longer lives.

About Pfizer: Breakthroughs That Change Patients’ Lives

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For 175 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on X at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.

Key Deal Terms Summary

1. Agreement Overview

• AstraZeneca has entered a strategic research collaboration with CSPC Pharmaceuticals Group Limited, based in Shijiazhuang City, China.
• The collaboration focuses on AI-enabled discovery and development of pre-clinical oral small molecule candidates across chronic indications, including immunological diseases.
• Research activities will be conducted by CSPC using its AI-driven dual-engine drug discovery platform, designed to analyze binding patterns, optimize compounds, and select candidates with strong developability profiles.
• AstraZeneca has rights to exercise options for exclusive worldwide licenses to develop and commercialize candidates identified under the agreement.

2. Financial Terms

• Upfront Payment to CSPC: USD 110 million
• Development Milestone Payments: Up to USD 1.62 billion
• Sales Milestone Payments: Up to USD 3.6 billion
• Royalties: Potential single-digit percentage royalties on annual net sales

3. Development & Commercialization Plans

• Targets include pre-clinical small molecule oral therapies for immunological and other chronic diseases.
• CSPC will conduct research activities using its proprietary AI platform; AstraZeneca will have the option to license and globally commercialize any successful candidates.
• The program expands AstraZeneca’s efforts in early-stage AI-based drug discovery and strengthens its R\&D investment footprint in China.

4. Strategic Impact

• Enhances AstraZeneca’s pipeline of novel oral therapies for chronic indications affecting over 2 billion people globally.
• Leverages CSPC’s AI capabilities to improve the speed and precision of candidate selection.
• Builds on AstraZeneca’s USD 2.5 billion investment in Beijing and deepens its partnership network in China.
• Aligns with AstraZeneca’s strategy to use external innovation and partnerships to fuel next-generation medicine development.

Overall Summary

AstraZeneca has signed a high-value research collaboration with CSPC Pharmaceuticals to co-develop AI-discovered oral therapies for chronic diseases, including immunological conditions. CSPC will receive USD 110 million upfront, with a potential total value exceeding USD 5.3 billion through development and sales milestones, plus royalties. The deal reinforces AstraZeneca’s R\&D presence in China and supports its global strategy to accelerate innovation through advanced AI technologies and strategic partnerships.

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Key Deal Terms Summary

Agreement Overview

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

Financial Terms

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

Development & Collaboration Scope

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

Strategic Impact

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

• Strengthens financial position via upfront payments and strategic equity investment

• For AstraZeneca:

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Scope

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

4. Strategic Impact

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

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

• For AstraZeneca:

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Type of Agreement: Manufacturing and Supply Agreement
• Parties: FUJIFILM Diosynth Biotechnologies and Regeneron Pharmaceuticals, Inc.
• Purpose: To provide U.S.-based manufacturing for Regeneron’s biologic medicines over a 10-year period through FUJIFILM Diosynth’s Holly Springs, North Carolina facility.

2. Financial Terms

• Total Value: Over $3 billion
• Duration: 10 years

3. Development & Commercialization Plans

• Manufacturing Scope:
• Production of biologic medicines at the Holly Springs facility beginning operations in 2025.
• Utilization of FUJIFILM Diosynth’s kojoX™ interconnected manufacturing network for standardized processes and supply chain security.
• Capacity Expansion:
• Holly Springs site is part of broader $7 billion expansion projects across the U.S. and Europe.
• Planned to create 1,400 new jobs in North Carolina by 2031, with 500 positions already added.

4. Strategic Impact

• Enhances Regeneron’s supply chain security and production capacity for its innovative biologic therapies.
• Strengthens FUJIFILM Diosynth’s presence in the U.S. market as a leading biologics CDMO.
• Supports accelerated and scalable supply of critical biologics to meet global patient demand.

Overall Summary

This manufacturing and supply agreement between FUJIFILM Diosynth Biotechnologies and Regeneron Pharmaceuticals is a 10-year, manufacturing-focused deal valued at over $3 billion. It secures U.S.-based manufacturing capacity for Regeneron’s biologic medicines at FUJIFILM Diosynth’s Holly Springs facility, beginning in 2025.

Parties Involved

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

Collaboration Scope

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

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

• Rights & Responsibilities:

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

Licensing Agreement & Financial Terms

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Parties: Novo Nordisk A/S and Septerna, Inc.
• Type: Exclusive global collaboration and license agreement
• Focus: Discovery, development, and commercialization of oral small molecule therapies targeting G protein-coupled receptors (GPCRs) for obesity, type 2 diabetes, and other cardiometabolic diseases.
• Scope: Four initial development programs targeting GLP-1, GIP, and glucagon receptors.

2. Financial Terms

• Total Deal Value: Up to USD 2.2 billion

• Upfront and near-term milestone payments: >USD 200 million

• Research, development, and commercial milestone payments: Up to USD 2 billion
• Royalties: Septerna is eligible for tiered royalties on global net sales of any resulting commercial products.
• Profit Share Option: Septerna may opt for a worldwide profit share on one program instead of receiving future milestones and royalties.
• R\&D Funding: Novo Nordisk will fully fund all research and development activities for the partnered programs.

3. Development & Commercial Responsibilities

• Joint Research Phase: Both companies will collaborate from discovery to development candidate selection.
• IND-Enabling Phase Onward: Novo Nordisk assumes sole responsibility for global development and commercialization.

4. Strategic Impact

• For Novo Nordisk:

• Strengthens pipeline of oral therapies in metabolic disease.

• Adds modalities beyond peptides, enhancing dosing flexibility and scalability.

• Expands focus on GPCR targets—a historically successful drug class with significant untapped potential.

• For Septerna:

• Gains significant non-dilutive funding and access to global development capabilities.

• Leverages Novo Nordisk's commercial and scientific infrastructure.
• Retains operational independence and resources to pursue other internal GPCR programs.

5. Platform and Technology Overview

• Septerna's Native Complex Platform™:

• Replicates the native structure and dynamics of GPCRs outside of cells using reconstituted complexes.

• Enables screening of billions of compounds to discover agonists, antagonists, and allosteric modulators.
• Designed to unlock undrugged GPCR targets—currently \~75% of the GPCRome.

6. Closing Conditions

• Subject to customary regulatory approvals, including the Hart-Scott-Rodino Antitrust Improvements Act.
• Expected Closing: Q2 2025

Overall Summary

Septerna and Novo Nordisk have entered a high-value collaboration to co-develop oral small molecule therapies targeting GPCRs involved in obesity and type 2 diabetes. The deal is worth up to USD 2.2 billion, including more than USD 200 million upfront and near-term, plus tiered royalties or profit-sharing. Septerna’s Native Complex Platform™ will be used to identify and optimize oral molecules targeting GLP-1, GIP, and glucagon receptors. Novo Nordisk will assume full responsibility for development and commercialization following candidate selection. This partnership enhances Novo Nordisk’s cardiometabolic pipeline while providing Septerna with resources and operational flexibility to advance its broader GPCR-focused portfolio.

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

Key Deal Terms Summary

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

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercial Responsibilities

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

4. Strategic Impact

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Parties: Orionis Biosciences and Genentech (a member of the Roche Group)
• Type: Multi-year research and development collaboration
• Focus: Discovery and development of small-molecule monovalent molecular glues targeting oncology indications
• Platform: Orionis’s Allo-Glue™ platform, integrating AI, chemical biology, and automation for glue-based proximity-induced drug design

2. Financial Terms

• Upfront Payment: USD 105 million
• Milestones: Potential research, development, commercial, and net sales milestone payments exceeding USD 2 billion
• Royalties: Orionis is eligible for tiered royalties on net sales of collaboration products

3. Development & Commercialization Plans

• Orionis will:

• Lead discovery and optimization of monovalent molecular glue compounds

• Genentech will:

• Take over late preclinical, clinical development, regulatory filing, and global commercialization

• The collaboration aims to access previously undruggable targets in oncology through rationally designed glue-based modalities

4. Strategic Impact

• Marks the second strategic partnership between Orionis and Genentech (following a 2023 agreement)
• Expands Genentech’s efforts in induced proximity mechanisms, complementing its existing protein degrader initiatives
• Reinforces Orionis’s position as a leader in next-generation drug design using AI, custom assay systems, and robotic screening
• Aligns with Genentech’s innovation agenda to develop transformative cancer medicines

Overall Summary

Orionis Biosciences has entered into a major collaboration with Genentech, receiving USD 105 million upfront with over USD 2 billion in potential milestones and tiered royalties. The deal leverages Orionis’s proprietary Allo-Glue™ platform to design novel small-molecule glues targeting difficult oncology pathways. While Orionis leads discovery and optimization, Genentech will drive development and commercialization. This marks the companies’ second collaboration, strengthening both parties’ efforts to unlock previously undruggable targets and bring innovative molecular glue medicines to cancer patients.

Regeneron Expands Clinical-Stage Obesity Portfolio with Strategic In-Licensing of Novel Dual GLP-1/GIP Receptor Agonist

Key Deal Terms Summary

1. Agreement Overview

• Regeneron has entered into a strategic in-licensing agreement with Hansoh Pharmaceuticals.
• The agreement grants Regeneron exclusive clinical development and commercialization rights outside of Mainland China, Hong Kong, and Macau for HS-20094, a dual GLP-1/GIP receptor agonist.
• HS-20094 is currently in Phase 3 development for obesity and Phase 2b for diabetes in China, with over 1,000 patients studied to date.
• Administered as a weekly subcutaneous injection with a safety and efficacy profile potentially similar to the only FDA-approved GLP-1/GIP receptor agonist.

2. Financial Terms

• Upfront Payment: USD 80 million
• Milestone Payments: Up to USD 1.93 billion for development, regulatory, and sales milestones.
• Royalties: Tiered royalties on global net sales (excluding licensed territories) in the low double digits.

3. Development & Commercialization Plans

• Regeneron will explore combination therapies involving HS-20094 and its proprietary pipeline assets, such as:

• Trevogrumab (anti-GDF8) to preserve muscle mass.

• Garetosmab (anti-activin A) to mitigate comorbidities.
• The COURAGE Phase 2 study is already evaluating trevogrumab plus semaglutide ± garetosmab.
• Future development aims to improve sustainability of weight loss, muscle preservation, and treatment of obesity-associated conditions like cardiovascular disease, diabetes, and liver disease.

4. Strategic Impact

• Strengthens Regeneron’s presence in the global obesity and metabolic disease market.
• Provides a late-stage complementary asset to existing GLP-1-based research efforts.
• Accelerates Regeneron’s long-term vision of holistic, sustainable weight-loss solutions through multi-agent precision therapy.
• Builds on Regeneron’s differentiated approach of preserving lean mass during weight loss to improve health outcomes.
• Enhances Regeneron’s capacity to enter combinatorial and personalized medicine pathways for obesity.

Overall Summary

Regeneron has secured global rights (excluding China, Hong Kong, and Macau) to HS-20094, a dual GLP-1/GIP receptor agonist currently in Phase 3, through an in-licensing deal with Hansoh Pharmaceuticals. The agreement includes an USD 80 million upfront payment, up to USD 1.93 billion in milestones, and low double-digit royalties. This move reinforces Regeneron’s commitment to differentiated, long-term obesity treatment strategies focused on muscle preservation and comorbidity management.

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development and Clinical Status

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

• Outcomes:

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

• Ongoing Trials:

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

4. Strategic Impact

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

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

• For TUL / United Biotechnology:

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

5. Closing Conditions

• Subject to:
• Regulatory clearance
• Customary closing conditions

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Acquirer: GSK plc
• Target Asset: Efimosfermin alfa, a Phase III-ready fibroblast growth factor 21 (FGF21) analog for treating steatotic liver disease (SLD)
• Seller: Boston Pharmaceuticals
• Structure: Acquisition of BP Asset IX, Inc., a subsidiary of Boston Pharmaceuticals that owns the asset

• Clinical Target Indications:

• Metabolic dysfunction-associated steatohepatitis (MASH)

• Alcohol-related liver disease (ALD)
• Broader steatotic liver disease (SLD) population

2. Financial Terms

• Upfront Payment: USD 1.2 billion
• Success-Based Milestone Payments: Up to USD 800 million
• Total Potential Consideration: Up to USD 2.0 billion

• Royalty Obligations:

• Tiered royalties payable to Novartis Pharma AG on future net sales of efimosfermin

• Accounting: GSK will treat the acquisition as a business combination
• Regulatory Approvals: Subject to Hart-Scott-Rodino Act clearance

3. Development & Commercialization Plans

• Clinical Stage: Phase III-ready

• Data Highlights:

• Phase II trial showed rapid and significant reversal of liver fibrosis

• Promising safety and tolerability
• Demonstrated benefits independent of GLP-1 therapy
• Potential for monthly dosing and low immunogenicity
• First Launch Anticipated: 2029
• Strategic Fit: Adds to GSK’s hepatology pipeline alongside siRNA therapeutic GSK‘990

• Development Options:

• Monotherapy and combination therapies with other GSK assets

4. Strategic Impact

• Addresses major unmet need in SLD, which affects \~5% of global population
• Efimosfermin’s antifibrotic action and metabolic benefits align with GSK’s immunology and fibrosis R\&D focus
• Potential to prevent progression to cirrhosis, liver cancer, and transplant, potentially saving USD 40–100 billion in U.S. healthcare costs over 20 years

Overall Summary

GSK has signed a USD 2 billion acquisition deal for efimosfermin alfa, a potential best-in-class FGF21 analog from Boston Pharmaceuticals. The deal includes USD 1.2 billion upfront and up to USD 800 million in milestones, plus royalties to Novartis. Efimosfermin’s monthly dosing, fibrosis-reversing efficacy, and tolerability make it a strong candidate to become a new standard-of-care for SLD, with GSK targeting first launch in 2029. The transaction reinforces GSK’s commitment to hepatology and precision immunology, and provides multiple paths for monotherapy and combination development.

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

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

• For Hengrui Pharma:

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

Overall Summary

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

Key Deal Terms Summary

Agreement Overview

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

Financial Terms

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

Development & Commercialization Plans

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

Strategic Impact

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

Overall Summary

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

Key Deal Terms Summary

1. Type of Agreement

• Exclusive worldwide license agreement for two bispecific antibody programs.

2. Agreement Overview

• Earendil Labs has granted Sanofi exclusive global rights to HXN-1002 and HXN-1003, two potential first-in-class bispecific antibodies targeting autoimmune and inflammatory bowel diseases.
• The license includes rights to research, develop, manufacture, and commercialize both candidates.

3. Financial Terms

• Upfront payment: $125 million.
• Milestone payments: Up to $1.72 billion in development and commercial milestones, including a $50 million near-term milestone.
• Royalties: Tiered royalties ranging from high-single to low-double digits on product sales.

4. Development & Commercialization Plans

• Sanofi will lead all future development, regulatory filings, and global commercialization of HXN-1002 and HXN-1003.
• Focus will be on treatment of moderate to severe ulcerative colitis (UC) and Crohn’s disease (CD) for HXN-1002, and broader autoimmune indications for HXN-1003.

5. Strategic Impact

• Strengthens Sanofi’s immunology pipeline with next-generation bispecific antibody therapeutics.
• Validates Earendil Labs’ AI-driven biologics discovery platform and its strategy to deliver first-in-class or best-in-class candidates.

Overall Summary

This is an exclusive license agreement between Earendil Labs and Sanofi covering two next-generation bispecific antibody candidates, currently at the preclinical stage, for autoimmune and inflammatory bowel diseases. Earendil Labs will receive an upfront payment of $125 million, with potential additional payments totaling up to $1.72 billion plus royalties. Sanofi will assume all responsibilities for further development, regulatory approval, and commercialization globally outside Greater China.

Key Deal Terms Summary

1. Agreement Overview

• Gilead and LEO Pharma have entered a strategic global partnership to advance LEO Pharma’s oral STAT6 small molecule programs, including targeted protein degraders, for inflammatory diseases.
• Gilead gains exclusive global rights to develop, manufacture, and commercialize the oral STAT6 program.
• LEO Pharma retains global rights to topical STAT6 formulations for dermatology indications and may co-commercialize oral STAT6 for dermatology indications outside the U.S.

2. Financial Terms

• LEO Pharma is eligible to receive up to USD 1.7 billion in total consideration:

• USD 250 million upfront payment

• Additional development, regulatory, and commercial milestone payments

• Royalties:

• LEO Pharma will receive tiered royalties on oral STAT6 product sales (high single-digit to mid-teens percentages).

• Gilead will receive tiered royalties on topical STAT6 product sales (high single-digit to mid-teens percentages).
• The transaction is expected to reduce Gilead’s 2025 GAAP and non-GAAP EPS by approximately USD 0.15–0.17.

3. Development & Commercialization Plans

• Gilead will lead development of oral small molecule STAT6 inhibitors and degraders, expanding its inflammation portfolio.
• LEO Pharma will lead development of topical STAT6 formulations in dermatology.
• LEO Pharma retains an option to co-commercialize oral STAT6 products for dermatology outside the United States.

4. Strategic Impact

• The collaboration strengthens Gilead’s pipeline in Th2-mediated inflammatory conditions, including atopic dermatitis, asthma, and COPD.
• LEO Pharma secures a major R\&D partner and funding, enhancing the potential to bring topical and oral STAT6 therapies to market.
• The partnership reflects a growing industry trend toward precision oral therapies that can serve as alternatives to biologics.

Overall Summary

Gilead and LEO Pharma have formed a global partnership to develop and commercialize oral and topical STAT6-targeted therapies for inflammatory diseases. Gilead secures exclusive global rights to oral STAT6 programs, while LEO retains rights to topical formulations and may co-commercialize oral therapies in dermatology markets outside the U.S. LEO receives USD 250 million upfront and is eligible for up to USD 1.7 billion in total payments plus tiered royalties. The deal strengthens both companies' presence in next-generation inflammation therapeutics, combining Gilead’s immunology strategy with LEO’s dermatology leadership.

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Astellas Enters Exclusive License Agreement with Evopoint Biosciences for XNW27011, a Novel Clinical-stage Antibody-Drug Conjugate Targeting CLDN18.2

Key Deal Terms Summary

1. Agreement Overview

• Astellas secures exclusive worldwide rights (excluding mainland China, Hong Kong, Macao, and Taiwan) to develop and commercialize XNW27011.
• XNW27011 is a novel clinical-stage antibody-drug conjugate (ADC) targeting CLDN18.2.
• Currently in Phase 1/2 clinical studies in China for solid tumors including gastric, gastroesophageal, and pancreatic cancers.

2. Financial Terms

• Upfront Payment: USD 130 million.
• Near-Term Payments: Up to USD 70 million.
• Milestone Payments: Up to USD 1.34 billion (development, regulatory, commercialization milestones).
• Royalties: Tiered royalties on net sales (specific percentages not disclosed).

3. Development & Commercialization Plans

• Astellas to leverage its CLDN18.2 expertise, building upon its existing program (including VYLOYTM).
• XNW27011 utilizes proprietary topoisomerase I inhibitor payload and linker technology.
• Supports Astellas’ expanding oncology pipeline with differentiated ADC approaches for GI cancers.

4. Strategic Impact

• Strengthens Astellas’ leadership in precision oncology and gastrointestinal cancer therapeutics.
• Evopoint gains substantial non-dilutive funding to support additional pipeline development.
• Potential to address unmet needs in gastric, gastroesophageal, and pancreatic cancer.

Overall Summary

Astellas and Evopoint Biosciences have entered an exclusive licensing agreement for the global development (ex-China) of XNW27011, a novel CLDN18.2-targeting ADC in Phase 1/2 clinical trials. The deal includes USD 130 million upfront, up to USD 70 million in near-term payments, up to USD 1.34 billion in milestones, and royalties on future sales. The partnership expands Astellas’ precision oncology pipeline while providing Evopoint with significant non-dilutive capital to advance its broader portfolio.

Key Deal Terms Summary

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

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Responsibilities

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

4. Strategic Impact

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

Overall Summary

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

Samsung Biologics Secures $1.4B European Manufacturing Contract

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

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

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

Key Deal Terms Summary

1. Agreement Overview

• Philochem AG, a wholly-owned subsidiary of the Philogen Group, has entered into a definitive license agreement with RayzeBio, a subsidiary of Bristol-Myers Squibb (BMS).
• The agreement grants exclusive worldwide rights to develop, manufacture, and commercialize OncoACP3, a radiopharmaceutical therapeutic and diagnostic agent targeting prostate cancer.
• OncoACP3 is currently in a company-sponsored Phase I diagnostic trial and is advancing toward IND submission for therapeutic development with actinium-225.

2. Financial Terms

• Upfront Payment:

• USD 350 million paid by RayzeBio to Philochem upon deal closing.

• Milestone Payments:

• Up to USD 1.0 billion in development, regulatory, and commercial milestones.

• Royalties:

• Mid-single to low double-digit percentage royalties on Global Net Sales of both therapeutic and diagnostic versions of OncoACP3.

3. Development & Commercialization Plans

• Target: OncoACP3 targets Acid Phosphatase 3 (ACP3), a novel biomarker in prostate cancer.

• Theranostic Utility:

• Used both as a diagnostic agent (current Phase I study NCT06840535 shows promising tumor-selective uptake).

• Undergoing IND-enabling studies for use as a therapeutic radioligand (225Ac-OncoACP3).
• Philochem brings proprietary ligand discovery expertise, while RayzeBio/BMS will lead downstream clinical development and global commercialization.

4. Strategic Impact

• Philochem:

• Secures a landmark deal worth up to USD 1.35 billion, validating its ligand discovery platform and expanding its footprint in radiopharmaceuticals.

• Gains a global commercialization partner with deep infrastructure in oncology and radiotherapy via RayzeBio and BMS.

• RayzeBio/BMS:

• Enters the prostate cancer radiopharmaceutical market with a differentiated, best-in-class candidate.

• Advances its strategy of leading in actinium-based RPTs (radiopharmaceutical therapies).
• Strengthens its oncology pipeline and builds on its clinical and commercial experience in radiotherapeutics.

5. Closing Conditions

• The transaction is expected to close in Q3 2025, subject to:

• Regulatory approvals

• Customary closing conditions

Overall Summary

Philochem has signed a strategic global licensing deal with RayzeBio, a Bristol-Myers Squibb company, for OncoACP3, a novel diagnostic and radiotherapeutic agent for prostate cancer. The agreement includes a USD 350 million upfront payment, up to USD 1.0 billion in milestones, and mid-single to low double-digit royalties. This collaboration brings together Philochem’s ligand-targeting innovation and RayzeBio’s radiopharma leadership, setting the stage for potential breakthrough treatments in prostate cancer using targeted radiopharmaceuticals. Closing is expected in Q3 2025.

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Parties: Rznomics Inc. and Eli Lilly and Company
• Deal Type: Global research collaboration and licensing agreement
• Focus: Development of RNA-editing therapeutics using Rznomics’ trans-splicing ribozyme platform
• Therapeutic Area: Sensorineural hearing loss (inherited form)

• Responsibilities:

• Rznomics: Early-stage research under jointly approved plans

• Lilly: Assumes responsibility for development, regulatory approval, and commercialization

2. Financial Terms

• Total Deal Value: Over USD 1.3 billion (if all milestones and options are exercised)
• Upfront Payment: Not disclosed
• Milestone Payments: Included in the USD 1.3 billion+ figure
• Royalties: Separate royalties on global product sales (exact rates not disclosed)

3. Development & Commercialization Plans

• Platform: Rznomics’ trans-splicing ribozyme RNA-editing technology
• Scope: Precision RNA therapeutics targeting inherited hearing loss
• Pipeline Expansion: Potential for broader applicability across multiple therapeutic areas

4. Strategic Impact

• For Rznomics:

• Validates the potential of its RNA-editing platform for commercial applications

• Expands its global footprint through a major pharmaceutical partnership

• For Lilly:

• Advances its RNA therapeutics strategy

• Gains access to a novel modality to address high unmet needs in hearing loss

Overall Summary

Rznomics has entered into a global research and licensing agreement with Eli Lilly focused on developing RNA-editing therapeutics for inherited sensorineural hearing loss using Rznomics’ proprietary trans-splicing ribozyme platform. The collaboration could yield over USD 1.3 billion in total deal value, in addition to royalties on sales, with Lilly taking on downstream development and commercialization. The deal strengthens both companies’ strategic positions in RNA therapeutics and precision genetic medicine.

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

ArriVent BioPharma & Lepu Biopharma Exclusive License Agreement for MRG007

Parties Involved

• ArriVent BioPharma
• Lepu Biopharma

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Biogen and City Therapeutics Announce Strategic Research Collaboration to Develop Select Novel RNAi-based Therapies

Key Deal Terms Summary

1. Agreement Overview

• Biogen and City Therapeutics enter a strategic research collaboration to develop novel RNAi therapies.
• Collaboration focuses initially on a single CNS target, with potential to expand to a second target.
• Biogen will handle IND-enabling studies, global clinical development, regulatory submissions, and commercialization.

2. Financial Terms

• Upfront Payment: USD \$16 million.
• Equity Investment: USD \$30 million via convertible note (minority equity interest if converted).
• Total Initial Payments: USD \$46 million.
• Milestone Payments: Up to approximately \$1 billion in development and commercial milestones.
• Royalties: Tiered royalties in the high single-digit to low double-digit range on net sales.
• Biogen retains option rights to add one additional target upon additional payment.

3. Development & Commercialization Plans

• City Therapeutics will apply its next-gen RNAi engineering platform to develop RNAi trigger molecules.
• Biogen will combine these with its proprietary tissue-enhanced delivery technologies for systemic administration.
• Biogen to lead all downstream development and commercialization efforts.

4. Strategic Impact

• Expands Biogen’s R\&D toolbox by adding RNAi to its modalities.
• Positions City Therapeutics to advance its RNAi platform through partnership with Biogen’s global capabilities.
• Provides significant non-dilutive funding and growth potential for City Therapeutics.

Overall Summary

Biogen and City Therapeutics have entered a collaboration to co-develop novel RNAi-based therapies for CNS diseases. The agreement provides City Therapeutics with USD \$46 million in upfront and equity payments, up to \$1 billion in potential milestones, and royalties on future sales. Biogen will lead clinical development and commercialization while City Therapeutics contributes its next-generation RNAi technology.

Key Deal Terms Summary

Agreement Overview

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

Financial Terms

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

Development & Commercialization Plans

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

Strategic Impact

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

• Enhances its reputation through alignment with a global oncology leader

• For Roche:

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Creyon Bio and Eli Lilly and Company (Lilly) have entered into a global research collaboration and licensing agreement.
• The partnership focuses on the discovery, development, and commercialization of novel RNA-targeted oligonucleotide (oligo) therapies for multiple disease targets.
• Creyon will apply its AI-Powered Oligo Engineering Engine to design and optimize drug candidates for Lilly’s designated targets.

2. Financial Terms

• Upfront Payment:

• USD 13 million, consisting of both cash and equity investment in Creyon

• Milestone Payments:

• Creyon is eligible for over USD 1 billion in development and commercial milestone payments

• Licensing Structure:

• Lilly receives an exclusive license to lead candidates for each selected target

• Commercial Responsibility:

• Upon milestone achievement and opt-in, Lilly will assume full responsibility for further development, regulatory submission, and global commercialization

3. Development & Commercialization Plans

• Creyon will leverage quantum chemistry principles and AI design tools to rapidly generate optimized oligo candidates.
• Lilly will have the option to progress successful candidates through preclinical and clinical development stages.
• The therapies are intended for both rare and common diseases, using tissue-specific delivery technologies.

4. Strategic Impact

• Accelerates Lilly’s efforts in RNA-targeted drug development by integrating Creyon’s proprietary AI platform.
• Advances Creyon’s mission to replace trial-and-error-based oligo development with a rational engineering-based approach.
• Strengthens Lilly’s pipeline with access to novel, next-generation oligonucleotide therapeutics across multiple indications.

Overall Summary

Creyon Bio has entered a global licensing and research collaboration with Eli Lilly to develop AI-designed RNA-targeted oligo therapies. Creyon will receive USD 13 million upfront (cash and equity) and is eligible for over USD 1 billion in milestone payments tied to development and commercialization. Lilly gains exclusive rights to lead programs for designated targets and will oversee clinical and commercial execution. The alliance combines Creyon’s proprietary AI-based oligo engineering platform with Lilly’s global development expertise to accelerate the creation of innovative therapies for rare and common diseases.

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

5. Scientific Highlights

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Camurus and Eli Lilly have entered a collaboration and license agreement.
• Lilly receives exclusive, worldwide rights to research, develop, manufacture, and commercialize long-acting incretin therapies for cardiometabolic diseases using Camurus’ FluidCrystal® technology.
• The deal covers up to four Lilly proprietary drug compounds, with an option to include amylin receptor agonists.
• Target indications include obesity, diabetes, and other serious chronic diseases.

2. Financial Terms

• Upfront, development, and regulatory milestones: Up to USD 290 million
• Sales-based milestone payments: Up to USD 580 million
• Total potential deal value: Up to USD 870 million
• Royalties: Tiered mid-single-digit royalties on global net sales

3. Development & Commercialization Plans

• Lilly will lead all aspects of development and global commercialization of the selected compounds formulated with FluidCrystal®.
• Camurus retains commercial focus on its CNS and rare disease pipeline.

4. Strategic Impact

• Expands Lilly’s portfolio of long-acting incretin-based therapies for metabolic health.
• Leverages Camurus' proprietary FluidCrystal® delivery system to enhance formulation profiles.
• Provides Camurus with significant non-dilutive capital to reinvest in its core R\&D programs while expanding its platform’s global reach.
• Strengthens the partnership between a leading global metabolic disease company (Lilly) and a delivery technology innovator (Camurus).

Overall Summary

Camurus has partnered with Eli Lilly to develop long-acting incretin-based therapies for cardiometabolic diseases using its FluidCrystal® technology. The deal includes up to four proprietary Lilly compounds and offers Camurus up to USD 870 million in milestones, plus tiered mid-single-digit royalties. Lilly will lead development and commercialization, aiming to deliver enhanced treatment options in metabolic health.

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

**Key Deal Terms

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Deep Apple Therapeutics and Novo Nordisk have entered a research collaboration and exclusive worldwide license agreement.
• The partnership focuses on discovering and developing first-in-class oral small molecule therapeutics targeting a novel non-incretin GPCR for cardiometabolic diseases, including obesity.
• Deep Apple will lead compound discovery and optimization using its AI-powered platform and cryo-EM-enabled structure-based drug design.
• Novo Nordisk will receive exclusive global rights to further develop, manufacture, and commercialize all resulting compounds.

2. Financial Terms

• Deep Apple will receive:

• An upfront payment (undisclosed amount)

• Research cost reimbursement
• Development, regulatory, and commercial milestone payments
• Total potential deal value: up to USD 812 million
• Deep Apple is also eligible to receive tiered royalties on net product sales resulting from the collaboration.

3. Development & Commercialization Plans

• Deep Apple’s role:

• Apply its Orchard.ai™ platform combining deep learning, cryo-EM, and multi-billion compound docking for novel lead identification.

• Execute research until IND-enabling stage handoff to Novo Nordisk.

• Novo Nordisk’s role:

• Lead IND-enabling studies, clinical development, regulatory submission, and global commercialization.

• Focus on a non-incretin GPCR target suited to Deep Apple’s strength in conformational analysis of GPCRs.

4. Strategic Impact

• Deep Apple gains:

• Validation of its machine-learning-driven discovery engine

• Significant financial backing for its AI-first drug discovery platform

• Novo Nordisk enhances:

• Its oral therapeutics pipeline in cardiometabolic diseases

• Ability to diversify beyond incretin-based therapies with access to a novel target
• The collaboration reflects both companies’ shared aim to advance differentiated oral therapies that address individualized patient needs in obesity and related disorders.

Overall Summary

Deep Apple Therapeutics and Novo Nordisk have formed a global licensing and research collaboration to develop oral small molecule therapies targeting a novel non-incretin GPCR for cardiometabolic diseases. Deep Apple will lead discovery efforts using its AI-powered and cryo-EM-enabled platform, while Novo Nordisk will take over development and commercialization. Deep Apple may receive up to USD 812 million in upfront, research, and milestone payments, plus royalties, in a deal that combines technological innovation with a strategic push to diversify the cardiometabolic treatment landscape.

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

1. Scope of Collaboration

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

2. Financial Terms

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

3. Strategic Impact

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

4. Closing Conditions

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Licensing Agreement

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

Regulatory & Clinical Development

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

Overall Summary

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

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

Chugai will pay an upfront fee

Fund all research activities

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

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

Royalties on net sales of products

Key Deal Terms Summary

Agreement Overview

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

Financial Terms

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

Development & Commercialization Plans

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

Strategic Impact

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

• Reinforces Servier’s precision medicine strategy in solid tumors

• For Black Diamond Therapeutics:

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

Overall Summary

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

GRIN Therapeutics and Angelini Pharma Enter Exclusive Collaboration to Develop and Commercialize Radiprodil Outside North America

Key Deal Terms Summary

1. Agreement Overview

• GRIN Therapeutics and Angelini Pharma enter into exclusive collaboration for radiprodil commercialization outside North America.
• GRIN retains exclusive rights in the United States, Canada, and Mexico.
• Collaboration combines Angelini’s global commercial reach with GRIN’s precision therapeutics expertise for neurodevelopmental disorders.

2. Financial Terms

• Upfront Payment: USD 50 million.
• Equity Investment: USD 65 million strategic equity investment by Angelini Pharma.
• Series D Financing: USD 75 million investment from Blackstone Life Sciences.
• Total Series D Financing: USD 140 million.
• Milestone Payments: Up to USD 520 million in development, regulatory, and sales milestones.
• Royalties: Tiered royalties (undisclosed rates) on global sales.
• GRIN to share certain clinical development costs with Angelini.

3. Development & Commercialization Plans

• GRIN will lead global development, including planned pivotal Phase 3 trial starting in 3Q 2025.
• Angelini to commercialize radiprodil outside North America.
• Ongoing Phase 1b/2a (Astroscape trial) evaluates radiprodil in tuberous sclerosis complex (TSC) and focal cortical dysplasia (FCD) type II.
• Radiprodil has received multiple regulatory designations including FDA Breakthrough Therapy, Orphan Drug, Rare Pediatric Disease, and EMA PRIME designation.

4. Strategic Impact

• Secures significant non-dilutive funding for GRIN to advance pivotal development.
• Expands Angelini Pharma’s portfolio in brain health and rare pediatric neurological diseases.
• Validates GRIN’s targeted NMDA receptor approach with radiprodil for GRIN-NDD and other rare epilepsy syndromes.

Overall Summary

GRIN Therapeutics and Angelini Pharma entered a global collaboration granting Angelini exclusive rights outside North America for radiprodil, a first-in-class NMDA receptor modulator. GRIN receives USD 50 million upfront, a USD 65 million strategic equity investment, USD 75 million from Blackstone Life Sciences, and up to USD 520 million in future milestones, along with tiered royalties. GRIN will lead development and retain North American rights, while Angelini commercializes ex-North America.

Key Deal Terms Summary

1. Agreement Overview

• Type of Agreement: Collaboration and License Agreement
• Parties: Repertoire Immune Medicines and Genentech (a member of the Roche Group)
• Purpose: Joint discovery and development of T cell-targeted immune medicines for the treatment of an autoimmune disease
• Platform Used: Repertoire’s DECODE™ platform to identify novel therapeutic targets by mapping the immune synapse

2. Financial Terms

• Upfront Payment: USD 35 million
• Milestone Payments: Up to USD 730 million in development, regulatory, and commercial milestones
• Royalties: Tiered royalties on potential future product sales

3. Development & Commercialization Plans

• Discovery Phase: Led by Repertoire, which will use DECODE™ to explore a broad antigenic landscape for target discovery
• Preclinical & Clinical Development: Led by Genentech, including responsibility for global commercialization of resulting therapies

Overall Summary

Repertoire Immune Medicines has entered into a collaboration and license agreement with Genentech to develop T cell-targeted therapies for autoimmune disease using its proprietary DECODE™ platform. Under the agreement, Repertoire will conduct target discovery, while Genentech will handle development and commercialization. Repertoire will receive USD 35 million upfront, with the potential for up to USD 730 million in milestones and tiered royalties on future sales.

Key Deal Terms Summary

1. Agreement Overview

• NextCure and Simcere Zaiming have entered a strategic partnership to co-develop SIM0505, a CDH6-targeting antibody-drug conjugate (ADC) for solid tumors.
• NextCure obtains global rights to SIM0505 excluding Greater China, where Simcere Zaiming retains rights.
• The agreement also grants NextCure access to Simcere Zaiming’s proprietary linker and topoisomerase I (TOPOi) payload for a preclinical ADC program; Simcere Zaiming retains Greater China rights to that program.

2. Financial Terms

• Upfront and milestone payments to Simcere Zaiming may total up to USD 745 million, covering:

• Development milestones

• Regulatory milestones
• Sales milestones
• Simcere Zaiming is also eligible to receive tiered royalties up to double digits on net sales outside Greater China.

3. Development & Commercialization Plans

• SIM0505 is currently in Phase 1 dose-escalation trials in China.
• A U.S. Phase 1 clinical trial is expected to begin in Q3 2025.
• Initial clinical data is anticipated in the first half of 2026.
• A global dose expansion study is planned following dose escalation to include multiple tumor types.
• IND application has been cleared by the FDA.
• NextCure will develop an additional preclinical ADC program using Simcere Zaiming’s linker and payload, with Simcere retaining rights for Greater China.

4. Strategic Impact

• Positions NextCure to enter the ADC space with a potentially best-in-class CDH6-targeting ADC.

• Leverages Simcere Zaiming’s proprietary ADC platform, which includes:

• A high-affinity epitope binder to CDH6

• A potent TOPOi payload with high clearance and robust anti-tumor activity
• Enhances Simcere Zaiming’s global exposure through co-development of a novel oncology asset and strategic licensing of its ADC technology.

Overall Summary

NextCure and Simcere Zaiming have formed a global partnership to advance SIM0505, a differentiated ADC targeting CDH6 for the treatment of solid tumors. NextCure gains worldwide rights excluding Greater China and will lead U.S. development efforts starting in Q3 2025. Simcere Zaiming is eligible for up to USD 745 million in milestone payments and double-digit royalties on sales outside China. The collaboration also enables NextCure to utilize Simcere’s proprietary payload and linker technologies for a novel preclinical ADC, reinforcing both companies’ positions in the fast-growing field of targeted cancer therapeutics.

Key Deal Terms Summary

1. Agreement Overview

• Cullinan Therapeutics has entered into a global (ex-Greater China), exclusive license agreement with Genrix Bio for velinotamig, a BCMAxCD3 bispecific T cell engager.
• The license includes all disease indications and supports Cullinan’s pipeline expansion in autoimmune diseases.
• Velinotamig has shown potential best-in-class efficacy at the Phase 2 target dose in nearly 50 relapsed/refractory multiple myeloma patients.
• Cullinan will focus on the development of velinotamig for autoimmune diseases, building on its TCE expertise alongside CLN-978.

2. Financial Terms

• Upfront license fee: USD 20 million paid by Cullinan to Genrix.
• Development & regulatory milestones: Up to USD 292 million.
• Sales-based milestones: Up to USD 400 million.
• Royalties: Tiered, ranging from mid-single digits to mid-teens on net sales ex-Greater China.

3. Development & Commercialization Plans

• Genrix Bio to initiate a Phase 1 study in China by end of 2025 for autoimmune indications.
• Cullinan will leverage Genrix’s Phase 1 data to accelerate global clinical development.
• Post-Phase 1, Cullinan assumes full responsibility for all further development and commercialization globally, excluding Greater China.

4. Strategic Impact

• Adds a BCMA TCE to Cullinan’s autoimmune pipeline alongside CD19 TCE CLN-978, expanding potential therapeutic reach.
• Reinforces Cullinan’s position as a leader in T cell engager development for autoimmune diseases.
• Strengthens Cullinan’s balance sheet and extends cash runway into 2028.
• Offers a complementary, modality-agnostic approach to treating autoimmune conditions by targeting long-lived, self-reactive plasma cells.

Overall Summary

Cullinan Therapeutics has secured global (ex-Greater China) rights to velinotamig, a promising clinical-stage BCMAxCD3 T cell engager, through an exclusive license from Genrix Bio. With an upfront payment of USD 20 million and total potential deal value of up to USD 712 million plus tiered royalties, the agreement significantly bolsters Cullinan’s autoimmune pipeline. Cullinan plans to leverage Phase 1 data from Genrix's upcoming trial in China to expedite its own global development strategy. The deal highlights Cullinan's continued investment in best-in-class TCEs and supports its financial guidance extending through 2028.

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Harbour BioMed has entered into a global strategic collaboration with Otsuka Pharmaceutical to advance HBM7020, a BCMAxCD3 bispecific T-cell engager.
• Otsuka receives an exclusive global license (excluding Greater China) to develop, manufacture, and commercialize HBM7020.
• The collaboration targets autoimmune diseases, expanding Otsuka’s antibody pipeline via its subsidiaries Visterra and Jnana.

2. Financial Terms

• Upfront and near-term payments: USD 47 million
• Development and commercial milestones: Up to USD 623 million
• Royalties: Tiered royalties on future net sales
• Harbour BioMed retains Greater China rights (Mainland China, Hong Kong, Macau, Taiwan).

3. Development & Commercialization Plans

• HBM7020 will be developed for a broad range of autoimmune diseases, particularly those involving B-cell–mediated pathogenesis.
• The antibody was developed using Harbour Mice® and HBICE® platforms, known for rapid bispecific antibody generation with optimized safety and efficacy.
• HBM7020 is designed with dual anti-BCMA binding and monovalent CD3 binding to minimize cytokine release syndrome (CRS) and improve T-cell–mediated cytotoxicity.
• The molecule has IND clearance in China and has begun Phase I trials for cancer, indicating potential for broader immuno-oncology use.

4. Strategic Impact

• Enables Harbour BioMed to monetize non-China rights to a key clinical asset while retaining upside in Greater China.
• Strengthens Otsuka's autoimmune disease pipeline, complementing small and large molecule platforms across its subsidiaries.
• Lays groundwork for future collaborations in T-cell engager therapeutics between the two companies.
• Enhances global visibility and validation of Harbour’s HBICE® bispecific platform.

Overall Summary

Harbour BioMed has signed a global licensing and development deal with Otsuka for its BCMAxCD3 bispecific antibody, HBM7020, with a USD 47 million upfront and near-term payout, and up to USD 623 million in milestones, plus tiered royalties on sales. The agreement supports HBM7020’s advancement in autoimmune indications, with Otsuka gaining rights outside Greater China. The deal strategically pairs Harbour's proprietary bispecific antibody technology with Otsuka’s expanding autoimmune portfolio, accelerating the development of next-generation T-cell engagers for immunological diseases.

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• Type of Agreement: Exclusive U.S. Licensing Agreement
• Parties: Dimerix Limited and Amicus Therapeutics
• Asset Licensed: DMX-200, a Phase 3 small molecule CCR2 inhibitor
• Indication: Focal Segmental Glomerulosclerosis (FSGS) and other potential future indications
• Territory: United States (exclusive to Amicus); Dimerix retains rights elsewhere

2. Financial Terms

• Upfront Payment: USD 30 million
• Development & Regulatory Milestones (Pre-approval for FSGS): Up to USD 75 million

• Commercial Milestones (Post-approval):

• First commercial sale: USD 35 million

• Sales-based milestones: Up to USD 410 million
• Future Indication Milestones: Up to USD 40 million
• Total Potential Deal Value: Up to USD 560 million
• Royalties: Tiered royalties on net U.S. sales ranging from low-teens to low-twenties percentages

3. Development & Commercialization Plans

• Phase: Pivotal Phase 3 (ACTION3 study)
• Primary Endpoint Agreed with FDA: Proteinuria
• Dimerix Responsibilities: Fund and execute Phase 3 ACTION3 trial

• Amicus Responsibilities:

• U.S. regulatory submission and maintenance

• Commercialization of DMX-200 in the U.S.
• Future development for additional indications in the U.S.

4. Strategic Impact

• Amicus Gains:

• Late-stage asset with no approved therapies currently available for the indication in the U.S.

• Strengthens its rare nephrology pipeline

• Dimerix Benefits:

• Non-dilutive capital to fund pivotal trial

• Access to Amicus’ U.S. regulatory and commercial expertise
• Retains global commercialization rights (ex-U.S.)

5. Clinical Stage

• DMX-200 is in a pivotal Phase 3 trial (ACTION3) for FSGS
• Full trial enrollment expected by end of 2025
• FDA Type C meeting in March 2025 confirmed proteinuria as the primary endpoint

Overall Summary

Dimerix has granted Amicus Therapeutics exclusive U.S. rights to commercialize DMX-200, a pivotal Phase 3 therapy for FSGS, with potential expansion to other indications. Dimerix will receive USD 30 million upfront, and up to USD 560 million in milestone payments, plus tiered royalties on U.S. sales. The agreement combines Dimerix’s clinical development progress with Amicus’ commercialization capabilities to advance a potentially first-in-class therapy for a rare kidney disease with high unmet need.

Key Deal Terms Summary

1. Agreement Overview

• Dimerix has entered into an exclusive license agreement with Amicus Therapeutics for the U.S. commercialization of DMX-200 across all indications, including Focal Segmental Glomerulosclerosis (FSGS).
• Dimerix retains all commercial rights outside the United States, except territories already exclusively licensed.
• Amicus obtains full rights for regulatory submission, commercialization, and future indication development of DMX-200 in the U.S.
• A Joint Steering Committee will be formed to align on development and commercialization efforts.

2. Financial Terms

• Upfront Payment:

• USD 30 million (\~AUD 48 million)

• Milestone Payments:

• Up to USD 75 million (\~AUD 119 million) for development and regulatory milestones pre-FDA approval

• USD 35 million (\~AUD 56 million) upon first commercial sale
• Up to USD 410 million (\~AUD 653 million) in commercial sales milestones

• Up to USD 40 million (\~AUD 64 million) for future indication milestones

• Total Potential Milestones: Up to USD 560 million (\~AUD 892 million)

• Royalties:

• Tiered royalties on U.S. net sales ranging from low-teens to low-twenties percent

3. Development & Commercialization Plans

• Dimerix will continue to fund and execute the ACTION3 Phase 3 trial in FSGS.
• Amicus will handle regulatory filings and commercialization in the U.S.
• Amicus holds exclusive U.S. rights to develop DMX-200 in additional future indications beyond FSGS.
• DMX-200 is currently in Phase 3 clinical trials and received alignment with FDA on proteinuria as the primary endpoint for approval.

4. Strategic Impact

• Strengthens Amicus’ rare disease portfolio with a late-stage asset targeting a rare, fatal kidney disease with no FDA-approved therapies.
• Enables Dimerix to retain ex-U.S. rights while monetizing U.S. commercial potential.
• Positions DMX-200 as a potential first-in-class treatment for FSGS in the U.S., addressing an urgent unmet need in \~40,000 patients.

Overall Summary

Dimerix has granted Amicus Therapeutics exclusive U.S. rights to DMX-200, a Phase 3 asset for FSGS, in a deal valued at up to USD 560 million in milestones plus tiered royalties. The agreement includes a USD 30 million upfront payment, and Amicus will manage regulatory submissions and commercialization in the U.S., while Dimerix completes the ongoing ACTION3 Phase 3 study. The collaboration aligns both companies to accelerate access to a potentially first-in-class treatment for patients with rare and life-threatening kidney disease.

Certainly, Darren. Here's the revised summary with all financials presented in EUR followed by USD in brackets, using the April 25, 2025 exchange rate of 1 EUR = 1.1405 USD, in your preferred Key Deal Terms Summary format:

Key Deal Terms Summary

1. Agreement Overview

• Prilenia and Ferrer have entered into an exclusive collaboration and license agreement for pridopidine, a selective sigma-1 receptor (S1R) agonist.
• Ferrer obtains exclusive commercialization rights in Europe and select international markets.
• Prilenia retains full development and commercialization rights in North America, Japan, and Asia Pacific.
• The collaboration includes co-development of pridopidine in Huntington’s disease (HD), amyotrophic lateral sclerosis (ALS), and potential future indications.

2. Financial Terms

• Upfront Payment:

• EUR 80 million (USD 91.24 million)

• Near-Term Milestone Payments (development, regulatory, commercial):

• Up to EUR 45 million (USD 51.32 million)

• Total Potential Deal Value:

• Up to EUR 500 million (USD 570.25 million)

• Royalties:

• Tiered double-digit royalties on net sales in the licensed territories

3. Development & Commercialization Plans

• Ferrer will handle regulatory filings and commercial operations in licensed regions.
• Prilenia and Ferrer will co-develop pridopidine for additional indications in the licensed territory.
• A Phase 3 trial in ALS is planned, based on prior positive Phase 2 data.
• Prilenia retains full ownership and commercialization rights in the U.S., Japan, and Asia Pacific.

4. Strategic Impact

• Prilenia gains near-term capital to accelerate global development of pridopidine.
• Ferrer strengthens its rare disease portfolio with a potentially first-in-class disease-modifying treatment for HD.
• EMA review of pridopidine is underway, with CHMP opinion expected in H2 2025.
• The deal supports expanded indication development while maintaining long-term upside for Prilenia.

Overall Summary

This transformative partnership enables rapid European market access for pridopidine and provides Prilenia with up to EUR 500 million (USD 570.25 million) in total consideration, including an EUR 80 million (USD 91.24 million) upfront and additional milestones and royalties. Co-development rights further enhance strategic alignment and broaden future clinical potential in neurodegenerative diseases.

Key Deal Terms Summary

1. Agreement Overview

• Type of Agreement: Research collaboration and global license agreement
• Parties Involved: Boehringer Ingelheim and Tessellate Bio
• Focus: Development of first-in-class, oral precision cancer treatments targeting tumors that rely on alternative lengthening of telomeres (ALT), using a synthetic lethality approach

2. Financial Terms

• Total Potential Deal Value: Over EUR 500 million

• Structure:

• Upfront license fee

• Research funding
• Technical milestone payments
• Downstream success-based milestone payments

3. Development & Commercialization Plans

• Target: An undisclosed ALT-associated mechanism critical for the survival of ALT-positive tumor cells
• Mechanism of Action: Inhibiting the target induces DNA damage, replication stress, and tumor cell death specifically in ALT-positive cancers
• Selectivity Advantage: Healthy cells are not affected, as they do not depend on this mechanism
• Goal: Deliver novel, oral, targeted therapies to patients with ALT-positive cancers, which make up 10–15% of all cancers and currently lack effective targeted treatments

4. Strategic Impact

• For Boehringer Ingelheim: Strengthens its oncology pipeline with an innovative, precision-based approach in a segment of hard-to-treat cancers
• For Tessellate Bio: Marks the company’s first pharmaceutical partnership, aligning with its strategy to collaborate for broader clinical reach

Overall Summary

Boehringer Ingelheim and Tessellate Bio have entered into a research collaboration and license agreement to develop first-in-class, oral therapies targeting ALT-positive cancers using synthetic lethality. Tessellate Bio will receive an upfront fee, research support, and milestones with a total deal value exceeding EUR 500 million. The partnership aims to bring precision oncology treatments to patients suffering from cancers with poor prognosis and limited options, with Boehringer leading development and commercialization efforts.

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

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

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

Stemline will provide a $20 million upfront payment to Insilico

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

Tiered royalties

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

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Development & Commercialization Plans

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

4. Strategic Impact

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

Overall Summary

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

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

Acquisition signifies an investment of over €500 million

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

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

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

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

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

Parties Involved

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

Collaboration Scope

• Clinical-Stage Programs:
• ARO-DUX4: Targets DUX4 protein to treat facioscapulohumeral muscular dystrophy (FSHD).
• ARO-DM1: Targets myotonic dystrophy protein kinase (DMPK) to treat myotonic dystrophy type 1 (DM1).
• ARO-MMP7: Targets matrix metalloproteinase 7 (MMP7) for idiopathic pulmonary fibrosis (IPF).

• ARO-ATXN2: Targets ataxin-2 (ATXN2) in the CNS for spinocerebellar ataxia 2 (SCA2).

• Preclinical-Stage Programs:

• ARO-ATXN1: Targets ataxin-1 for spinocerebellar ataxia 1 (SCA1).
• ARO-ATXN3: Targets ataxin-3 for spinocerebellar ataxia 3 (SCA3).

• ARO-HTT: Targets huntingtin (HTT) for Huntington's disease.

• Discovery Collaboration: Sarepta will nominate up to six additional targets in muscle, cardiac, and CNS areas, with Arrowhead responsible for delivering IND-ready constructs.

Rights & Responsibilities

• Sarepta:
• Gains exclusive global rights to develop, commercialize, and advance the programs, including transitioning the clinical-stage and preclinical-stage programs as per the agreement's timelines.
• Will also have rights to the discovery collaboration for additional targets, leveraging Arrowhead’s technology.
• Arrowhead:
• Will continue Phase 1/2 trials for the clinical-stage programs and complete IND-enabling activities for preclinical programs.
• After transitioning, Sarepta will take over responsibility for clinical programs and continue development.

Financial Terms

• Upfront Payment: Sarepta will make an upfront payment of $500 million.
• Equity Investment: Sarepta will invest $325 million in Arrowhead's common stock, priced at a 35% premium.
• Additional Payments:
• $250 million in annual installments of $50 million over the next five years.
• Future milestone payments and royalties based on the success of the programs.
• Total Deal Value: The deal has the potential for substantial future payments based on clinical and commercial milestones.

Regulatory & Transition Plan

• Arrowhead's Role: Arrowhead will continue managing Phase 1/2 clinical trials and preclinical activities until Sarepta assumes responsibility for these programs at the completion of the current trials or IND-enabling activities.
• Sarepta's Role: Upon closing, Sarepta will take over the responsibility for the clinical programs and preclinical assets as they transition.

Overall Summary

Sarepta Therapeutics has entered into a global licensing and collaboration agreement with Arrowhead Pharmaceuticals, acquiring exclusive global rights to multiple clinical, preclinical, and discovery-stage siRNA-based programs targeting muscle, CNS, and pulmonary disorders. These include potential treatments for FSHD, DM1, SCA2, and more. The agreement involves significant financial commitments, including $500 million upfront, an equity investment of $325 million, and future milestone payments. Sarepta aims to enhance its mid- and early-stage pipeline, complementing its existing leadership in genetic therapies. The deal provides access to Arrowhead’s leading RNAi platform, with Sarepta expected to take over clinical programs after ongoing trials.

Key Deal Terms Summary

1. Collaboration Scope

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

2. Financial Commitments

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

3. Development & Commercialization Rights

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

4. Strategic Intent & Innovation Model

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

5. Overall Summary

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

Parties Involved

• Shanghai Argo Biopharmaceutical Co., Ltd.
• Novartis

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• Prime Medicine, Inc.
• Bristol Myers Squibb

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

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

• LaNova Medicines Ltd.

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• Dren Bio, Inc.
• Novartis Pharma AG

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Overall Summary

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

Parties Involved

• PeptiDream Inc.
• Novartis Pharma AG

Collaboration Scope

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

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• Astellas Pharma Inc.
• AviadoBio Ltd.

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

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

2. Financial Terms

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

3. Structure & Spin-Off of New Inhibrx

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

4. Development & Commercialization Plans

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

5. Strategic Impact

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

Overall Summary

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

Parties Involved

• AC Immune SA
• Takeda

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• MOMA Therapeutics
• Roche

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Key Deal Terms Summary

1. Parties Involved

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

2. Agreement Scope

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

3. Financial Terms

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

4. Strategic Rationale

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

5. Next Steps

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

Overall Summary

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

Parties Involved

• AstraZeneca
• CSPC Pharmaceutical Group Ltd. (CSPC)

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Key Deal Terms Summary

1. Agreement Overview

• AbbVie and Gilgamesh Pharmaceuticals have entered a collaboration and option-to-license agreement to develop next-generation neuroplastogens for the treatment of psychiatric disorders.
• The partnership combines AbbVie’s expertise in psychiatry with Gilgamesh’s research platform focused on novel neuroplasticity-targeting compounds.
• If AbbVie exercises its option, it will assume full responsibility for clinical development and commercialization of the partnered programs.

2. Financial Terms

• Upfront Payment: USD 65 million to Gilgamesh from AbbVie.
• Milestone and Option Payments: Gilgamesh is eligible to receive up to USD 1.95 billion in aggregate option fees and development, regulatory, and commercial milestones.
• Royalties: Gilgamesh is entitled to tiered royalties ranging from mid-single to low-double digits on net sales of any commercialized products.

3. Development & Commercialization Plans

• The collaboration aims to develop a portfolio of neuroplastogen-based therapeutics designed to deliver clinical benefits while minimizing the hallucinogenic effects seen in first-generation psychedelic compounds.
• Programs will initially be co-developed during the research phase; upon AbbVie’s option exercise, it will take over development and commercialization.
• Target indications include mood and anxiety disorders, among other psychiatric conditions.

4. Strategic Impact

• The deal advances AbbVie’s neuroscience pipeline, reinforcing its commitment to innovative psychiatric treatments.
• For Gilgamesh, the collaboration provides significant non-dilutive capital, validation of its platform, and a clear path to market via AbbVie’s global infrastructure.
• The partnership reflects industry momentum toward next-generation psychiatric therapeutics that overcome limitations of traditional and first-generation psychedelics.

Overall Summary

AbbVie and Gilgamesh Pharmaceuticals have formed a strategic R\&D collaboration to develop novel neuroplastogens for psychiatric disorders. Gilgamesh receives USD 65 million upfront and may earn up to USD 1.95 billion in option and milestone payments, plus mid-single to low-double digit royalties. AbbVie will lead development and commercialization upon option exercise, with the partnership aiming to transform mental health care through safer, more effective next-gen treatments.

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

[No specific regulatory approval details were provided.]

Overall Summary

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

Key Deal Terms Summary

1. Parties Involved

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

2. Agreement Scope

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

3. Financial Terms

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

4. Strategic Rationale

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

5. Next Steps

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

Overall Summary

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

Parties Involved

• Medincell
• AbbVie

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• Mestag Therapeutics
• MSD (Merck & Co., Inc., Rahway, N.J., USA)

Collaboration Scope

• Research and license collaboration focused on discovering novel inflammatory disease targets by leveraging Mestag’s RAFT (Reversing Activated Fibroblast Technology) platform.
• RAFT is designed to model the pathogenic role of fibroblasts in human disease, particularly in inflammation.
• MSD gains exclusive licensing options for a prespecified number of targets identified under the collaboration.
• Focus on discovering therapeutic strategies for fibrosis and immune-mediated diseases.

Rights & Responsibilities

• Mestag:

• Conducts discovery research using the RAFT platform.

• Delivers target candidates to MSD for potential licensing.

• MSD:

• Holds options to exclusively license and develop selected targets.

• Responsible for discovery, development, and commercialization of resulting therapeutics.

Financial Terms

• Upfront and Access Fees: Paid by MSD to Mestag (undisclosed).

• Milestone Payments: Mestag is eligible to receive up to 1.9 billion USD in total based on:

• Option exercise fees.

• Development milestones.
• Regulatory and commercial achievements.
• Royalties: Not disclosed, but Mestag is eligible for royalty payments on net sales of resulting products.

Regulatory Approval

• Not applicable; agreement pertains to early-stage target discovery and licensing.

Overall Summary

In October 2024, Mestag and MSD launched a collaboration to discover fibroblast-driven targets for inflammatory and fibrotic diseases using Mestag’s proprietary RAFT platform. MSD secures exclusive rights to license a set number of targets, with potential downstream payments totaling up to 1.9 billion USD plus royalties, underscoring growing industry investment in fibroblast-immune biology.

Parties Involved

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

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• Repertoire® Immune Medicines
• Bristol Myers Squibb (BMS)

Collaboration Scope

The partnership aims to develop tolerizing vaccines for up to three autoimmune diseases. These vaccines are designed to selectively reset the immune system without broadly suppressing it, offering potentially durable and targeted treatments for autoimmune patients.
Repertoire will apply its proprietary DECODE™ platform to discover key disease-associated epitopes and develop vaccine candidates, leveraging its lipid nanoparticle (LNP) delivery technology to create tolerizing vaccines. Repertoire will also use DECODE to monitor immune responses during clinical development.

Rights & Responsibilities

• Repertoire:
• Leads discovery through to development candidate nomination.
• Utilizes its DECODE™ TCR-epitope mapping platform and LNP delivery technology.

• Supports clinical development by monitoring pharmacodynamic effects.

• Bristol Myers Squibb:

• Takes over for clinical development, regulatory filings, and global commercialization.
• Holds an exclusive worldwide license for the tolerizing vaccine programs.

Financial Terms

• Upfront Payment: $65 million to Repertoire.
• Milestone Payments: Up to $1.8 billion in potential development, regulatory, and commercial milestones.
• Royalties: Repertoire will receive tiered royalties based on worldwide sales of any approved vaccines.

Regulatory Approval

• No immediate regulatory approvals involved at signing; however, BMS will assume responsibility for regulatory interactions upon nomination of development candidates.

Overall Summary

Repertoire and Bristol Myers Squibb have formed a powerful collaboration combining Repertoire's DECODE-driven discovery capabilities with BMS’s immunology development and commercialization expertise. The focus is on creating selective, durable, and disease-modifying treatments for autoimmune diseases through innovative tolerizing vaccines that reset, rather than suppress, the immune system.
This multi-year strategic collaboration includes significant upfront and milestone-based financial incentives for Repertoire, reflecting the high innovation potential of programmable T cell therapies.

Parties Involved

• Ascidian Therapeutics
• Roche

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• MediLink Therapeutics
• BioNTech SE

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• Ipsen
• Skyhawk Therapeutics

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• Isomorphic Labs
• Eli Lilly and Company

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

• Isomorphic Labs
• Eli Lilly and Company

Collaboration Scope

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

Rights & Responsibilities

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

Financial Terms

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

Regulatory Approval

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

Overall Summary

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

Parties Involved

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

Collaboration Scope

The global license agreement is centered on the development, manufacturing, and commercialization of FG-M701, a next-generation TL1A-targeting monoclonal antibody for the treatment of Inflammatory Bowel Disease (IBD), including ulcerative colitis and Crohn’s disease.

FG-M701 is currently in preclinical development and has been engineered using FutureGen’s proprietary Structure-based Targeted Evolution Platform (STEP) to deliver improved efficacy and reduced dosing frequency compared to first-generation TL1A antibodies.

Rights & Responsibilities

• AbbVie obtains an exclusive global license to develop, manufacture, and commercialize FG-M701.
• FutureGen will support the transfer of technology and development activities, with AbbVie taking the lead on global development and commercialization.

Financial Terms

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

Regulatory Approval

FG-M701 is currently in the preclinical stage. No regulatory filings or designations have yet been made public.

Overall Summary

This agreement allows AbbVie to expand its autoimmune pipeline with a promising next-generation biologic targeting TL1A, a validated target in IBD. For FutureGen, the partnership with AbbVie validates its STEP platform and provides substantial non-dilutive funding to support its pipeline. The deal strengthens AbbVie’s leadership in immunology while positioning FG-M701 as a potential best-in-class IBD therapy with global reach.

Parties Involved

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

Collaboration Scope

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