AmerisourceBergen and Walgreens Boots Alliance announced strategic agreements under which AmerisourceBergen will acquire the majority of Walgreens Boots Alliance’s Alliance Healthcare businesses for approximately $6.5 billion, comprised of $6.275 billion in cash and 2 million shares of AmerisourceBergen common stock.

AmerisourceBergen’s acquisition of Alliance Healthcare will provide even stronger support for pharmacies and pharmacists across the globe and integrated solutions for pharmaceutical manufacturers.

Walgreens Boots Alliance will be able to increase its focus on expanding its core retail pharmacy businesses, bringing even greater healthcare offerings to patients and customers and further accelerating its progress on its clear set of strategic priorities.

Anima Biotech has entered into a strategic collaboration with Takeda Pharmaceutical Company to discover and develop a new class of medicines for genetically-defined neurological diseases.

Anima will use its Translation Control Therapeutics platform to discover novel mRNA translation modulators against the collaboration targets.

The parties will collaborate to advance the molecules to clinical candidates, which Takeda has the exclusive rights to develop and commercialize.

The preclinical research collaboration will initially include Anima’s early Huntington’s Disease program against the HTT target, selectively inhibiting the mutated protein with small molecules and two additional targets named by Takeda, related to neurological diseases.

Takeda will pay Anima up to approximately $120 million in upfront and preclinical research milestone payments and up to $1.1 billion in clinical and commercial milestones, assuming success of the three programs.

Anima is also eligible to receive tiered royalties on net sales of each product resulting from the collaboration.

Takeda has a time limited option to expand the collaboration with up to three additional targets subject to additional payments to Anima of up to $1.2 billion and tiered royalties, assuming success of these programs.

February 2021

BeiGene announced the closing of the collaboration and license agreement with Novartis Pharma to develop, manufacture, and commercialize BeiGene’s anti-PD-1 antibody tislelizumab in the United States, Canada, Mexico, member countries of the European Union, United Kingdom, Norway, Switzerland, Iceland, Liechtenstein, Russia, and Japan.

The companies have agreed to jointly develop tislelizumab in these licensed countries, with Novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals.

In addition, both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments, and BeiGene has an option to co-detail the product in North America, funded in part by Novartis.

BeiGene will receive an upfront cash payment of $650 million and is eligible to receive up to $1.3 billion upon the achievement of regulatory milestones, $250 million upon the achievement of sales milestones, and royalties on future sales of tislelizumab in the licensed territory.

BeiGene will be responsible for funding ongoing clinical trials of tislelizumab, Novartis has agreed to fund new registrational, bridging, or post-marketing studies in its territory, and each party will be responsible for funding clinical trials evaluating tislelizumab in combination with its own or third-party agents.

Each party retains worldwide rights to commercialize its proprietary products in combination with tislelizumab.

January 2021

BeiGene announced a collaboration and license agreement with Novartis Pharma to develop, manufacture and commercialize BeiGene’s anti-PD-1 antibody tislelizumab in the United States, Canada, Mexico, member countries of the European Union, United Kingdom, Norway, Switzerland, Iceland, Liechtenstein, Russia, and Japan.

The Companies have agreed to jointly develop tislelizumab in these licensed countries, with Novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals.

In addition, both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments, and BeiGene has an option to co-detail the product in North America, funded in part by Novartis.

BeiGene will receive an upfront cash payment of $650 million from Novartis.

BeiGene is eligible to receive up to $1.3 billion upon the achievement of regulatory milestones, $250 million upon the achievement of sales milestones, and royalties on future sales of tislelizumab in the licensed territory.

BeiGene will be responsible for funding ongoing clinical trials of tislelizumab, Novartis has agreed to fund new registrational, bridging, or post-marketing studies in its territory, and each party will be responsible for funding clinical trials evaluating tislelizumab in combination with its own or third party products.

Each party retains the worldwide right to commercialize its propriety products in combination with tislelizumab.

Reckitt Benckiser has entered into a definitive agreement to sell its Infant Formula and Child Nutrition business in China to Primavera Capital Group for an implied enterprise value of US$2.2 billion.

Royalty Pharma and MorphoSys announced a $2.025 billion strategic funding partnership as part of MorphoSys’ $1.7 billion acquisition of Constellation Pharmaceuticals.

This partnership is expected to fuel the expansion of the combined company’s capabilities to help enable the development and potential approvals of important cancer treatments.

This funding partnership is anchored by Royalty Pharma’s acquisition of MorphoSys’ rights to receive future royalties on Janssen’s Tremfya (guselkumab).

Tremfya is an anti interleukin (IL)-23, approved for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis and is also in clinical development for ulcerative colitis and Crohn’s disease.

In 2020, Tremfya generated sales of $1.347 billion.

Royalty Pharma will also acquire the rights to receive royalties and certain milestone payments on four attractive development-stage therapies:

Gantenerumab, an anti-amyloid-beta monoclonal antibody, in Phase 3 development for Alzheimer’s disease by Roche.

Royalty Pharma will purchase the rights to receive 60% of MorphoSys’ future royalties on gantenerumab.

Otilimab, a fully human monoclonal antibody that inhibits granulocyte-macrophage colony-stimulating factor (GMCSF), in Phase 3 development for rheumatoid arthritis by GlaxoSmithKline.

Royalty Pharma will purchase the rights to receive 80% of MorphoSys’ future royalties and 100% of its future milestones on otilimab.

Pelabresib, a bromodomain and extra-terminal (BET) inhibitor for myelofibrosis, in Phase 3 development by Constellation.

Royalty Pharma will purchase the rights to receive 3% of future net sales of pelabresib.

CPI-0209, a second-generation enhancer of zeste homolog 2 (EZH2) inhibitor, in Phase 2 development for hematological malignancies and solid tumors by Constellation.

Royalty Pharma will purchase the rights to receive 3% of future net sales of CPI-0209.

QED Therapeutics and Helsinn Group announced a global collaboration and licensing agreement to further develop and commercialize QED Therapeutics’ FGFR1-3 inhibitor, infigratinib, in oncology and all other indications except for skeletal dysplasias (including achondroplasia).

Completion of the Agreement is subject to regulatory review and customary closing conditions, which are expected to occur in the second quarter of 2021.

BridgeBio will retain all rights to infigratinib in skeletal dysplasia, including achondroplasia.

Subject to U.S. Food and Drug Administration approval, QED and Helsinn will co-commercialize infigratinib in oncology indications in the U.S. and will share profits and losses on a 50:50 basis.

Helsinn will have exclusive commercialization rights and lead commercialization for infigratinib in non-skeletal dysplasia indications outside of the U.S., excluding China, Hong Kong and Macau, which are covered by BridgeBio’s strategic development and commercialization collaboration with LianBio.

BridgeBio will be eligible to receive more than $2 billion in upfront, regulatory and commercial milestones, as well as tiered royalties on adjusted net sales from Helsinn Group.

BridgeBio and Helsinn Group intend to pursue an ambitious co-development plan in oncology indications, including clinical investigation underway in first-line cholangiocarcinoma and adjuvant urothelial cancer.

This plan will be underpinned by close collaboration among the parties, with the aim of developing new treatments for patients with FGFR-driven cancers.

As infigratinib heads toward potential approval and commercialization in a range of oncology indications, Helsinn’s unique integrated licensing business model will enable its distribution to reach patients globally.

Royal DSM announced the completion of the sale of its Resins & Functional Materials and associated businesses to Covestro for an equity value of €1.6 billion.

The proposed sale of RFM was first announced on 30 September 2020.

The transaction covers DSM's Resins & Functional Materials businesses, including DSM Niaga, DSM Additive Manufacturing, and the coatings activities of DSM Advanced Solar.

Artiva Biotherapeutics has entered into an exclusive worldwide collaboration and license agreement with Merck to develop novel chimeric antigen receptor (CAR)-NK cell therapies targeting solid tumor-associated antigens.

The collaboration will leverage Artiva’s off-the-shelf allogeneic NK cell manufacturing platform, along with its proprietary CAR-NK technology.

The collaboration initially includes two CAR-NK programs with an option for a third, none of which are in Artiva’s current or planned pipeline.

The agreement provides that Artiva will develop the CAR-NK programs through the first GMP manufacturing campaign and IND preparation, followed by transfer to Merck for clinical and commercial development.

Artiva will receive a $30 million upfront payment for the first two programs and an additional $15 million payment if Merck exercises its option for a third program.

Artiva is also eligible to receive future development and commercial milestones of up to $612 million per program and royalties are payable by Merck on worldwide sales of any product derived from the collaboration.

Merck agreed to provide research funding to Artiva for each of the programs under the collaboration.

Loxo Oncology at Lilly and Merus announced a research collaboration and exclusive license agreement that will leverage Merus' proprietary Biclonics platform along with the scientific and rational drug design expertise of Loxo Oncology at Lilly to research and develop up to three CD3-engaging T-cell re-directing bispecific antibody therapies.

Merus will lead discovery and early stage research activities while Loxo Oncology at Lilly will be responsible for additional research, development and commercialization activities.

Merus will receive an upfront cash payment of $40 million, as well as an equity investment by Lilly of $20 million in Merus common shares.

Merus is also eligible to receive up to $540 million in potential development and commercialization milestones per product, for a total of up to approximately $1.6 billion for three products, as well as tiered royalties ranging from the mid-single to low-double digits on product sales should Lilly successfully commercialize a therapy from the collaboration.

Bristol Myers Squibb and Agenus have entered into a definitive agreement under which Bristol Myers Squibb will be granted a global exclusive license to Agenus’ proprietary bispecific antibody program, AGEN1777, that blocks TIGIT and a second undisclosed target.

AGEN1777 is an Fc-enhanced antibody in late preclinical development designed to target major inhibitory receptors expressed on T and NK cells to improve anti-tumor activity.

In preclinical studies this approach has shown significant potential in tumor models where anti-PD-1 or anti-TIGIT monospecific antibodies alone are ineffective.

Bristol Myers Squibb will become solely responsible for the development and any subsequent commercialization of AGEN1777 and its related products worldwide.

Agenus will receive a $200 million upfront payment and up to $1.36 billion in development, regulatory and commercial milestones in addition to tiered double-digit royalties on net product sales.

Agenus will retain options to conduct clinical studies under the development plan, to conduct combination studies with certain other Agenus pipeline assets, and also, upon commercialization, to co-promote AGEN1777 in the US.

Perrigo has reached a definitive agreement to sell its Generic Rx Pharmaceuticals business to Altaris Capital Partners for total consideration of $1.55 billion, including $1.5 billion in cash, subject to customary adjustments.

As part of the consideration, Altaris will also assume more than $50 million in potential R&D milestone payments and contingent purchase obligations with third-party Rx partners.

Pieris, has entered into a multi-program research collaboration and license agreement with Genentech to discover, develop and commercialize locally delivered respiratory and ophthalmology therapies that leverage Pieris' proprietary Anticalin technology.

The research collaboration will enable Pieris to combine its robust discovery engine with Genentech's targets, as well as its preclinical and clinical development expertise, to create novel therapies for the treatment of respiratory and ophthalmological diseases.

These two focus areas of the collaboration are uniquely suited to the advantages offered by the small size of Anticalin proteins when delivered locally.

Pieris will receive $20 million as an upfront payment and may be eligible to receive more than $1.4 billion in additional milestone payments across multiple programs, as well as tiered royalties for commercialized programs.

Pieris will be responsible for discovery research and early preclinical development of the programs, and Genentech will be responsible for IND-enabling activities, clinical development, and commercialization of those programs.

Genentech will also have the option to select additional targets in return for an option exercise fee.

The collaboration does not include any of Pieris' internal programs.

Vertex Pharmaceuticals and Obsidian Therapeutics have entered into a strategic research collaboration and licensing agreement focused on the discovery of novel therapies that regulate gene editing for the treatment of serious diseases.

The collaboration leverages Obsidian’s cytoDRiVE platform technology to discover gene-editing medicines whose therapeutic activity can be precisely controlled using small molecules and Vertex’s established scientific and clinical capabilities in small molecule, cell and genetic therapies to more rapidly bring these approaches to patients.

Obsidian will use its cytoDRiVE technology to develop novel regulated gene editing therapy candidates for multiple serious diseases.

Obsidian grants Vertex the exclusive option to license worldwide rights to candidates discovered and developed under the collaboration.

Following Vertex’s exercise of its options, Vertex will be responsible for further preclinical and clinical development and commercialization.

Vertex will pay Obsidian up to $75 million in upfront payments and research milestones that may be paid during the research term, including an equity investment in Obsidian.

Obsidian is eligible to receive up to $1.3 billion in potential payments based upon the successful achievement of specified research, development, regulatory, and commercial milestones across up to five potential programs.

Vertex will pay tiered royalties on future net sales on any products that may result from this collaboration.

Specific diseases that are the subject of this collaboration are not disclosed.

Molecular Templates has entered into a worldwide strategic research collaboration with Bristol-Myers Squibb to discover and develop multiple novel therapies designed for specific oncology targets.

The collaboration will seek to discover new molecules utilizing MTEM’s next generation engineered toxin body (ETB) platform.

ETBs represent a new class of targeted therapeutics that act through differentiated mechanisms of actions including the ability to force receptor internalization, deliver therapeutic payloads, and directly kill targeted cells through the enzymatic inactivation of ribosomes.

MTEM will conduct research activities for the discovery of next generation ETBs for multiple targets, of which the first target has been selected by Bristol Myers Squibb.

Bristol Myers Squibb will have the option to obtain an exclusive worldwide license to develop and commercialize ETBs directed to each selected target.

Following the exercise of the option, Bristol Myers Squibb would be solely responsible for developing and commercializing the licensed ETBs.

Bristol Myers Squibb will make an up-front payment of $70 million to MTEM.

MTEM is also eligible to receive near-term and development, regulatory and sales milestone payments of up to approximately $1.3 billion as well as tiered royalty payments on future sales.

Artios Pharma announced a global research collaboration with Novartis to discover and validate next generation DDR targets to enhance Novartis' Radioligand Therapies.

Artios and Novartis will perform target discovery and validation, and Novartis will select up to three exclusive DDR targets, and receive worldwide rights on these targets to be utilized with its RLT’s.

Novartis will make an up-front payment of US$20 million and provide near term research funding to support the collaboration.

Artios will be eligible to receive discovery, development, regulatory and sales-based milestones, in addition to royalty payments on net sales of products commercialized by Novartis.

The collaboration does not include Artios’ lead programs, ART0380, which is currently in clinical development, or ART4215, a first-in-class Pol Theta inhibitor.

Biogen and Capsigen have entered into a strategic research collaboration to engineer novel adeno-associated virus capsids that have the potential to deliver transformative gene therapies that address the underlying genetic causes of various CNS and neuromuscular disorders.

Capsigen’s proprietary TRADE platform and associated technologies will be utilized with the aim to create and identify novel AAV capsids tailored to meet disease-specific transduction profiles.

Capsids are the protein coat that protects and facilitates delivery of the virus’ genetic payload into host cells.

The collaboration will leverage Capsigen’s capsid engineering expertise and Biogen’s discovery, development, manufacturing and commercialization capabilities with the goal to accelerate delivery of gene therapies to patients in need.

Capsigen will apply its vector engineering approaches to develop novel capsids designed to meet highly customized, disease-specific transduction profiles.

Biogen will receive an exclusive license under Capsigen’s proprietary technology for an undisclosed number of CNS and neuromuscular disease targets.

Capsigen will receive a $15 million upfront payment and is eligible to receive up to $42 million in potential research milestones and up to an additional $1.25 billion in potential development and commercial payments should the collaboration programs achieve certain developmental milestones and sales thresholds.

Capsigen is also eligible to receive royalties on future net sales of products that incorporate capsids resulting from the collaboration.

Ensoma has entered into a strategic collaboration with Takeda Pharmaceutical.

The agreement grants Takeda an exclusive worldwide license to Ensoma’s Engenious vectors for up to five rare disease indications.

Takeda will make an equity investment of $10 million in Ensoma’s Series A Preferred Stock with the potential for $100 million in upfront and preclinical research payments.

In total, assuming success for five programs, Ensoma is eligible to receive up to $1.25 billion from Takeda, including additional development and commercialization milestone payments and up to low double-digit royalties on net sales of each product.

Takeda is granted an exclusive worldwide license to Ensoma’s Engenious vector technology platform for up to five rare genetic disease indications.

Ensoma will conduct preclinical research activities for the Takeda programs, and both parties will share in responsibilities leading to submission of Investigational New Drug applications.

Takeda will lead development activities thereafter.

Eli Lilly and MiNA Therapeutics announced a global research collaboration to develop novel drug candidates using MiNA's proprietary small activating RNA (saRNA) technology platform.

MiNA will utilize its saRNA platform to research up to five targets selected by Lilly that aim to address diseases across Lilly's key therapeutic focus areas.

Lilly will be responsible for preclinical and clinical development of candidates and will retain exclusive commercialization rights for any products resulting from the collaboration.

MiNA will receive a $25 million upfront payment and is eligible to receive potential development and commercialization milestones up to a total of $245 million per target, as well as tiered royalties from the low-single to low-double digits on product sales resulting from the collaboration.

Amgen and Kyowa Kirin announced an agreement to jointly develop and commercialize KHK4083, which is Kyowa Kirin's potential first-in-class, Phase 3-ready anti-OX40 fully human monoclonal antibody in development for the treatment of atopic dermatitis, with potential in other autoimmune diseases.

Amgen will lead the development, manufacturing, and commercialization for KHK4083 for all markets globally, except Japan, where Kyowa Kirin will retain all rights.

Kyowa Kirin will co-promote KHK4083 with Amgen in the U.S. and have opt-in rights to co-promote KHK4083 in certain other markets outside the U.S., including in Europe and Asia.

Amgen will make a $400 million up-front payment to Kyowa Kirin and future contingent milestone payments potentially worth up to an additional $850 million, as well as significant royalty payments on future global sales.

Kyowa Kirin and Amgen will share global development costs, except in Japan, and U.S. commercialization costs.

Amgen will consolidate sales for KHK4083 in all markets globally, except for Japan.

Amgen also will leverage unique data from its deCODE Genetics subsidiary to inform the potential use of KHK4083 in indications beyond atopic dermatitis.

Exscientia has entered into a collaboration agreement with Bristol-Myers Squibb.

This collaboration has the potential to add to the Bristol Myers Squibb drug pipeline whilst enhancing Exscientia’s portfolio of shared assets.

The collaboration will use AI to accelerate the discovery of small molecule therapeutic drug candidates in multiple therapeutic areas, including oncology & immunology.

The agreement includes up to $50 million in upfront funding, up to $125 million in near to mid-term potential milestones, and additional clinical, regulatory and commercial payments that take the potential value of the deal beyond $1.2 billion.

Exscientia will also receive tiered royalties on net sales of any marketed drug products resulting from the collaboration.

Biond Biologics has entered into an exclusive worldwide license agreement with Sanofi for the development and commercialization of BND-22.

Biond will receive a $125 million upfront payment in cash and will be entitled to receive more than $1 billion in development, regulatory, and sales milestones, as well as tiered double digit royalty payments.

Biond will lead the first-in-human, phase 1a study of BND-22, evaluating its safety and tolerability as a single agent and in combination with approved cancer therapeutics as well as exploring potential associations between BND-22 anti-tumor activity and select tumor and blood-based biomarkers; Sanofi will assume clinical development and commercialization responsibilities thereafter.

Junshi Biosciences announced a collaboration with Coherus BioSciences for the development and commercialization of toripalimab, Junshi Biosciences’ anti-PD-1 antibody, in the United States and Canada.

Junshi Biosciences will receive up to an aggregate of US$1.11 billion of upfront payment, exercise fee and milestone payments from Coherus for the grant of the license of toripalimab and the two option programs (if exercised).

Junshi Biosciences and Coherus will co-develop toripalimab, and Coherus will be responsible for all commercial activities in US and Canada.

Junshi Biosciences has also granted Coherus options to JS006 (an anti-TIGIT antibody) and JS018-1 (a next generation engineered IL-2 cytokine), as well as first negotiation rights to two early-stage checkpoint inhibitor antibodies.

Coherus has also acquired options or first negotiation rights to four of Junshi Biosciences’ novel oncology molecules.

The Companies may develop toripalimab in combination with one or more of these four compounds, and potentially with other cancer drugs:

An option to JS006, an antibody targeting TIGIT, a clinically validated immune inhibitory checkpoint.

Anti-TIGIT antibodies have demonstrated significant synergistic anti-tumor activity in combination with anti-PD-1 antibodies.

JS006 is expected to enter global clinical development later this year.

The option term expires prior to initiation of Phase 2 development.

An option to JS018-1, a next-generation engineered IL-2 cytokine designed to inhibit stimulation of regulatory T cells while retaining stimulatory activity on effector T-cells and natural killer (“NK”) cells.

The option term expires prior to initiation of Phase 2 development.

First negotiation rights to two undisclosed early-stage novel oncology programs directed against immune checkpoint molecules.

Junshi Biosciences will grant Coherus exclusive rights to toripalimab in the United States and Canada as well as options in these territories to Junshi Biosciences’ JS006 and JS018-1.

Coherus will also have first negotiation rights to two undisclosed preclinical immuno-oncology programs.

Junshi Biosciences will receive an upfront payment of US$150 million.

For toripalimab, Junshi Bioscience will receive 20% royalty on the annual net sales of toripalimab and up to an aggregate $380 million in one-time payments for the achievement of various milestones.

For JS006 and JS108-1, Junshi Biosciences will receive an opt-in payment of $35 million per program.

Additionally, for each program, Junshi Biosciences will receive 18% royalty on the annual net sales and up to an aggregate $255 million for the achievement of various milestones.

The Companies will collaborate on the development of toripalimab and other licensed compounds, and Coherus will pay for a portion of these co-development activities up to a maximum of US$25 million per licensed compound per year.

Debiopharm announced an exclusive license agreement with Merck KGaA for the development and commercialization of xevinapant (Debio 1143).

Xevinapant, a potent, oral of Inhibitor of Apoptosis Proteins (IAP) antagonist, is the only medicine in its class in late-stage clinical development and has the potential to be first in class.

Xevinapant is currently being investigated in the pivotal Phase III TrilynX study for previously untreated high-risk locally advanced squamous cell carcinoma of the head and neck (LA SCCHN), in combination with platinum-based chemotherapy and standard fractionation intensity-modulated radiotherapy.

Given their strong commercial footprint in the field of head and neck cancer, Merck KGaA is the partner of choice to leverage our outstanding phase II data and make xevinapant a transformative therapy for cancer patients.

Merck KGaA receives exclusive rights to develop and commercialize xevinapant worldwide, including in the U.S.

Merck KGaA will also co-fund with Debiopharm the ongoing Phase III registrational TrilynX study, a global double-blind, placebo-controlled, 700-patient randomized clinical trial to evaluate the efficacy and safety of xevinapant vs. placebo when added to definitive chemoradiotherapy (CRT) in cisplatin-eligible patients with high-risk LA SCCHN.

Debiopharm to receive €188 million upfront and up to €710 million in milestone, as well as royalty payments.

Boston Scientific has entered into a definitive agreement with an affiliate of Baring Private Equity Asia to acquire the global surgical business of Lumenis for an upfront cash payment of $1.07 billion, subject to closing adjustments.

BPEA will retain ownership of the Lumenis global aesthetics and ophthalmology businesses.

Boehringer Ingelheim and Enara Bio have entered into a strategic collaboration and licensing agreement to research and develop novel targeted cancer immunotherapies, leveraging Enara Bio’s Dark Antigen discovery platform.

This new collaboration combines Boehringer Ingelheim’s approach to tackle cancer through pairing leading science with innovative immune-oncology platforms, such as oncolytic viruses and cancer vaccines, with Enara Bio’s expertise in cancer antigen identification.

The aim is to provide potential new therapies for patients with difficult to treat lung and gastrointestinal cancers.

Boehringer Ingelheim has the option to license Dark Antigens discovered and validated by Enara Bio.

Boehringer Ingelheim will also be responsible for all non-clinical and clinical development, as well as commercialization of associated cancer immunotherapies, including therapeutic vaccines and T-cell redirecting biologics. Enara Bio retains rights to use any discovered antigens for use in cell therapy-based products.

Enara Bio is eligible to receive an upfront payment, together with research/preclinical milestones and licensing fees for each tumor type that is explored.

Enara Bio is also eligible to receive more than EUR 876 million in clinical, regulatory and commercial milestones, in addition to royalties on future product sales.

Boehringer Ingelheim and Enara Bio have entered into a strategic collaboration and licensing agreement to research and develop novel targeted cancer immunotherapies, leveraging Enara Bio’s Dark Antigen discovery platform.

This new collaboration combines Boehringer Ingelheim’s approach to tackle cancer through pairing leading science with innovative immune-oncology platforms, such as oncolytic viruses and cancer vaccines, with Enara Bio’s expertise in cancer antigen identification.

The aim is to provide potential new therapies for patients with difficult to treat lung and gastrointestinal cancers.

Boehringer Ingelheim has the option to license Dark Antigens discovered and validated by Enara Bio.

Boehringer Ingelheim will also be responsible for all non-clinical and clinical development, as well as commercialization of associated cancer immunotherapies, including therapeutic vaccines and T-cell redirecting biologics. Enara Bio retains rights to use any discovered antigens for use in cell therapy-based products.

Enara Bio is eligible to receive an upfront payment, together with research/preclinical milestones and licensing fees for each tumor type that is explored.

Enara Bio is also eligible to receive more than EUR 876 million in clinical, regulatory and commercial milestones, in addition to royalties on future product sales.

Ribometrix announced a strategic collaboration with Genentech to discover and develop novel RNA-targeted small molecule therapeutics against several targets.

Ribometrix will apply its proprietary discovery platform to identify and optimize small molecule compounds that modulate RNA function by targeting three-dimensional (3D) RNA structures.

Ribometrix and Genentech will collaborate on the discovery and preclinical development of programs.

Genentech will be responsible for further development and commercialization.

Genentech will pay Ribometrix a $25 million upfront payment, and in return will receive exclusive rights to several predefined targets including an exclusive global license for the development and commercialization of molecules under this collaboration.

Ribometrix will also be eligible to receive potential milestone payments exceeding $1 billion as well as tiered royalties on future global net sales of products that result from the collaboration.

Cardinal Health has signed a definitive agreement to sell its Cordis business to Hellman & Friedman for approximately $1 billion, which includes buyer's assumption of certain liabilities and seller's retention of certain working capital accounts.

The transaction is expected to close in the first half of Cardinal Health's fiscal year 2022, subject to customary closing conditions and regulatory clearances.

Eli Lilly and Rigel Pharmaceuticals announced a global exclusive license agreement and strategic collaboration to co-develop and commercialize Rigel's R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for all indications including autoimmune and inflammatory diseases.

Lilly will also lead all clinical development of brain penetrating RIPK1 inhibitors in central nervous system diseases.

Lilly will pay an upfront cash payment to Rigel of $125 million.

Rigel may also be eligible to receive up to $835 million in potential development, regulatory, and commercial milestone payments, as well as tiered royalties ranging from the mid-single digit to high-teens that will vary depending upon Rigel's clinical development investment.

Lilly and Rigel will co-develop R552 at specified contribution levels.

Lilly will be responsible for all costs of global commercialization for R552, and Rigel will have the right to co-commercialize R552 in the U.S.

Lilly will be solely responsible for all clinical development and commercialization of brain penetrating RIPK1 inhibitors in CNS indications.

Hutchison China MediTech and Inmagene Biopharmaceuticals announced a strategic partnership to further develop four novel preclinical drug candidates discovered by Chi-Med for the potential treatment of multiple immunological diseases.

Funded by Inmagene, the companies will work together to move the drug candidates towards investigational new drug submission.

If successful, Inmagene will then move the drug candidates through global clinical development.

Chi-Med grants Inmagene exclusive options to four drug candidates solely for the treatment of immunological diseases.

Should Inmagene exercise the option, it will have the right to further develop, manufacture and commercialize that specific drug candidate worldwide, with Chi-Med retaining first right to co-commercialization in mainland China.

For each of the drug candidates, Chi-Med will be entitled to development milestones of up to US$95 million and up to US$135 million in commercial milestones, as well as up to double-digit royalties upon commercialization.

Genmab and Bolt Biotherapeutics have entered into an oncology research and development collaboration.

Together, the companies will evaluate Genmab antibodies and bispecific antibody engineering technologies in combination with Bolt’s proprietary Boltbody immune-stimulating antibody conjugate technology platform, with the goal of discovering and developing next-generation, immune-stimulatory, antibody-based conjugate therapeutics for the treatment of cancer.

This research collaboration will evaluate multiple bispecific ISAC concepts to identify up to three clinical candidates for development.

Genmab will fund the research, along with the preclinical and clinical development of these candidates through clinical proof of concept.

Genmab will pay Bolt an upfront payment of USD 10 million.

Genmab will also make a USD 15 million equity investment in Bolt.

Bolt is eligible to receive total potential milestone payments of up to USD 285 million per therapeutic candidate exclusively developed and commercialized by Genmab, along with tiered royalties.

Genmab will fully fund pre-clinical and early clinical development of all candidates.

If a candidate is co-developed, development costs will be split 50:50 between the two companies, and the companies will be solely responsible for commercialization costs in their respective territories and shall pay each other royalties on product sales.

Gilead Sciences and Gritstone Oncology have entered into a collaboration, option and license agreement to research and develop a vaccine-based immunotherapy as part of Gilead’s efforts to find a curative treatment for human immunodeficiency virus (HIV) infection.

Gilead and Gritstone will develop an HIV-specific therapeutic vaccine using Gritstone’s proprietary prime-boost vaccine platform, comprised of self-amplifying mRNA (SAM) and adenoviral vectors, with antigens developed by Gilead.

Gilead will make a $60 million payment at closing, consisting of a $30 million upfront cash payment and a $30 million equity investment at a premium.

Gilead will be responsible for conducting a Phase 1 study for the HIV-specific therapeutic vaccine and holds an exclusive option under the collaboration to obtain an exclusive license to develop and commercialize the HIV-specific therapeutic vaccine beyond Phase 1.

Gritstone is also eligible to receive up to an additional $725 million if the option is exercised and if certain clinical, regulatory and commercial milestones are achieved, as well as mid single-digit to low double-digit tiered royalties on net sales upon commercialization.

Cidara Therapeutics has entered into an exclusive worldwide license and collaboration agreement with Janssen Pharmaceuticals to develop and commercialize Cidara’s Cloudbreak antiviral conjugates for the prevention and treatment of seasonal and pandemic influenza.

This agreement was facilitated by Johnson & Johnson Innovation.

Cidara will be responsible for the development and manufacturing of the first influenza AVC, CD388, into the clinic and through Phase 2 clinical development, and Janssen will be responsible for late-stage development, manufacturing, registration and global commercialization.

Cidara will receive an upfront payment of $27 million and Janssen will fund all future research, development, manufacturing and commercialization for CD388.

In addition to the upfront payment, Cidara is eligible to receive up to an aggregate of $753 million in budgeted R&D funding and in development, regulatory and commercial milestones, plus tiered royalties on worldwide sales in the mid to high single digits.

Cidara has the option to co-detail CD388 in the U.S.

Cytovia Therapeutics and Cellectis have entered into a strategic research and development collaboration to develop TALEN gene-edited iPSC NK and CAR-NK cells.

The financial terms of the partnership include up to $760 million of development, regulatory, and sales milestones from Cytovia to Cellectis for the first 5 TALEN gene-edited iPSC-derived NK products.

Cellectis will also receive single-digit royalty payments on the net sales of all partnered products commercialized by Cytovia.

Cellectis will receive an equity stake of $15 million in Cytovia stock or an upfront cash payment of $15 million if certain conditions are not met by December 31, 2021, as well as an option to invest in future financing rounds.

Cellectis will develop custom TALEN, which Cytovia will use to edit iPSCs.

Cytovia will be responsible for the differentiation and expansion of the gene-edited iPSC master cell bank into NK cells and will conduct the pre-clinical evaluation, clinical development, and commercialization of the mutually-agreed-upon selected therapeutic candidates.

Cellectis is granting Cytovia a worldwide license to its TALEN gene-editing technology, enabling Cytovia to modify NK cells addressing multiple gene targets for therapeutic use in several cancer indications.

Quest Diagnostics announced the sale of its minority share in Q2 Solutions to IQVIA for $760 million in an all-cash transaction.

Takeda Pharmaceutical announced the completion of its sale of a portfolio of select products to Orifarm Group for a total value of up to $670 million USD.

The portfolio includes approximately 130 over-the-counter (OTC) and prescription pharmaceutical products sold in Europe, and two manufacturing sites located in Denmark and Poland.

This divestment agreement was first announced in April 2020.

Spark Therapeutics announced a collaboration and option agreement with Senti Biosciences to apply Senti Bio’s gene circuit technology to the development of next-generation precision gene therapies directed toward specific cell types in the central nervous system, eye or liver.

Created from novel and proprietary combinations of DNA sequences, gene circuits reprogram cells with biological logic to sense inputs, compute decisions and respond to their environments for defined therapeutic applications.

Senti Bio will be responsible for designing, building and testing cell type- and disease specific-synthetic promoters for use in developing certain CNS, eye or liver-directed gene therapies.

Spark Therapeutics will receive the option to exclusively license a defined number of synthetic promoters emerging from the collaboration for use in developing gene therapy products in specified indications.

Upon option exercise, Spark Therapeutics will be responsible for conducting preclinical, clinical and commercialization activities for any gene therapy candidates that incorporate Senti Bio’s licensed synthetic promoters.

Senti Bio will receive an upfront payment as well as funding to support its research activities, and upon option exercise will be eligible to receive an option exercise payment as well as development, regulatory and sales milestone payments in addition to royalties on a per product basis.

The aggregate potential value of upfront, opt-in and milestone payments to Senti Bio may exceed $645 million.

Genevant Sciences has entered into a global collaboration and license agreement with Takeda Pharmaceutical for the discovery, development and commercialization of LNP-delivered nucleic acid therapeutics directed to previously inaccessible drug targets in hepatic stellate cells to treat liver fibrosis.

Genevant is initially eligible to receive up to $600 million in upfront and milestone payments, plus royalties on future product sales.

Takeda has exclusive rights to Genevant’s LNP technology for a specified number of selected hepatic stellate cells targets.

Heartseed and Novo Nordisk have entered into an exclusive worldwide collaboration and licence agreement for development, manufacturing and commercialisation of Heartseed’s lead asset HS-001.

Novo Nordisk gains exclusive rights to develop, manufacture and commercialise HS-001 worldwide except in Japan.

Heartseed will maintain the rights to solely develop HS-001 in Japan and Novo Nordisk has the rights to co-commercialise the product in Japan with Heartseed with 50/50 profit and cost sharing.

Heartseed is eligible to receive payments totalling up to 598 million US dollars including 55 million dollars in upfront and near-term milestone payments.

Heartseed is also eligible to receive tiered high single-digit to low double-digit royalties of annual net sales outside of Japan.

CANbridge Pharmaceuticals has entered into a strategic collaboration and licensing agreement with LogicBio Therapeutics.

The agreement includes a worldwide license to develop, manufacture and commercialize gene therapy candidates for treatments for Fabry and Pompe diseases, based on LogicBio’s adeno-associated virus (AAV) sL65, the first capsid produced from the LogicBio sAAVy platform.

The agreement also includes options for the development of AAV sL65-based treatments for two additional indications.

AAV sL65 has unique liver-targeting properties, the potential to overcome limited potency and immunogenicity issues, and is more efficient to manufacture, potentially resulting in higher yields, making it a valuable strategic addition to the CANbridge’s gene therapy program.

CANbridge is also granted an option to an exclusive license for LB-001, an investigational in-vivo gene editing technology based on GeneRide platform for the potential treatment of methylmalonic acidemia (MMA), in Greater China (China, Taiwan, Hong Kong and Macau).

LogicBio is eligible to receive an upfront payment of $10 million for the exclusive worldwide license to support the development of two gene therapy candidates for Fabry and Pompe diseases.

In addition, the agreement grants options for two additional undisclosed gene therapy programs, based on AAV sL65, and an option to an exclusive license for LB-001 in Greater China.

Upon exercising the option for LB-001, CANbridge would assume responsibility and costs for all future development in the territory, including regulatory and commercial activities and, potentially, manufacturing.

The agreement also includes payments, including opt-in fees triggered upon the exercise of these options, as well as clinical, regulatory, and commercial milestone payments for up to $581 million, and up to double-digit royalties on net sales.

Cyclerion Therapeutics has entered into an exclusive, global license agreement with Akebia Therapeutics for the development and commercialization of praliciguat, an oral sGC stimulator.

Akebia has obtained an exclusive license to research, develop and commercialize praliciguat globally and will be solely responsible for these activities going forward.

Cyclerion is eligible to receive up to $225M in pre-commercial milestones, including up to $15M in the first 18 months.

Total potential future development, regulatory, and commercialization milestone payments could result in up to $585M.

Cyclerion is also eligible to receive tiered, sales-based royalties ranging from single-digit to high-teen percentages.

Graviton Bioscience and Beijing Tide Pharmaceutical announced the signing of an exclusive license agreement for TDI01.

The agreement grants development and commercialization rights for TDI01 to Graviton in all territories, excluding China.

Graviton will make an upfront payment and additional amounts for development, regulatory and sales milestone payments for all programs, as well as royalties on net sales and an option for a revenue-sharing arrangement for certain developed products.

The aggregate amount of upfront, development, regulatory and sales milestone payments is up to USD 517.5 million.

KSQ Therapeutics has entered into a broad strategic collaboration with Takeda Pharmaceutical Company to research, develop and commercialize novel immune-based therapies for cancer.

KSQ has granted Takeda an exclusive, worldwide, royalty-bearing license to develop, manufacture and commercialize cell and non-cell therapy products that modulate targets identified using KSQ’s CRISPRomics technology.

The deal includes two T-cell targets previously identified and validated by KSQ, with the potential to introduce two additional T-cell targets to the collaboration.

The companies will also collaborate to discover and develop therapeutics that modulate natural killer cell targets to be identified through the collaboration.

Under the terms of the agreement, upfront and potential preclinical milestones have the potential to exceed $100 million.

KSQ will be eligible for additional option payments along with development and commercialization milestone payments.

Depending on the target, these option and milestone payments can reach up to more than $400 million per program.

KSQ is also eligible to receive tiered royalties on net sales of each approved product.

KSQ and Takeda can collaborate on IND-enabling activities, with clinical development led by Takeda to explore multiple modalities.

Takeda will assume responsibility for funding all development and commercialization activities.

KSQ will have the option to participate in cost/profit sharing on one of the two products based on the T-cell targets previously identified and validated by KSQ, in the U.S. and retain royalties on all ex-U.S. sales for that product.

Sandoz has signed an agreement to acquire GSK’s cephalosporin antibiotics business, reinforcing its leading global position in antibiotics.

The agreement includes the global rights to three established brands (Zinnat, Zinacef and Fortum)) in more than 100 markets.

It excludes the rights in the US, Australia and Germany to certain of those brands, which were previously divested by GSK, and in India, Pakistan, Egypt, Japan (to certain of the brands) and China, which will be retained by GSK.

Sandoz will pay GSK USD 350 million at closing, plus additional milestone payments of up to USD 150 million, subject to the terms of the transaction.

Closing of the transaction is expected in the second half of 2021, subject to customary closing conditions including regulatory approvals.

Once the transaction is completed, GSK will supply Zinnat to Sandoz under a manufacturing and supply agreement, while supporting a transfer of the related manufacturing operations to Sandoz.

We expect this process to last for approximately four years from the close of the transaction onwards.

Amathus Therapeutics announced a strategic collaboration with Merck to develop novel small molecule therapeutic candidates for neurodegenerative diseases.

Amathus will be responsible for identifying and progressing novel chaperone activators through preclinical discovery.

Merck has the option to acquire Amathus Therapeutics and its pipeline of mitochondrial targeted candidates for the treatment of neurodegenerative disorders and renal diseases.

Amathus will receive an upfront payment from Merck and, upon Merck’s exercise of its option, will be eligible for milestone payments associated with the successful development of candidates in excess of $500 million per program.

Upon exercise of its option, Merck will be solely responsible for clinical development and commercialization.

BridGene Biosciences announced a strategic research collaboration and licensing agreement with Takeda Pharmaceutical.

Under the collaboration, the parties will establish up to five drug discovery programs, harnessing BridGene's proprietary IMTAC (Isobaric Mass Tagged Affinity Characterization) Chemoproteomics platform to identify targets and small molecule drug candidates for Takeda to develop into therapeutic candidates and pursue into clinical development.

BridGene with its chemoproteomics platform can identify small molecule interactions with a wide variety of proteins in living cells.

BridGene will receive from Takeda a one-time upfront payment for access to its IMTAC technology.

For any validated targets selected by Takeda, Takeda will receive an exclusive license to research, develop and commercialize any drug candidates that result from the research programs.

BridGene will then be eligible to receive potential preclinical, clinical and commercial milestone payments that could exceed $500 million, as well as royalties from future sales of commercialized drugs resulting from the collaboration.

Amyris has signed and closed an agreement with DSM Nutritional Products for the exclusive rights to supply Amyris's product portfolio of flavor and fragrance ingredients.

Amyris will continue to develop, scale and manufacture future molecules with its existing partners and DSM.

The total transaction value is estimated at over $500 million from short and long-term contributions with approximately 1/3 as an upfront payment at closing, more than 1/3 from potential earn-out payments based on milestones over the three year period from 2022 through 2024, and the remainder attributable to a 15-year manufacturing agreement between Amyris and DSM and the expected value of developing and scaling a pipeline of new F&F molecules through collaboration agreements.

Amyris will continue to develop, scale-up and produce all existing ingredients in its F&F portfolio with the support of DSM and Amyris's current F&F partners.

Amyris's F&F partners have extended their current R&D collaboration agreements by 15 years to accelerate the development of future F&F ingredients.

DSM will be responsible for the commercial relationship with Amyris's current partners.

The parties expect that the combination of DSM's market reach and Amyris's proprietary synthetic biology and fermentation platform will accelerate the industry's transition to clean, sustainable chemistry.

Arix Bioscience and Merck KGaA announced a global three-year strategic research collaboration to discover and develop multiple precision oncology drugs.

Artios will receive a payment of US$30 million in the form of an upfront and near-term payments.

Merck KGaA shall have the right to opt into exclusive development of compounds on up to eight targets.

If Merck KGaA chooses to exercise the option, subject to double digit option fees, Artios will be eligible to receive up to US$860 million per target, in addition to up to double digit royalty payments on net sales of each product commercialised by Merck KGaA.

Subject to certain conditions, Artios has opt-in rights for joint development and commercialisation with Merck KGaA for the programmes.

Under the terms of the agreement, the companies will leverage Artios’ proprietary nuclease targeting discovery platform to jointly identify multiple synthetic lethal targets for precision oncology drug candidates.

Daiichi Sankyo has entered into a global development and commercialization agreement with AstraZeneca for Daiichi Sankyo’s DS-1062, a TROP2 directed DXd antibody drug conjugate, currently in phase 1 clinical development for non-small cell lung cancer and triple negative breast cancer.

Daiichi Sankyo and AstraZeneca will jointly develop and commercialize DS-1062 worldwide, except in Japan where Daiichi Sankyo will maintain exclusive rights.

Daiichi Sankyo will manufacture and supply DS-1062.

AstraZeneca will pay Daiichi Sankyo an upfront payment of $1 billion, of which $350 million is due upon execution, $325 million after 12 months and $325 million after 24 months.

Contingent payments of up to $5 billion include $1 billion for achievement of future regulatory milestones, and $4 billion for sales-related milestones.

Total payments under the agreement have the potential to reach up to $6 billion.

Daiichi Sankyo and AstraZeneca will share equally development and commercialization costs as well as profits from DS-1062 worldwide, except for Japan.

Daiichi Sankyo is expected to book sales in U.S., certain countries in Europe, and certain other markets where Daiichi Sankyo has affiliates.

AstraZeneca is expected to book sales in other markets worldwide, including China, Australia, Canada and Russia.

The upfront payment and regulatory milestones will be booked as revenue over the period in which Daiichi Sankyo has contractual performance obligations under this collaboration.

Impact on Daiichi Sankyo’s consolidated financials for fiscal year ending March 31, 2021 will be announced at an appropriate time in the future.

The collaboration is expected to enhance the corporate and shareholder value for Daiichi Sankyo over the mid- to long-term.

Seattle Genetics and Merck announced a strategic oncology collaboration.

The companies will globally develop and commercialize Seattle Genetics’ ladiratuzumab vedotin, an investigational antibody-drug conjugate (ADC) targeting LIV-1, which is currently in phase 2 clinical trials for breast cancer and other solid tumors.

The collaboration will pursue a broad joint development program evaluating ladiratuzumab vedotin as monotherapy and in combination with Merck’s anti-PD-1 therapy KEYTRUDA (pembrolizumab) in triple-negative breast cancer, hormone receptor-positive breast cancer and other LIV-1-expressing solid tumors.

Seattle Genetics will receive a $600 million upfront payment and Merck will make a $1.0 billion equity investment in 5.0 million shares of Seattle Genetics common stock at a price of $200 per share.

Seattle Genetics is eligible for progress-dependent milestone payments of up to $2.6 billion.

Seattle Genetics and Merck will collaborate and equally share costs on the global development of ladiratuzumab vedotin and other LIV-1-targeting ADCs.

The companies have agreed to jointly develop and share future costs and profits for ladiratuzumab vedotin on a 50:50 basis worldwide.

Merck will pay Seattle Genetics $600 million upfront and make a $1.0 billion equity investment in 5.0 million shares of Seattle Genetics common stock at a price of $200 per share.

In addition, Seattle Genetics will be eligible to receive up to $2.6 billion in milestone payments, including $850 million in development milestones and $1.75 billion in sales milestones.

The companies will jointly develop and commercialize ladiratuzumab vedotin and equally share profits worldwide.

The companies will co-commercialize in the U.S. and Europe.

Seattle Genetics will be responsible for marketing applications for approval in the U.S. and Canada, and will record sales in the U.S., Canada and Europe.

Merck will be responsible for marketing applications for approval in Europe and in countries outside the U.S. and Canada, and will record sales in countries outside the U.S., Europe and Canada.

Including the upfront payment, equity investment proceeds and potential milestone payments, Seattle Genetics is eligible to receive up to $4.2 billion.

Myovant Sciences and Pfizer announced a collaboration to develop and commercialize relugolix – a once-daily, oral gonadotropin-releasing hormone (GnRH) receptor antagonist – in oncology and women’s health in the U.S. and Canada.

Pfizer will also receive an exclusive option to commercialize relugolix in oncology outside the U.S. and Canada, excluding certain Asian countries.

Myovant and Pfizer will jointly develop and commercialize ORGOVYX (relugolix) in advanced prostate cancer and, if approved, relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) in women’s health in the U.S. and Canada.

Myovant and Pfizer will begin co-promoting ORGOVYX for advanced prostate cancer in early 2021.

Myovant and Pfizer will equally share profits and certain expenses for ORGOVYX and relugolix combination tablet with Myovant recording revenues.

Myovant will remain responsible for regulatory interactions and drug supply and continue to lead clinical development for relugolix combination tablet.

Myovant will receive up to $4.2 billion, including an upfront payment of $650 million, $200 million in potential regulatory milestones for U.S. Food and Drug Administration (FDA) approvals for relugolix combination tablet in women’s health, and tiered sales milestones upon reaching certain thresholds up to $2.5 billion in net sales for prostate cancer and also for the combined women’s health indications.

If Pfizer exercises the option to commercialize relugolix in oncology outside of the U.S. and Canada, excluding certain Asian countries, Myovant will receive $50 million and be entitled to receive double-digit royalties on sales.

Alteogen has entered into a non-exclusive, global license agreement with a Top Ten Pharmaceutical Company, to use ALT-B4, Alteogen’s novel hyaluronidase- derived utilizing the Hybrozyme technology.

ALT-B4 is a proprietary recombinant human hyaluronidase enzyme that enables large-volume subcutaneous administration of biologics that would otherwise be administered as an IV injection.

Alteogen has granted worldwide rights for TTPC to develop multiple products in combination with ALT-B4.

Alteogen will receive an initial payment of USD 16 Million and is also eligible to receive additional milestones upon TTPC’s achievement of specified development, regulatory and sales milestones, totaling up to USD 3.865 Billion for the initial products under this agreement.

TTPC may in the future elect to develop additional products in combination with ALT-B4 upon achievement of the pre-specified milestone. Alteogen will be responsible for regulatory development and commercial supply of ALT-B4.

AbbVie and Genmab have signed a broad collaboration agreement to jointly develop and commercialize three of Genmab's early-stage investigational bispecific antibody product candidates and enter into a discovery research collaboration for future differentiated antibody therapeutics for cancer.

The companies will partner to develop Genmab's next-generation bispecific antibody programs, epcoritamab (DuoBody-CD3xCD20), DuoHexaBody-CD37 and DuoBody-CD3x5T4.

The collaboration combines Genmab's world-class discovery and development engine and next-generation bispecific antibody therapeutic candidates with AbbVie's deep clinical expertise, innovative antibody-drug conjugate (ADC) platform and global commercial leadership in hematological cancers.

The discovery research collaboration will combine proprietary antibodies from both companies along with Genmab's DuoBody technology and AbbVie's payload and ADC technology to select and develop up to four additional differentiated next-generation antibody-based product candidates, potentially across both solid tumors and hematological malignancies.

Genmab's DuoBody-CD3 technology engages and directs cytotoxic T cells selectively to tumors to elicit an immune response towards malignant tumor cells.

AbbVie's ADC technology allows the delivery of a therapeutic toxin directly to cancer cells while sparing normal, healthy cells, providing for a more targeted, less toxic treatment approach.

This collaboration will provide for the joint development and commercialization of the three bispecific antibody therapeutic candidates.

For epcoritamab, the companies will share commercial responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization.

Genmab will book net sales in the U.S. and Japan and receive tiered royalties on remaining global sales.

For DuoHexaBody-CD37, DuoBody-CD3x5T4 and any product candidates developed as a result of the companies' discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan.

Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan.

For the discovery research partnership, Genmab will conduct Phase 1 studies for these programs.

AbbVie retains the right to opt-in to program development.

AbbVie will pay Genmab USD 750 million in upfront payment with the potential for Genmab to receive up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs as well as tiered royalties between 22% and 26% on net sales for epcoritamab outside the U.S. and Japan.

Except for these royalty-bearing sales, the parties share in pre-tax profits from the sale of products on a 50:50 basis.

Included in these potential milestones are up to USD 1.15 billion in payments related to clinical development and commercial success across the three existing bispecific antibody programs.

In addition, if all four next-generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exercise and success-based milestone payments.

Biogen and Sage Therapeutics have executed a global collaboration and license agreement to jointly develop and commercialize zuranolone (SAGE-217) for major depressive disorder (MDD), postpartum depression (PPD) and other psychiatric disorders and SAGE-324 for essential tremor and other neurological disorders.

Biogen and Sage will collaborate to further define the development and commercialization strategy for zuranolone.

Beyond PPD and MDD, zuranolone may also have potential in other psychiatric disorders including bipolar disorder and generalized anxiety disorder.

Sage will receive $1.525 billion in cash to be comprised of an upfront payment of $875 million and a $650 million equity investment in Sage from the purchase of approximately 6.2 million newly issued shares of Sage common stock at a price of $104.14 per share, representing a premium of 40 percent over the 30-day volume-weighted average share price of $74.39 per share as of November 25, 2020.

Should the zuranolone and SAGE-324 programs achieve certain development and commercial milestones, Sage will be eligible to receive up to approximately $1.6 billion in potential milestone payments.

Biogen and Sage will share responsibility and costs for development as well as profits and losses for commercialization in the U.S. (50 percent Biogen; 50 percent Sage).

Outside the U.S., Biogen will be responsible for development and commercialization, excluding Japan, Taiwan and South Korea with respect to zuranolone, and will pay Sage tiered royalties in the high teens to low twenties.

Fate Therapeutics announced a global collaboration and option agreement with Janssen Biotech.

Janssen will contribute proprietary antigen binding domains for up to four tumor-associated antigen targets.

The Company will apply its iPSC product platform to research and preclinically develop new iPSC-derived chimeric antigen receptor (CAR) NK and CAR T-cell product candidates.

The Company will receive $50 million in cash and $50 million from the purchase by Johnson & Johnson Innovation of newly issued shares of the Company’s common stock at a price per share of $31.00.

Janssen will also reimburse the Company for all activities conducted under the collaboration.

The Company will advance candidates under the collaboration to the filing of an Investigational New Drug (IND) application, after which Janssen will have the right to exercise its option for an exclusive license for the development and commercialization of collaboration candidates targeting the tumor-associated antigens.

The Company will be primarily responsible for the manufacture of collaboration candidates, the cost of which will be paid for by Janssen.

The Company is eligible to receive payments of up to $1.8 billion upon the achievement of development and regulatory milestones and up to $1.2 billion upon the achievement of commercial milestones, plus double-digit royalties on worldwide commercial sales of products targeting the antigens.

In addition, the Company has the right to elect to co-commercialize each collaboration candidate in the U.S. and share equally in profits and losses in the U.S., subject to its payment of certain clinical development costs and adjustments in milestone and royalty payments.

Repare Therapeutics has entered into an exclusive, worldwide research collaboration with Bristol Myers Squibb.

Under the terms of the agreement, the companies will leverage Repare’s proprietary, CRISPR-enabled genome-wide synthetic lethal target discovery platform, SNIPRx, to jointly identify multiple synthetic lethal precision oncology targets for drug candidates.

Repare will grant BMS exclusive worldwide rights to develop and commercialize therapeutics for select validated synthetic lethal precision oncology targets discovered under the collaboration.

BMS will make an upfront payment of $65 million which includes a $15 million equity investment in Repare.

Repare will be eligible to receive up to approximately $3 billion in license fees, discovery, development, regulatory and sales-based milestones, in addition to royalty payments on net sales of each product commercialized by BMS.

WuXi Biologics announced that WuXi Vaccines has entered into a strategic partnership with a global vaccine leader and signed a 20-year vaccine manufacturing contract valued approximately $3 billion USD, pursuant to which WuXi Vaccines will build a dedicated facility and supply a commercial vaccine products for the global market.

WuXi Vaccines will build an integrated vaccine manufacturing facility including drug substance manufacturing (DS), drug product manufacturing (DP), Manufacture Science and Technology Labs (MS&T) as well as Quality Control labs (QC).

The facility will be dedicated to manufacture one of its partner's vaccine products for the global market.

The new facility is expected to be operational in 2022.

Schrödinger announced a discovery collaboration with Bristol Myers Squibb to discover, develop, and commercialize therapeutics in multiple disease areas.

The multi-year collaboration will combine Schrödinger’s leading physics-based computational platform and drug discovery capabilities with Bristol Myers Squibb's expertise in development and commercialization to advance small molecule therapeutics for targets in oncology, immunology, and neurological disorders.

The collaboration includes two of Schrödinger’s early-stage programs and additional undisclosed targets.

Schrödinger will be responsible for the discovery of development candidates for each of the targets under the collaboration.

Bristol Myers Squibb will then be responsible for the development, manufacturing, and commercialization of the candidates.

Bristol Myers Squibb will pay Schrödinger $55 million upfront, and Schrödinger will also be eligible to receive up to $2.7 billion in preclinical, development, regulatory and sales-based milestone payments.

Schrödinger is entitled to receive royalties on net sales of each product commercialized by Bristol Myers Squibb.

Schrödinger has agreed to grant Bristol Myers Squibb exclusive worldwide rights to develop and commercialize the development candidates generated by the collaboration.

Biogen and Sangamo Therapeutics have executed a global licensing collaboration agreement to develop and commercialize ST-501 for tauopathies including Alzheimer’s disease, ST-502 for synucleinopathies including Parkinson’s disease, a third undisclosed neuromuscular disease target, and up to nine additional undisclosed neurological disease targets.

The companies will leverage Sangamo’s proprietary zinc finger protein (ZFP) technology delivered via adeno-associated virus (AAV) to modulate the expression of key genes involved in neurological diseases.

Biogen has exclusive global rights to ST-501 for tauopathies including Alzheimer’s disease, ST-502 for synucleinopathies including Parkinson’s disease, and a third undisclosed neuromuscular disease target.

In addition, Biogen has exclusive rights to nominate up to nine additional undisclosed targets over a target selection period of five years.

Sangamo will perform early research activities, costs for which will be shared by the companies, aimed at the development of the combination of proprietary CNS delivery vectors and ZFP-TFs targeting therapeutically relevant genes.

Biogen will then assume responsibility and costs for the investigational new drug-enabling studies, clinical development, related regulatory interactions, and global commercialization.

Sangamo will be responsible for GMP manufacturing activities for the initial clinical trials for the first three products of the collaboration and plans to leverage its in-house manufacturing capacity.

Biogen will assume responsibility for GMP manufacturing activities beyond the first clinical trial for each of the first three products.

Sangamo will receive $350 million comprised of $125 million in a license fee payment and $225 million from the sale of new Sangamo stock, or approximately 24 million shares at $9.21 per share.

Sangamo may receive up to $2.37 billion in other development, regulatory, and commercial milestone payments, including up to $925 million in pre-approval milestone payments and up to $1,445 million in first commercial sale and other sales-based milestone payments.

Sangamo will also be eligible to receive from Biogen tiered high single digit to sub-teen double-digit royalties on potential net commercial sales of products arising from the collaboration.

Nurix Therapeutics announced a global strategic collaboration with Sanofi to discover, develop and commercialize a pipeline of innovative targeted protein degradation drugs for patients with challenging diseases in multiple therapeutic areas.

Nurix will utilize its proprietary drug discovery platform, DELigase, that integrates its DNA-encoded libraries (DEL) and its unparalleled portfolio of E3 ligases to create small molecules designed to induce degradation of three specified drug targets, with an option by Sanofi to expand to a total of five targets.

Sanofi will have exclusive rights and be responsible for clinical development and commercialization of drug candidates resulting from the work while Nurix will retain the option to co-develop and co-promote up to two products in the United States under certain conditions.

The collaboration excludes Nurix’s lead degradation programs for which Nurix retains all rights.

Nurix will receive an upfront payment of $55 million and subsequent payments upon expansion of the number of targets to be included in the collaboration.

In addition, Nurix will be eligible to receive up to approximately $2.5 billion in total payments based on the successful completion of certain research, pre-clinical, clinical, regulatory and sales milestones.

For those programs that Nurix exercises its option to co-develop and co-promote, the parties will split U.S. profits and losses evenly and Nurix will be eligible to receive royalties on ex-U.S. net sales on all optioned products.

Merck announced an exclusive worldwide research collaboration and license agreement with Taiho Pharmaceutical and Astex Pharmaceuticals focused on the development of small molecule inhibitors against several drug targets, including the KRAS oncogene, which are currently being investigated for the treatment of cancer.

Merck, Taiho and Astex will combine preclinical candidates and their data with knowledge and expertise from their respective research programs.

In exchange for providing Merck an exclusive global license to their small molecule inhibitor candidates, Taiho and Astex will receive an aggregate upfront payment of $50 million and will be eligible to receive approximately $2.5 billion contingent upon the achievement of preclinical, clinical, regulatory and sales milestones for multiple products arising from the agreement, as well as tiered royalties on sales.

Merck will fund research and development and will be responsible for commercialization of products globally.

Taiho has retained co-commercialization rights in Japan and an option to promote in specific areas of South East Asia.

June 2021

Translate Bio has achieved a manufacturing milestone under the collaboration with Sanofi Pasteur related to its influenza mRNA vaccine program.

Translate Bio will receive a $50 million payment from Sanofi Pasteur for the successful manufacture, release, and delivery of clinical drug product to supply Sanofi Pasteur’s Phase 1 influenza clinical trial which is anticipated to begin in the coming weeks.

The Phase 1 clinical trial will evaluate a monovalent influenza vaccine candidate and will inform the next steps of the mRNA-based influenza vaccine program.

July 2020

Translate Bio announced the closing of a previously announced expansion of the collaboration and licensing agreement with Sanofi Pasteur to develop mRNA vaccines for all infectious disease pathogens.

Translate Bio will receive $425 million in upfront payment and common stock equity investment and overall is eligible to receive up to $1.9 billion of potential milestones and other payments as well as tiered royalties on worldwide sales of developed vaccines.

Sanofi received exclusive worldwide rights for infectious disease mRNA vaccines. Sanofi will pay for all costs during the collaboration term.

March 2020

Sanofi Pasteur and Translate Bio collaborate to develop a novel mRNA vaccine for COVID-19.

This collaboration leverages an existing agreement from 2018 between the two companies to develop mRNA vaccines for infectious diseases.

Skyhawk Therapeutics and Vertex Pharmaceuticals announced a strategic research collaboration and licensing agreement aimed at the discovery and development of novel small molecules that modulate RNA splicing for the treatment of serious diseases.

Vertex will pay Skyhawk $40 million upfront.

Skyhawk will grant Vertex options to exclusively license worldwide intellectual property rights to candidates discovered and developed under the collaboration that are directed to program targets.

Following Vertex’s exercise of its options, Vertex will be responsible for further development and commercialization.

Skyhawk is also eligible to receive up to $2.2 billion in potential milestone payments, as well as potential royalties on future sales.

Kymera Therapeutics has entered into a multi-program strategic collaboration with Sanofi to develop and commercialize first-in-class protein degrader therapies targeting IRAK4 in patients with immune-inflammatory diseases.

The companies will also partner on a second earlier stage program.

Kymera will receive $150 million in cash upfront and may receive more than $2 billion in potential development, regulatory and sales milestones, as well as significant royalty payments.

Kymera retains the option to participate in US development and commercialization for both programs.

This includes the ability to participate equally in the costs, profits and losses after opt-in, and to co-promote partnered products in the US.

Sanofi will make an upfront payment of $150 million in cash to Kymera for global rights to develop its small molecule IRAK4 protein degraders in inflammation and immunology indications, and a second earlier stage undisclosed program.

IRAK4 is believed to play a key role in multiple immune-inflammatory diseases, including hidradenitis suppurativa, atopic dermatitis and rheumatoid arthritis.

Kymera will advance the IRAK4 program through Phase 1 clinical trials; Sanofi will assume clinical development and commercialization responsibilities thereafter.

Sanofi will lead all clinical development activities for the second program.

Kymera will have the option to participate in the development of both programs in the US during clinical development.

Kymera will retain global rights to its IRAK4 program in oncology indications.

Biogen and Denali Therapeutics have signed a binding agreement to co-develop and co-commercialize Denali’s small molecule inhibitors of leucine-rich repeat kinase 2 (LRRK2) for Parkinson’s disease.

Biogen will also receive rights to opt into two programs and a right of first negotiation for two additional programs, in each case for neurodegenerative diseases leveraging Denali’s Transport Vehicle (TV) technology platform to cross the blood-brain barrier (BBB).

Biogen will collaborate with Denali to co-develop and co-commercialize Denali’s small molecule inhibitors of LRRK2 for Parkinson’s disease.

Biogen and Denali will co-commercialize the LRRK2 product in the U.S. and China, and Biogen will commercialize in all other markets.

DNL151 has been selected to progress into late stage clinical studies expected to commence in 2021.

In addition to the LRRK2 program, Biogen will also receive an exclusive option to license two preclinical programs from Denali’s TV platform, which aims to improve brain uptake of biotherapeutics, including its Antibody Transport Vehicle (ATV): Abeta program (ATV enabled anti-amyloid beta program) and a second program utilizing its TV technology.

Biogen will have right of first negotiation on two additional TV-enabled therapeutics, currently at a preclinical stage, should Denali decide to seek a collaboration for such programs.

Denali’s TV platform is a proprietary technology designed to effectively deliver large therapeutic molecules such as antibodies, enzymes, proteins and oligonucleotides across the BBB after intravenous administration.

Biogen will make an upfront payment to Denali of $560 million and make a $465 million equity investment in Denali from the purchase of 13.3 million newly issued shares of Denali common stock at approximately $34.94 per share, representing 11.2 percent of Denali’s pro-forma outstanding stock.

Should the LRRK2 program achieve certain development and commercial milestones, Denali will be eligible to receive up to $1.125 billion in potential milestone payments.

In the LRRK2 collaboration, Biogen and Denali will share responsibility and costs for global development (60 percent Biogen; 40 percent Denali), and will share responsibility and costs as well as profits and losses for commercialization in the U.S. (50 percent Biogen; 50 percent Denali) and China (60 percent Biogen; 40 percent Denali).

Outside the U.S. and China, Biogen will be responsible for commercialization and pay Denali tiered royalties.

UCB announced an agreement to enter into a world-wide, exclusive license agreement with Roche and Genentech for the global development and commercialization of UCB0107 in Alzheimer's Disease.

The transaction remains subject to obtaining antitrust clearance and other customary closing conditions.

UCB will provide an exclusive, world-wide license to Roche and Genentech to develop and commercialize UCB0107 in AD.

UCB will receive an initial upfront payment of US $120 million.

UCB will fund and perform a proof-of-concept study in AD and, upon availability of the results of that study, Genentech has the right to progress with the development or return full rights back to UCB.

After Genentech's decision to proceed with further clinical development, UCB will be eligible to receive further potential cost reimbursement, development and sales milestone payments as well as royalties with a total potential consideration approaching US $2 billion upon receipt of certain regulatory approvals and satisfying certain clinical and sales milestones.

Innovent Biologics announced a strategic research and development collaboration with Roche covering multiple cell therapies and bispecific antibodies.

The collaboration will focus on the discovery, clinical development and commercialization of bispecific antibodies and multiple cell therapies and will be directed to the treatment of hematological and solid cancers.

Innovent will pay upfront, development and commercial milestone payments, and royalties, to non-exclusively access certain Roche technologies that enable the discovery and development of specific 2:1 T-cell bispecific antibodies (TCB) and the universal CAR-T platform.

Innovent will create, develop, manufacture, and commercialize the products. Roche retains an option right to license each product for ex-China development and commercialization.

Should Roche exercise all of its options, it will pay option exercise payments totaling $140 million plus additional development, approval, and sales milestone payments up to $1.96 billion if all products are successfully developed and commercialized.

Roche will pay double-digit up to mid teen percentage royalties on each product.

Insitro has entered into a five-year, discovery collaboration with Bristol Myers Squibb focused on the discovery and development of novel therapies for the treatment of amyotrophic lateral sclerosis and frontotemporal dementia.

Insitro will apply its proprietary platform, the insitro Human (ISH) platform, to create induced pluripotent stem cell (iPSC) derived disease models for ALS and FTD.

The ISH platform applies machine learning, human genetics and functional genomics to generate and optimize predictive in vitro models and drive therapeutic discovery and development.

Through its application, the ISH platform will provide insights into disease progression, identify coherent patient segments and discover candidate targets.

Based on these insights, insitro will apply its machine-learning-enabled therapeutics discovery capabilities to advance programs.

Bristol Myers Squibb will have the option to select a number of targets identified by insitro to advance through clinical development and commercialization.

insitro will receive $50 million in an upfront payment and will be eligible to receive an additional $20 million in near term operational milestones and up to an aggregate of more than $2 billion in discovery, development, regulatory and commercial milestones in addition to royalty payments on net product sales.

Bristol Myers Squibb will be responsible for clinical development as well as regulatory submissions and commercialization activities.

Affimed and Roivant Sciences have entered into a licensing and strategic collaboration agreement to develop and commercialize novel ICE molecules in oncology.

The collaboration grants Roivant a license to the preclinical molecule AFM32. The collaboration will also leverage Affimed’s proprietary Redirected Optimized Cell Killing (ROCK) platform to generate ICE molecules against targets not included in Affimed’s current pipeline.

Affimed will receive $60 million in upfront consideration, comprised of $40 million in cash and pre-paid R&D funding, and $20 million of newly issued shares in Roivant.

Affimed could receive further short-term proceeds in the form of option fees contingent on the commencement of additional programs contemplated under the agreement.

The company is eligible to receive up to an additional $2 billion in milestones over time upon achievement of specified development, regulatory and commercial milestones, as well as tiered royalties on net sales.

Pursuant to the agreement, Affimed will be primarily responsible for driving the discovery and research phases of molecule development through filing of the IND.

Roivant will be responsible for clinical development and commercialization worldwide, and Affimed retains an option for co-promotion.

uniQure and CSL Behring have entered into a licensing agreement providing CSL Behring with exclusive global rights to etranacogene dezaparvovec, uniQure’s investigational gene therapy for patients with hemophilia B.

Etranacogene dezaparvovec consists of an AAV5 viral vector carrying a gene cassette with the patent-protected Padua variant of Factor IX (FIX-Padua).

uniQure will receive a $450 million upfront cash payment and be eligible to receive up to $1.6 billion in payments based on regulatory and commercial milestones.

uniQure will also be eligible to receive tiered double-digit royalties in a range of up to a low-twenties percentage of net product sales arising from the collaboration.

Neurocrine Biosciences and Takeda Pharmaceutical announced a strategic collaboration to develop and commercialize compounds in Takeda’s early-to-mid-stage psychiatry pipeline.

Specifically, Takeda granted an exclusive license to Neurocrine Biosciences for seven pipeline programs, including three clinical stage assets for schizophrenia, treatment-resistant depression and anhedonia.

Neurocrine Biosciences will be responsible for developing and commercializing all pipeline compounds included in the collaboration.

Takeda will receive a total of $120 million USD in upfront cash.

Takeda will be entitled to development milestones of up to $495 million USD, commercial milestones of up to $1.4 billion USD and up to double-digit royalties on net sales.

At certain development events, Takeda may elect to opt in or out of a 50:50 profit share on all clinical programs on an asset-by-asset basis.

For any asset in which Takeda is participating in a 50:50 profit share arrangement, Takeda will not be eligible to receive development or commercial milestones.

MorphoSys and Incyte have entered into a collaboration and license agreement to further develop and commercialize MorphoSys' proprietary anti-CD19 antibody tafasitamab (MOR208) globally.

Tafasitamab is an Fc-engineered antibody against CD19 currently in clinical development for the treatment of B cell malignancies.

MorphoSys and Incyte will co-commercialize tafasitamab in the U.S., while Incyte has exclusive commercialization rights outside of the U.S.

MorphoSys will receive an upfront payment of $750 million and, in addition, Incyte will make an equity investment into MorphoSys of $150 million in new American Depositary Shares (ADS) of MorphoSys at a premium to the share price at signing of the agreement.

Depending on the achievement of certain developmental, regulatory and commercial milestones, MorphoSys will be eligible to receive milestone payments amounting to up to $1.1 billion.

MorphoSys will also receive tiered royalties on ex-U.S. net sales of tafasitamab in a mid-teens to mid-twenties percentage range of net sales.

In the U.S., MorphoSys and Incyte will co-commercialize tafasitamab, with MorphoSys leading the commercialization strategy and booking all revenues from sales of tafasitamab.

Incyte and MorphoSys will be jointly responsible for commercialization activities in the U.S. and will share profits and losses on a 50:50 basis.

Outside the U.S., Incyte will have exclusive commercialization rights, and will lead the commercialization strategy and book all revenues from sales of tafasitamab, paying MorphoSys royalties on ex-U.S. net sales.

Furthermore, the companies will share development costs associated with global and U.S.-specific trials at a rate of 55% (Incyte) to 45% (MorphoSys); Incyte will cover 100% of the future development costs for trials that are specific to ex-U.S. countries.

Both parties have agreed to co-develop tafasitamab broadly in relapsed/refractory diffuse large B cell lymphoma (r/r DLBCL), frontline DLBCL as well as additional indications beyond DLBCL, such as follicular lymphoma (FL), marginal zone lymphoma (MZL) and chronic lymphocytic leukemia (CLL).

Incyte will be responsible for initiating a combination study of its investigational PI3K-delta inhibitor parsaclisib and tafasitamab in r/r B cell malignancies.

Further, Incyte will be responsible for leading any potential registration-enabling studies in CLL and a phase 3 trial in r/r FL/MZL. MorphoSys will continue to be responsible for its currently ongoing clinical trials of tafasitamab in non-Hodgkin lymphoma (NHL), CLL, r/r DLBCL and frontline DLBCL. The parties will share responsibility in starting additional global trials, and Incyte intends to pursue development in additional territories including Japan and China.

MorphoSys recently submitted a Biologics License Application (BLA) for tafasitamab, in combination with lenalidomide, to the U.S. Food and Drug Administration (FDA) for the treatment of r/r DLBCL; the FDA decision regarding a potential approval is expected by mid-2020.

The submission of a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in r/r DLBCL is planned for mid-2020.

Blackstone Medical and Alnylam Pharmaceuticals have entered into a broad strategic collaboration under which Blackstone will provide up to $2 billion to support Alnylam’s advancement of innovative RNA interference (RNAi) medicines that have the potential to transform the lives of patients suffering from a range of debilitating diseases.

The deal is anchored by Blackstone’s purchase of 50 percent of the royalties owed to Alnylam on global sales of inclisiran, an investigational RNAi therapeutic for the treatment of hypercholesterolemia, currently under review by the U.S. Food and Drug Administration.

Inclisiran is a twice-a-year, subcutaneously injected RNAi therapeutic that has been shown in a comprehensive Phase 3 program to reduce low-density lipoprotein (LDL) or “bad” cholesterol with an acceptable safety profile.

If approved, this medicine is expected to help patients lower LDL cholesterol, a major risk factor for cardiovascular disease, the leading cause of mortality in the U.S. and globally.

The strategic financing collaboration, led by Blackstone Life Sciences and GSO Capital Partners, Blackstone’s credit platform, is expected to enable Alnylam’s achievement of a self-sustainable financial profile without need for future equity financing, accelerating the commercial potential of Alnylam’s rapidly advancing product portfolio.

The investment by multiple Blackstone businesses will support the development and delivery of promising medicines to the patients who need them and is one of the largest ever private financings of a biotech company.

The transaction includes the inclisiran royalty monetization, corporate debt, purchase of Alnylam equity, and funding for certain R&D activities related to the clinical advancement of two Alnylam investigational RNAi therapeutic programs in cardiovascular disease.

Specifically, the transaction is comprised of the following components:

$1 billion in committed payments, led by Blackstone Life Sciences, to acquire 50 percent of Alnylam’s royalties and commercial milestones for inclisiran;

Up to $750 million in a first lien senior secured term loan led by GSO;

Up to $150 million from Blackstone Life Sciences for development of Alnylam’s cardiometabolic programs vutrisiran and ALN-AGT (to be established based upon a non-binding letter of intent);

$100 million purchase of Alnylam common stock.

Servier has entered into an agreement for the acquisition of Agios Pharmaceuticals' oncology business including its commercial, clinical and research-stage oncology portfolio for up to $2 billion, including an upfront payment of $1.8 Billion and a potential $200 million in regulatory milestone, plus royalties.

The transaction has been approved by both companies' respective boards of directors.

Pfizer and BioNTech announced the execution of an agreement with the U.S. Department of Health and Human Services and the Department of Defense to meet the U.S. government’s Operation Warp Speed program goal to begin delivering 300 million doses of a vaccine for COVID-19 in 2021.

Under the agreement, the U.S. government will receive 100 million doses of BNT162, the COVID-19 vaccine candidate jointly developed by Pfizer and BioNTech, after Pfizer successfully manufactures and obtains approval or emergency use authorization from U.S. Food and Drug Administration.

The U.S. government will pay the companies $1.95 billion upon the receipt of the first 100 million doses, following FDA authorization or approval.

The U.S. government also can acquire up to an additional 500 million doses.

Pfizer and BioNTech announced a second agreement with the U.S. government to supply an additional 100 million doses of the companies’ COVID-19 Vaccine from production facilities in the U.S.

This agreement brings the total number of doses to be delivered to the U.S. to 200 million.

The companies expect to deliver the full 200 million doses to Operation Warp Speed (OWS) by July 31, 2021.

Consistent with the original agreement announced in July 2020, the U.S. government will pay $1.95 billion for the additional 100 million doses.

AbbVie and I-Mab have signed a broad, global collaboration agreement for the development and commercialization of lemzoparlimab (also known as TJC4), an innovative anti-CD47 monoclonal antibody internally discovered and developed by I-Mab for the treatment of multiple cancers.

In addition, the two partners have the potential to expand the collaboration to additional transformative therapies.

The collaboration established today provides AbbVie with an exclusive global license, excluding greater China, to develop and commercialize lemzoparlimab. Both companies will collaborate to design and conduct further global clinical trials to evaluate lemzoparlimab in multiple cancers.

I-Mab retains all rights to develop and to commercialize lemzoparlimab in mainland China, Macau and Hong Kong.

The collaboration also allows for potential collaboration on future CD47-related therapeutic agents.

Each party will have the opportunity subject to further licenses to explore each other's related programs in their respective territories.

The companies will share manufacturing responsibilities with AbbVie being the primary manufacturer for global supply.

The collaboration will accelerate I-Mab's establishment of commercial production operations in China.

AbbVie will pay I-Mab $180 million in an upfront payment to exclusively license lemzoparlimab, along with $20 million in a milestone payment based on the Phase 1 results, for a total of $200 million.

I-Mab will be eligible to receive up to $1.74 billion in success-based milestone payments for lemzoparlimab, of which $840 million are based on clinical development and regulatory approval milestones, with the remainder based on commercial milestones.

Upon commercialization of lemzoparlimab, AbbVie will also pay tiered royalties from low-to-mid teen percentages on global net sales outside of greater China.

Gilead Sciences and Arcus Biosciences have entered into a 10-year partnership to co-develop and co-commercialize current and future therapeutic product candidates in Arcus’s pipeline.

The agreement will also provide ongoing funding to support Arcus’s research and development programs.

Arcus will receive $375 million upon closing, consisting of a $175 million upfront payment and a $200 million equity investment from Gilead.

Arcus is eligible to receive up to $1.225 billion in opt-in and milestone payments with respect to its current clinical product candidates.

Gilead will gain access to Arcus’s current and future investigational immuno-oncology products through the agreement, as Gilead continues to expand its presence in the field.

This includes immediate rights to zimberelimab, as well as the right to opt-in to all other current Arcus clinical candidates, which include AB154, AB928 and AB680, upon payment of an opt-in fee that ranges from $200 million to $275 million per program, after delivery of a qualifying data package.

If Gilead opts-in to the AB154 program, Arcus is eligible to receive up to $500 million in potential future U.S. regulatory approval milestones.

Gilead will receive the right to opt-in to all other programs that emerge from Arcus’s research portfolio over the next 10 years, upon payment of an opt-in fee of $150 million per program after Arcus’s delivery of a qualifying data package.

Upon Gilead’s exercise of its option for a program, unless Arcus opts out according to terms of the agreement, the companies will co-develop and share global development costs and will co-commercialize and share profits in the United States.

Gilead will obtain exclusive rights to commercialize any optioned programs outside of the U.S., subject to any rights of Arcus’s existing partners, and for which Gilead will pay to Arcus tiered royalties ranging from high-teens to low twenties.

Gilead will further provide ongoing research and development support of up to $400 million over the collaboration term.

Gilead will have the right to appoint two individuals to Arcus’s Board of Directors upon closing of the transaction.

Gilead’s $200 million equity investment will be at a price per share of $33.54. Additionally, Gilead will have the right to purchase additional shares from Arcus, up to a maximum of 35% of the outstanding voting stock of Arcus over the course of the next five years, at a 20% premium at the time Gilead exercises such option, or, if greater, at the initial purchase price per share.

Dyno Therapeutics announced a collaboration and license agreement with Roche to apply Dyno’s CapsidMap platform for the development of next-generation adeno-associated virus (AAV) vectors for gene therapies for central nervous system (CNS) diseases and liver-directed therapies for the portfolio of both Roche and Spark Therapeutics, a member of the Roche Group.

Dyno will be responsible for the design of novel AAV capsids with improved functional properties for gene therapy, while Roche and Spark Therapeutics will be responsible for conducting preclinical, clinical and commercialization activities for gene therapy product candidates using the novel capsids.

Dyno will receive an undisclosed upfront payment and if successful, is eligible to receive additional payments during the research phase of the collaboration as well as clinical and sales milestone payments and royalties for any resulting products.

The aggregate potential value of future milestone payments to Dyno may exceed $1.8 billion.

Gilead Sciences announced that for $275 million the company will acquire a 49.9 percent equity interest in Pionyr Immunotherapeutics, and an exclusive option to purchase the remainder of Pionyr.

Pionyr’s shareholders may receive up to an additional $1.47 billion in option exercise fees and future milestone payments.

Pionyr’s shareholders will receive $275 million upon closing.

Gilead will receive 49.9 percent of the common stock of Pionyr and an exclusive option to purchase the remaining equity.

Gilead may exercise its exclusive option upon completion of Phase 1b studies for PY314 and PY159, or at an earlier time if Gilead chooses to do so, for a $315 million option exercise fee and up to $1.15 billion in potential future milestone payments.

Gilead will provide Pionyr with additional funding for the PY314 and PY159 clinical programs, as well as ongoing research and development programs.

Gilead will have the right to nominate one individual to Pionyr’s Board of Directors upon closing of the transaction.

Gilead and the other stockholders of Pionyr will jointly select and nominate one independent individual to Pionyr’s Board of Directors.

Bicycle Therapeutics has entered into a strategic collaboration agreement with Genentech to discover, develop and commercialize novel Bicycle-based immuno-oncology therapies.

By entering into this early discovery collaboration with Genentech, Bicycle will be exploring its technology on a wider range of immuno-oncology targets, combining the expertise of both companies.

Bicycle brings its proprietary discovery platform, which allows rapid screening of novel targets to identify Bicycles and the ability to readily conjugate these together to create novel molecules that may overcome the potential limitations of other modalities.

Genentech brings to the collaboration its knowledge of immuno-oncology drug discovery and emerging target biology, as well as its development and commercialization expertise.

Genentech and Bicycle will collaborate on the discovery and pre-clinical development of novel Bicycle-based immunotherapies against multiple targets.

Bicycle will be responsible for discovery research and early pre-clinical development up to candidate selection, and Genentech will be responsible for further development and commercialization upon the selection of candidates.

None of Bicycle’s wholly owned oncology pipeline, including its immuno-oncology candidates, are included in the collaboration.

Bicycle will receive a $30 million upfront payment.

The upfront payment and potential discovery, development, regulatory and commercial-based milestone payments could total up to $1.7 billion.

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

Blueprint Medicines has entered into a global collaboration with Roche and Genentech to develop and commercialize pralsetinib, an investigational once-daily oral precision therapy for the treatment of people with cancer driven by oncogenic RET alterations, including non-small cell lung cancer (NSCLC), medullary thyroid cancer (MTC), other thyroid cancers and other solid tumors.

Blueprint Medicines and Genentech will co-commercialize pralsetinib in the U.S. and Roche will obtain exclusive commercialization rights for pralsetinib outside of the U.S., excluding Greater China.

The companies also plan to expand development of pralsetinib in multiple treatment settings and explore development of a next-generation RET inhibitor as part of this collaboration.

The collaboration combines Blueprint Medicines' pralsetinib and precision therapy expertise with Roche's global reach, integrated personalized healthcare capabilities and portfolio of cancer therapies.

Marketing applications for pralsetinib are submitted or planned for RET fusion-positive NSCLC, RET mutation-positive MTC and RET fusion-positive thyroid cancer in the U.S., Europe and other geographies.

Blueprint Medicines will grant Roche an exclusive worldwide license excluding Greater China and the U.S., and a co-exclusive license in the U.S. to develop and commercialize pralsetinib.

In addition, Roche will have the right to opt in to a next-generation RET compound co-developed under the collaboration.

Blueprint Medicines will receive $775 million in upfront payments, including a cash payment of $675 million and an equity investment by Roche of $100 million in Blueprint Medicines' common stock at a purchase price of $96.57 per share.

Blueprint Medicines will be eligible to receive up to an additional $927 million in contingent payments, including specified development, regulatory and sales-based milestones for pralsetinib and any licensed product containing a next-generation RET compound.

In the U.S., Blueprint Medicines and Genentech will work together to co-commercialize pralsetinib, with the companies equally sharing responsibilities, profits and losses.

In addition, Blueprint Medicines is eligible to receive tiered royalties ranging from high-teens to mid-twenties on annual net sales of pralsetinib outside the U.S.

Blueprint Medicines and Roche have agreed to co-develop pralsetinib globally in RET-altered solid tumors, including NSCLC, MTC and other thyroid cancers, as well as other solid tumors.

The companies will share global development expenses based on pre-specified cost-sharing.

CytomX Therapeutics and Astellas Pharma have entered into a strategic collaboration agreement focused on the discovery, research, development and commercialization of novel T-cell engaging bispecific antibodies targeting CD3 and tumor cell surface antigens for the treatment of cancer.

The parties will utilize CytomX’s Probody therapeutic technology platform, as well as its proprietary bispecific formats and CD3 modules.

CytomX and Astellas will collaborate on several initial programs.

CytomX will lead research and discovery activities, up to clinical candidate selection, that will be funded by Astellas.

Astellas will lead and fund preclinical and clinical development and commercialization activities.

Astellas will make an upfront cash payment of $80 million to CytomX with CytomX eligible to receive future preclinical, clinical and commercial milestones of over $1.6 billion.

CytomX is also eligible to receive tiered royalties on global net sales that range from high-single digits to mid-teens.

For a specified number of targets, prior to the initiation of the first pivotal clinical trial for a product directed toward such target, CytomX may exercise an option to co-fund a pre-determined portion of clinical development costs.

For these products, CytomX is eligible to receive a pre-specified portion of profits in the United States and tiered low-double digit to mid-teen percentage royalties on net sales outside of the United States.

CytomX may later elect to co-commercialize the products directed toward such targets in the United States.

Vertex Pharmaceuticals and Affinia Therapeutics have entered into a strategic research collaboration to engineer novel adeno-associated virus (AAV) capsids to deliver transformative genetic therapies to people with serious diseases.

Affinia Therapeutics’ proprietary AAVSmartLibrary and associated technology provides capsids for improved tissue tropism, manufacturability and pre-existing immunity.

The collaboration will leverage Affinia Therapeutics’ capsid engineering expertise and Vertex’s scientific, clinical and regulatory capabilities to accelerate the development of genetic therapies for people affected by Duchenne muscular dystrophy (DMD), myotonic dystrophy type 1 (DM1) and cystic fibrosis (CF).

Affinia Therapeutics will apply its vector design and engineering technologies to develop novel capsids with improved properties.

The agreement provides Vertex an exclusive license under Affinia Therapeutics’ proprietary technology and intellectual property (IP) in DMD and DM1 with an exclusive option to license rights for CF and an additional undisclosed disease.

The scope of the agreement covers all genetic therapy modalities in these diseases.

Affinia Therapeutics will be eligible to receive over $1.6 billion in upfront and development, regulatory and commercial milestones, including $80 million in upfront payments and research milestones that will be paid during the research term, plus tiered royalties on future net global sales on any products that result from the collaboration.

Affinia Therapeutics will be responsible for the discovery of capsids that meet certain pre-determined criteria.

Vertex will be responsible for and will fund the design and manufacturing of genetic therapies incorporating the selected capsids, preclinical and clinical development efforts, and commercialization of any approved products in the licensed diseases.

Novavax has been selected to participate in Operation Warp Speed, a U.S. government program that aims to begin delivering millions of doses of a safe, effective vaccine for COVID-19 in 2021.

Novavax has been awarded $1.6 billion by the federal government to complete late-stage clinical development, including a pivotal Phase 3 clinical trial; establish large-scale manufacturing; and deliver 100 million doses of NVX‑CoV2373, Novavax’ COVID-19 vaccine candidate, as early as late 2020. NVX‑CoV2373 consists of a stable, prefusion protein made using its proprietary nanoparticle technology and includes Novavax’ proprietary Matrix‑M adjuvant.

Novavax will demonstrate it can rapidly stand up large-scale manufacturing and transition into ongoing production, including the capability to stockpile and distribute large quantities of NVX-CoV2373 when needed.

The agreement will fund the late-stage clinical studies necessary to determine the safety and efficacy of NVX-CoV2373, including a pivotal Phase 3 clinical trial with up to 30,000 subjects beginning in the fall of 2020.

Gilead Sciences announced that it will invest $300 million to acquire a 49.9 percent equity interest in Tizona Therapeutics.

Gilead will also receive an exclusive option to acquire the remainder of Tizona for up to an additional $1.25 billion, including an option exercise fee and potential future milestone payments.

Gilead can exercise its option to acquire the remainder of Tizona following the readout of a Phase 1b study of Tizona’s investigational antibody, TTX-080, or earlier if Gilead decides to do so.

TTX-080, discovered by Tizona, is a potential first-in-class medicine that targets HLA-G, a novel and emerging immune checkpoint expressed across multiple tumor types.

The expression pattern of HLA-G often appears distinct from that of PD-(L)1, suggesting potential utility to address tumors that do not respond to current anti-PD-(L)1 treatments and to deepen responses in tumors that are sensitive to anti-PD-(L)1 therapies.

Tizona equity holders will receive $300 million upon closing.

Gilead will obtain a 49.9 percent equity stake and an exclusive option to purchase the remaining equity exercisable following the completion of Phase 1b studies for TTX-080, or earlier if Gilead chooses.

Tizona equity holders will be eligible to receive up to $1.25 billion in an option exercise fee and potential future milestone payments.

Gilead will also provide funding to support Tizona’s ongoing research and development to advance its novel pipeline.

Gilead will have the right to appoint two individuals to Tizona’s Board of Directors upon closing of the transaction.

Amunix Pharmaceuticals has provided a technology license to F. Hoffmann-La Roche and Hoffmann-La Roche to utilize Amunix’s technology platform, XTEN, to discover and develop non-oncology therapeutics against certain undisclosed targets.

This agreement builds on Amunix’s previous technology assessment with Roche focused on using XTEN, a proprietary unstructured polypeptide, to extend drug half-life.

Amunix will receive a $40 million upfront payment from Roche.

Amunix may also receive up to $1.5 billion in payments from Roche associated with the achievement of certain developmental and sales milestones, plus royalties on sales of commercialized products.

Gilead Sciences and Second Genome have entered into a four-year strategic collaboration to identify biomarkers associated with clinical response in up to five of Gilead’s pipeline compounds in inflammation, fibrosis and other diseases, and to identify potential new targets and drug candidates for the treatment of inflammatory bowel disease (IBD).

Second Genome will utilize its proprietary Microbiome Analytics Platform to identify novel biomarkers associated with clinical response to Gilead’s investigational medicines.

This work will harness the latest insights in microbiome science to help inform patient stratification and optimize potential treatments for patients in the future.

The platform, in combination with additional discovery and development tools, will also seek to identify new targets and drug candidates relevant to IBD.

This will include the identification of up to five novel IBD targets or drug candidates over the next four years, with an option to extend the collaboration for an additional two years.

Second Genome will receive $38 million in an upfront payment, and up to approximately $300 million in success-based preclinical, clinical, regulatory and commercial milestones for each of five target discovery programs as well as low double-digit royalties for any approved products.

In addition, it will receive success-based milestones for each validated biomarker delivered under the agreement.

Gilead will have the option to worldwide rights for up to five programs for all diseases as well as exclusive rights to all biomarkers developed under the collaboration.

Gilead Sciences and Second Genome have entered into a four-year strategic collaboration to identify biomarkers associated with clinical response in up to five of Gilead’s pipeline compounds in inflammation, fibrosis and other diseases, and to identify potential new targets and drug candidates for the treatment of inflammatory bowel disease (IBD).

Second Genome will utilize its proprietary Microbiome Analytics Platform to identify novel biomarkers associated with clinical response to Gilead’s investigational medicines.

This work will harness the latest insights in microbiome science to help inform patient stratification and optimize potential treatments for patients in the future.

The platform, in combination with additional discovery and development tools, will also seek to identify new targets and drug candidates relevant to IBD.

This will include the identification of up to five novel IBD targets or drug candidates over the next four years, with an option to extend the collaboration for an additional two years.

Second Genome will receive $38 million in an upfront payment, and up to approximately $300 million in success-based preclinical, clinical, regulatory and commercial milestones for each of five target discovery programs as well as low double-digit royalties for any approved products.

In addition, it will receive success-based milestones for each validated biomarker delivered under the agreement.

Gilead will have the option to worldwide rights for up to five programs for all diseases as well as exclusive rights to all biomarkers developed under the collaboration.

Moderna announced that the US government has secured 100 million doses of mRNA-1273 as part of the US government’s goal of securing early access to safe and effective COVID-19 vaccines for the American people.

The award of up to $1.525 billion is for the manufacturing and delivery of 100 million doses of mRNA-1273 including incentive payments for timely delivery of the product.

With the previous award of up to $955 million from BARDA for the development of mRNA-1273 to licensure, today’s announcement brings the U.S. government commitments for early access to mRNA-1273 to up to $2.48 billion.

Under the terms of the agreement, the U.S. government, as a part of Operation Warp Speed, will also have the option to purchase up to an additional 400 million doses of mRNA-1273 from Moderna.

The U.S. government has announced that consistent with its commitment to free access to COVID-19 vaccines, Americans will receive mRNA-1273 at no cost for the vaccine itself.

October 2020

Aro Biotherapeutics announced today that Ionis Pharmaceuticals has exercised an option to acquire a license to an undisclosed antisense oligonucleotide (ASO)-Centyrin drug conjugate.

January 2020

Aro Biotherapeutics has entered a licensing and collaboration agreement with Ionis Pharmaceuticals through which Ionis will use Aro’s CENTYRIN technology to develop targeted cell- and tissue- specific delivery of antisense oligonucleotides (ASOs).

Under the terms of the agreement, the companies will collaborate to create unique ASO-Centyrin conjugates that are designed to achieve tissue specific, therapeutically effective gene knockdown in extra-hepatic tissues with systemic administration.

Under the terms of the agreement, the two companies have agreed to jointly work towards advancing a defined number of ASO-Centyrin drug conjugates.

Aro will be responsible for Centyrin discovery and will collaborate with Ionis to create lead ASO-Centyrin drug conjugates for further development.

Ionis will be responsible for development and will have global commercialization rights for each ASO-Centyrin drug conjugate.

The parties will also collaborate on additional discovery programs.

Aro will receive an upfront cash payment, funding to support R&D efforts, and payments associated with the achievement of specific development and commercial milestones, up to $1.4B.

In addition, Aro will receive royalties on net sales.

Eli Lilly and Precision BioSciences announced a research collaboration and exclusive license agreement to utilize Precision's proprietary ARCUS genome editing platform for the research and development of potential in vivo therapies for genetic disorders, with an initial focus on Duchenne muscular dystrophy (DMD) and two other undisclosed gene targets.

Genome editing technologies enable precise editing of the DNA of a living organism, opening up the possibility of correcting genetic problems at their source.

ARCUS is a unique, proprietary, and versatile genome editing platform with attributes including specificity, ability to make a variety of efficient edits (knock-in, knock-out, and repair), and small size, thereby enabling a range of therapeutic editing.

The platform is derived from a natural genome-editing enzyme called I-CreI, a homing endonuclease that can be optimized to control for potency and specificity.

Precision will receive an upfront cash payment of $100 million, as well as an equity investment by Lilly of $35 million in Precision's common stock.

Precision is also eligible to receive up to $420 million in potential development and commercialization milestones per product, as well as tiered royalties ranging from the mid-single digits to low-teens on product sales should Lilly successfully commercialize a therapy from the collaboration.

Precision will lead pre-clinical research and IND-enabling activities, with Lilly then assuming responsibility for clinical development and commercialization.

Lilly will have the right to select up to three additional gene targets for this collaboration.

Precision can co-fund clinical development of one product in exchange for an increased royalty rate on co-funded product sales.

November 2020

Mesoblast has entered into an exclusive worldwide license and collaboration agreement with Novartis for the development, manufacture and commercialization of Mesoblast’s mesenchymal stromal cell (MSC) product remestemcel-L, with aninitial focus on the development of the treatment of acute respiratory distress syndrome (ARDS), including that associated with COVID-19.

Novartis will make a US$50 million upfront payment including US$25 million in equity.

From the initiation of a Phase 3 trial in all-cause ARDS, Novartis will fully fund global clinical development for all-cause ARDS and potentially other respiratory indications.

Mesoblast may receive a total of US$505 million pending achievement of precommercialization milestones for ARDS indications.

Mesoblast may receive additional payments post-commercialization of up to US$750 million based on achieving certain sales milestones and tiered double-digit royalties on product sales.

Mesoblast will retain full rights and economics for remestemcel-L for graft versus host disease (GVHD), and Novartis has an option to, if exercised, become the commercial distributor outside of Japan.

For most non-respiratory indications, the parties may co-fund development andcommercialization on a 50:50 profit-share basis.

Mesoblast will be responsible for clinical and commercial manufacturing and Novartis will purchase commercial product under agreed pricing terms. Novartis will reimburse Mesoblast up to US$50 million on the achievement of certain milestones related to the successful implementation of its next-generation manufacturing processes using its proprietary media and three-dimensional bioreactors aimed at delivering substantial manufacturing efficiencies.

Novartis will be responsible for any capital expenditure required to meet increased capacity requirements for manufacture of remestemcel-L.

November 2020

Novartis entered into an exclusive worldwide license and collaboration agreement with Mesoblast to develop, commercialize and manufacture remestemcel-L for the treatment of acute respiratory distress syndrome (ARDS), including that associated with COVID-19.

ARDS is an area of significant unmet need, with an approximate 40% mortality rate with current standard of care, which includes prolonged ICU treatment and mechanical ventilation.

As the potential first ARDS therapy, remestemcel-L will use mesenchymal stromal cells (MSCs), a cell-based platform technology, to treat this deadly condition and improve outcomes.

Remestemcel-L is currently being studied in COVID-19-related ARDS in an ongoing 300-patient Phase III study.

Novartis intends to initiate a Phase III study in non-COVID-19-related ARDS after the anticipated closing of the license agreement and successful completion and outcome of the current study.

Novartis will acquire the exclusive worldwide rights to develop, commercialize and manufacture remestemcel-L for ARDS, and will obtain access to an innovative cell-therapy platform with a range of potential applications in severe respiratory conditions and beyond.

Novartis will make a $25 million upfront payment and invest $25 million in Mesoblast equity with additional payments and royalties due on achievement of agreed development, regulatory and commercial milestones.

Novartis will provide certain support to enable commercial manufacturing scale-up.

Novartis has the option, if exercised, to distribute remestemcel-L for graft versus host disease (GVHD) (outside Japan).

Both parties have rights to co-fund development and commercialization for other non-respiratory indications.

CStone Pharmaceuticals announced an agreement to out-license ex-Greater China rights for two key late-stage immuno-oncology assets, sugemalimab (anti-PD-L1) and CS1003 (anti-PD-1), to EQRx, a biopharmaceutical company with an innovative business model that will allow these drugs to be competitively positioned in global markets against established treatments for the target indications.

CStone will receive an upfront payment of US$150 million and up to US$1.15 billion in milestone payments for both drugs as well as separate tiered royalties.

EQRx will obtain exclusive rights to lead global development and commercialization worldwide, excluding Mainland China, Taiwan, Hong Kong and Macau.

CStone retains rights to CS1003 in Greater China, where it can continue to pursue development as a monotherapy or as part of its combination strategy for this drug.

Apellis Pharmaceuticals and Swedish Orphan Biovitrum announced a strategic collaboration to accelerate the advancement of systemic pegcetacoplan, a targeted C3 therapy, for the treatment of multiple rare diseases with high unmet need that impact more than 275,000 patients globally.

Sobi will receive global co-development and exclusive ex-US commercialization rights for systemic pegcetacoplan.

Apellis retains U.S. commercialization rights for systemic pegcetacoplan and worldwide commercial rights for ophthalmological pegcetacoplan, which is being evaluated by Apellis in two fully enrolled Phase 3 studies in geographic atrophy (GA).

Pegcetacoplan targets excessive activation of C3 in the complement cascade, part of the body’s immune system, which can lead to the onset and progression of many serious diseases.

Apellis and Sobi plan to jointly advance the clinical development of systemic pegcetacoplan in five parallel registrational programs across hematology, nephrology, and neurology.

These include new registrational programs in cold agglutinin disease (CAD) and hematopoietic stem cell transplantation-associated thrombotic microangiopathy (HSCT-TMA), both of which are expected to start in 2021.

By controlling complement activation centrally, pegcetacoplan offers the potential to become a transformative new therapy in several rare diseases where patients have few or no treatment options today.

Apellis and Sobi will co-develop systemic pegcetacoplan in the following rare diseases:

Hematology – Paroxysmal nocturnal hemoglobinuria (PNH), CAD, and HSCT-TMA

Nephrology – Immune complex membranoproliferative glomerulonephritis (IC-MPGN) and C3 glomerulopathy (C3G)

Neurology – Amyotrophic lateral sclerosis (ALS)

Sobi will make an upfront payment of $250 million to Apellis and up to $915 million in other regulatory and commercial milestone payments, and will contribute $80 million in reimbursement payments over a four-year period for research and development to support the initial development plan, which includes ongoing studies in PNH, IC-MPGN/C3G, and ALS and new studies in CAD and HSCT-TMA.

Apellis will also be eligible for tiered double-digit royalties on sales ranging from high teens to high twenties.

Sobi intends to finance these payments with available funds.

Sobi will receive reimbursement payments for the costs incurred by Sobi in connection with the CAD and HSCT-TMA trials that Sobi will conduct.

The parties have agreed to split costs 50/50 for any future global studies beyond the initial development plan.

Apellis will be responsible for all regulatory and commercial activities in the United States and the ongoing Marketing Authorization Application review for PNH in the European Union, which will be subsequently transferred to Sobi.

Sobi will be responsible for regulatory and commercial activities for systemic pegcetacoplan in ex-US markets.

The co-development of systemic pegcetacoplan will be overseen by a joint development committee, and the commercial strategy will be overseen by a joint commercial committee.

Evox Therapeutics announced a research collaboration and license agreement with Eli Lilly to leverage Evox's proprietary DeliverEX platform to develop and deliver RNA interference (RNAi) & antisense oligonucleotide (ASO) drug payloads for the potential treatment of neurological disorders.

During this research collaboration and five-target license agreement, Evox will be responsible for exosome engineering in order to achieve brain/CNS-targeting, drug loading and analytics and some in vitro assay development, as well as material supply for initial in vivo studies.

Any resulting candidate handover and technology transfer to Lilly will occur after pre-clinical proof of concept studies have been completed.

Evox will receive a $20 million cash up-front payment, research funding over three years, as well as a $10 million investment from Lilly in exchange for a convertible bond from the Company.

Evox will also be eligible for potential pre-clinical and clinical development, regulatory and commercial milestones of up to approximately $1.2 billion, as well as tiered royalties up to low double digits on net sales of products arising from the collaboration.

Accent Therapeutics and AstraZeneca will collaborate to discover, develop and commercialize transformative therapeutics targeting RNA-modifying proteins (RMPs) for the treatment of cancer.

The collaboration combines Accent’s expertise as a leader in the biology, target identification and drug discovery of RMP-targeting therapies with AstraZeneca’s industry leading expertise in oncology.

Accent will be responsible for research and development activities for a nominated preclinical program through to the end of Phase I clinical trials.

Following completion of Phase I, AstraZeneca will lead development and commercialization activities for the nominated program, with Accent having the option to jointly develop and commercialize with AstraZeneca in the US.

AstraZeneca will also have the exclusive option to license worldwide rights to two further preclinical discovery programs, for which Accent will conduct certain preclinical activities.

Accent will receive an upfront payment of $55 million and, in the event that Accent elects to jointly develop the nominated program, is eligible to receive up to $1.1 billion in additional success-based payments across all programs in the form of option fees and milestone payments, as well as tiered royalties on net sales ranging from mid-single digit to low-double digits.

In the event Accent opts into co-developing and co-commercializing the nominated program, profits and losses will be split in the US.

Immatics Biotechnologies has entered into a strategic collaboration agreement with GSK to develop novel adoptive cell therapies targeting multiple cancer indications.

The companies will collaborate on the identification, research and development of next-generation T-Cell Receptor (TCR) Therapeutics with a focus on solid tumors.

The parties will initially develop autologous T-cell therapies with the option to add allogeneic cell therapies using Immatics’ ACTallo approach.

The companies intend to utilize proprietary TCRs identified by Immatics’ XCEPTOR TCR discovery platform and directed against two proprietary targets, which were discovered and validated by Immatics’ XPRESIDENT technology.

Immatics will receive an upfront payment of €45 Million (~$50 million) for two initial programs and is eligible to receive over $550M in development, regulatory and commercial milestone payments for each product as well as additional royalty payments.

GSK obtains an option to select additional target programs to include in the collaboration.

For each additional program, Immatics is entitled to option, milestone and royalty payments.

Immatics will have primary responsibility for the development and validation of the TCR Therapeutics up to designation of a clinical candidate.

GSK will assume sole responsibility for further worldwide development, manufacturing and commercialization of the TCR Therapeutics with the possibility for Immatics to co-develop one or more TCR Therapeutics including the conduct of the first-in-human clinical trial upon GSK’s request.

GSK is entering into a multi-year agreement with Adrestia on up to five strategic, collaborative projects.

Adrestia will be eligible to receive up to $230M (£172M) from each project in post-option milestone payments, plus royalties, subject to development and commercialisation progress, across multiple arising products.

In addition to the Series A investment for an equity stake, GSK is also making an upfront payment for the collaborative projects.

The collaboration will combine Adrestia’s world leading, synthetic viability platform with GSK’s deep scientific expertise in human genetics, functional genomics, screening, and bioinformatics.

GlaxoSmithKline and CureVac announced the signing of a strategic collaboration agreement for the research, development, manufacturing and commercialisation of up to five mRNA-based vaccines and monoclonal antibodies (mAbs) targeting infectious disease pathogens.

The collaboration complements GSK’s existing mRNA capabilities with CureVac’s integrated mRNA platform.

The companies will combine their mRNA expertise on development opportunities across a range of infectious disease pathogens, selected with the potential to best leverage the advantages of this platform technology, while addressing significant unmet medical need and economic burden.

CureVac’s existing COVID-19 mRNA and rabies vaccines research programmes are not included in the collaboration.

GSK will make an equity investment in CureVac of £130m (€150m), representing close to a 10% stake, an upfront cash payment of £104m (€120m) and a one-time reimbursable payment of £26m (€30m) for manufacturing capacity reservation, upon certification of CureVac’s commercial scale manufacturing facility currently under construction in Germany.

CureVac will be eligible to receive development and regulatory milestone payments of up to £277m (€320m), commercial milestone payments of up to £329m (€380m) and tiered royalties on product sales.

GSK will fund R&D activities at CureVac related to the development projects covered by the collaboration.

CureVac will be responsible for the preclinical- and clinical-development through Phase 1 trials of these projects, after which GSK will be responsible for further development and commercialization.

CureVac will be responsible for the GMP manufacturing of the product candidates, including for commercialization, and will retain commercialization rights for selected countries for all product candidates.

Abpro announced the formation of a strategic partnership to advance two bispecific antibodies in key Asian markets including Greater China, Japan, and South Korea.

The strategic partnership was formed with Abpro Bio.

Abpro has granted an exclusive license to Abpro Bio to develop and commercialize two of Abpro’s bispecific antibody candidates: ABP-100 and ABP-201.

ABP-100 is in development for immuno-oncology with initial indications including gastric, breast and endometrial cancers.

ABP-201 is in development for ophthalmology with initial indications inclusive of Wet AMD (age-related macular degeneration) and diabetic macular edema.

The collaboration will also leverage Abpro’s proprietary DiversImmune antibody platform for generating novel molecules.

Abpro will lead global clinical development of the bi-specific candidates and work closely with Abpro Bio.

Key terms of the agreement include:

Abpro will receive from Abpro Bio up to $1.1 billion in total payments, including a $30 million upfront equity investment, and an additional $1.05 billion based on clinical milestones, post-approval payments, and royalties as ABP-100 and ABP-201 progress through the clinical development and regulatory approval processes in Greater China, Japan, and South Korea.

Abpro Corporation’s two co-founders, Ian Chan and Eugene Chan, as well as Robert S. Langer, PhD, Institute Professor at MIT, will join the Board of Abpro Bio Ltd.

Tenet Healthcare will acquire a portfolio of up to 45 ambulatory surgery centers from SurgCenter Development.

The Portfolio will be operated by Tenet’s United Surgical Partners International (USPI) subsidiary as part of its industry-leading ambulatory surgery platform.

Under the terms of the transaction, the Company will purchase majority interests in up to 45 centers by fully acquiring SCD’s interests, and partially acquiring interests from physician partners, for approximately $1.1 billion in cash and the assumption of approximately $18 million of center-level debt.

February 2021

GlaxoSmithKline and Vir Biotechnology have signed a binding agreement to expand their existing collaboration to include the research and development of new therapies for influenza and other respiratory viruses.

The expanded collaboration, which builds on the agreement signed in 2020 to research and develop therapies for coronaviruses, provides GSK exclusive rights to collaborate with Vir on the development of potential best-in-class monoclonal antibodies (mAbs) for the prevention or treatment of influenza.

These include VIR-2482, an intramuscularly administered investigational mAb designed as a universal prophylactic for influenza A that has completed a Phase 1 trial, as well as next-generation antibodies for the prevention or treatment of influenza during a three-year research period.

GSK will have the exclusive option to co-develop VIR-2482 after Vir completes and reports Phase 2 trial outcomes, and will share development costs on the development of all other influenza mAbs.

As part of the new collaboration agreement, the companies will also engage in two additional research programs.

The first is an expansion of their current functional genomics collaboration to develop potential pan-coronavirus therapeutics to now include other respiratory virus targets.

Under the second program, the companies will collaborate to develop up to three neutralizing monoclonal antibodies identified using Vir’s antibody technology platform to target non-influenza pathogens during a three-year research period.

GSK will make an upfront payment of $225 million and a further equity investment in Vir of $120 million.

Vir will continue to fund the development of VIR-2482 through completion of Phase 2 trials, after which time, if GSK exercises its option to co-develop VIR-2482, it will pay an option fee of $300 million.

Following option exercise for VIR-2482, and for each other program in the expanded collaboration, the companies will share the development costs and related profits associated with this agreement.

GSK will also pay Vir up to $200 million based on the successful delivery of pre-defined regulatory milestones.

April 2020

GlaxoSmithKline and Vir Biotechnology have signed a binding agreement to enter into a collaboration to research and develop solutions for coronaviruses, including SARS-CoV-2, the virus that causes COVID-19.

The collaboration will use Vir’s proprietary monoclonal antibody platform technology to accelerate existing and identify new anti-viral antibodies that could be used as therapeutic or preventative options to help address the current COVID-19 pandemic and future outbreaks.

The companies will leverage GSK’s expertise in functional genomics and combine their capabilities in CRISPR screening and artificial intelligence to identify anti-coronavirus compounds that target cellular host genes.

They will also apply their combined expertise to research SARS-CoV-2 and other coronavirus vaccines.

The collaboration will also utilise Vir’s CRISPR screening and machine learning approach to identify cellular targets whose inhibition can prevent viral infection.

Vir has identified multiple potential targets against flu and other respiratory pathogens, as well as hepatitis B virus, and will now focus on SARS-CoV-2.

Additionally, the companies have also agreed to conduct research into SARS-CoV-2 and other coronavirus vaccines by coupling GSK’s vaccines technologies and expertise with Vir’s ability to identify neutralising epitopes that are present across entire viral families.

These efforts will be additive to other initiatives GSK is advancing to develop a potential vaccine for COVID-19.

In addition, to gain access to Vir’s technology, GSK will make an equity investment in Vir of $250 million, priced at $37.73, a 10% premium to the closing share price on Friday, March 27, 2020.

Atomwise and Bridge Biotherapeutics announced a research collaboration to launch up to 13 small molecule programs across multiple therapeutic areas using structure-based AI technology for drug discovery.

Atomwise will use its AI technology and homology modeling capabilities to evaluate Pellino E3 ubiquitin ligases and their interactions with target protein substrates.

Atomwise and Bridge will rapidly cycle through the design and testing of potent small molecule compounds, evaluating billions of possibilities that will selectively inhibit Pellino proteins.

Atomwise will receive upfront, milestone, and royalty payments upon success of each research program.

Based upon historical averages for small molecule drugs, Atomwise estimates that it could receive up to $1.08B (including royalties) with success in all research programs.

AbbVie and Frontier Medicines announced a global strategic collaboration to discover, develop and commercialize a pipeline of innovative small molecule therapeutics against high-interest, difficult-to-drug protein targets.

AbbVie and Frontier will utilize Frontier's proprietary chemoproteomics platform to identify small molecules for programs directed to novel E3 ligases and certain oncology and immunology targets.

Whereas conventional drug discovery methodologies have been primarily successful against a relatively discrete set of target classes, chemoproteomics-based screening in relevant cellular contexts has the potential to enable targeting of a significantly broader range of proteins.

By selecting certain immunology and oncology targets for the collaboration that are considered well validated but to date, inaccessible, the collaboration has the potential to develop highly differentiated and efficacious therapeutics.

AbbVie will pay Frontier an upfront cash payment of $55 million, and Frontier is eligible to receive additional milestone payments.

AbbVie will reimburse Frontier's R&D costs through defined stages of pre-clinical development.

The companies will collaborate on the research and pre-clinical development of programs directed against E3 ligase, immunology and oncology targets.

Upon successful completion of defined stages of pre-clinical development, AbbVie will assume full responsibility for global development and commercialization activities and costs for the programs.

Frontier will retain an option to share development activities and expenses for certain oncology programs through the completion of Phase 2.

Frontier will be eligible to receive success-based development and commercial milestone payments that could potentially exceed $1 billion, in addition to royalty payments on commercialized products.

AbbVie retains the right to expand the collaboration in the future by exercising options to a defined number of additional targets.

The collaboration excludes all of Frontier's internal programs for which Frontier retains exclusive global rights.

Bayer and Recursion Pharmaceuticals have entered into a strategic collaboration agreement.

The partnership will leverage Recursion’s purpose-built artificial intelligence-guided drug discovery platform and Bayer’s small molecule compound library and deep scientific expertise to discover and develop new treatments for fibrotic diseases of the lung, kidney, heart and more.

In addition, Leaps by Bayer, the impact investment arm of Bayer, is leading Recursion’s Series D financing with an investment of USD 50 million.

Under the terms of the agreement, the parties may initiate more than ten programs with possible development and commercial milestone payments of more than USD 100 million per program plus royalties on future sales.

Bayer will gain the option to exclusively license novel therapeutics derived from the research activities.

Bayer will contribute with its small molecule compound library and expertise in biology and medicinal chemistry.

In addition to the USD 50 million equity investment, Recursion will receive an upfront payment of USD 30 million.

Takeda Pharmaceutical and Arrowhead Pharmaceuticals announced a collaboration and licensing agreement to develop ARO-AAT, a Phase 2 investigational RNA interference (RNAi) therapy in development to treat alpha-1 antitrypsin-associated liver disease (AATLD).

ARO-AAT is a potential first-in-class therapy designed to reduce the production of mutant alpha-1 antitrypsin protein, the cause of AATLD progression.

Takeda and Arrowhead will co-develop ARO-AAT which, if approved, will be co-commercialized in the United States under a 50/50 profit-sharing structure.

Outside the U.S., Takeda will lead the global commercialization strategy and receive an exclusive license to commercialize ARO-AAT with Arrowhead eligible to receive tiered royalties of 20-25% on net sales.

Arrowhead will receive an upfront payment of $300 million and is eligible to receive potential development, regulatory and commercial milestones up to $740 million.

Janux Therapeutics announced a strategic collaboration and license agreement with Merck to discover, develop and commercialize innovative, next generation T cell engager immunotherapies for the treatment of cancer.

The goal of the collaboration is to use Janux’s proprietary Tumor Activated T Cell Engager (TRACTrTM) technology to engineer novel, T cell engager drug candidates directed against two cancer targets selected by Merck.

Merck has received an exclusive worldwide license to products and intellectual property developed from this collaboration.

Janux will be eligible to earn up to $500.5 million per target in upfront and milestone payments plus royalties on sales of any product derived from the collaboration.

Merck will fund research and development performed under the collaboration.

Boehringer Ingelheim and Enleofen Bio announced the acquisition of worldwide exclusive rights to Enleofen’s preclinical interleukin-11 (IL-11) platform by Boehringer Ingelheim to develop first-in-class therapies across a broad range of fibro-inflammatory diseases.

The new partnership combines Boehringer Ingelheim’s leading expertise and comprehensive pipeline in fibrotic diseases with Enleofen’s world-leading expertise in IL-11 biology and the company’s extensive range of therapeutic antibodies targeting this pathway.

The acquisition of the IL-11 program from Enleofen strengthens Boehringer Ingelheim’s pipeline portfolio, which combines approaches that are effective across multiple fibrotic diseases with disease-specific approaches to achieve greater therapeutic effect and builds on the experience gained with nintedanib in fibrotic lung diseases.

Boehringer Ingelheim will be solely responsible for the clinical, regulatory and commercial development of the licensed therapies.

Enleofen may receive earn out payments in excess of one billion USD per product in upfront and success-based development and commercialization milestones.

Jnana Therapeutics announced a strategic, multi-target collaboration and license agreement with Roche for the discovery of small molecule drugs directed at the solute carrier family of metabolite transporters as a broad, innovative approach for modulating cellular metabolism to treat immune-mediated and neurological diseases.

Jnana will partner with Roche on discovery and preclinical development for a broad set of targets across immunology and neuroscience, which Roche will further develop and commercialize exclusively.

Jnana will receive an upfront payment of $40 million in cash, and may receive research funding, preclinical, development and commercialization milestone payments, as well as royalties.

The aggregate value of potential future payments to Jnana can exceed $1 billion.

Kiadis Pharma announced the exclusive license of Kiadis’ previously undisclosed K-NK004 program to Sanofi.

The agreement covers Kiadis’ proprietary CD38 knock out (CD38KO) K-NK therapeutic for combination with anti-CD38 monoclonal antibodies, including Sarclisa, Sanofi’s recently approved therapy for patients with multiple myeloma.

Sanofi has obtained exclusive rights to use Kiadis’ K-NK platform for two undisclosed pre-clinical programs.

Kiadis will receive a €17.5 million up front payment and will be entitled to receive up to €857.5 million upon Sanofi’s achievement of preclinical, clinical, regulatory and commercial milestones.

Kiadis will also receive up to low double-digit royalties based on commercial sales of approved products resulting from this agreement.

Aligos Therapeutics has entered into an Exclusive License and Research Collaboration Agreement with Merck under which Merck and Aligos will apply Aligos’ oligonucleotide platform technology to discover, research, optimize and develop oligonucleotides directed against a non-alcoholic steatohepatitis (NASH) target and up to one additional target of interest in the cardiometabolic/fibrosis space.

Aligos will receive an upfront payment from Merck as well as an additional payment upon designation of a second target for the collaboration.

With respect to each collaboration target, Aligos will be eligible for up to $458M in development and commercialization milestones as well as tiered royalties on net sales.

Aligos will be primarily responsible for designing, preparing and evaluating the oligonucleotide molecules and delivering optimized lead molecules, and Merck will be responsible for subsequent research, clinical development and commercialization efforts.

Carmine Therapeutics has signed a research collaboration agreement with Takeda Pharmaceutical to discover, develop and commercialize transformative non-viral gene therapies for two rare disease targets using Carmine's REGENT technology, based on red blood cell extracellular vesicles.

Takeda has committed a $5M convertible loan in support of the development of Carmine's novel REGENT platform.

Carmine will receive an upfront payment, research funding support and is eligible for over $900M in total milestone payments plus tiered royalties.

Takeda has an option to license the programs following the completion of pre-clinical proof of concept studies and would be responsible for clinical development and commercialization.

Astellas Pharma, through its wholly-owned subsidiary Universal Cells, and Adaptimmune Therapeutics have entered into a co-development and co-commercialization agreement to bring new stem-cell derived allogeneic T-cell therapies to people with cancer.

Astellas and Adaptimmune will agree on up to three targets and co-develop T-cell therapy candidates directed to those targets.

These targets will exclude target specific T-cell products in pre-clinical or clinical trials or those developed for other partners at Adaptimmune.

The collaboration will leverage Adaptimmune's target identification and validation capabilities for generating target-specific T-cell Receptors (TCRs), chimeric antigen receptors (CARs), and HLA-independent TCRs that recognize surface epitopes independently of the HLA profile of the tumor cell.

The collaboration will also utilize Astellas’ Universal Donor Cell and Gene Editing Platform it obtained through the acquisition of Seattle-based Universal Cells.

Astellas will fund research up until completion of a Phase 1 trial for each candidate.

Upon completion of the Phase 1 trial for each candidate, Astellas and Adaptimmune will elect whether to progress with co-development and co-commercialization of the candidate, or to allow the other Party to pursue the candidate independently through a milestone and royalty bearing licence, with the agreement allowing for either company to opt out.

The companies will each have a co-exclusive licence covering the co-development and co-commercialization of the product candidates within the field of T-cell therapy.

If a candidate is developed by one company only, the appropriate licences will become exclusive to the continuing party.

Astellas will also have the right to select two targets and develop allogeneic cell therapy candidates independently.

Astellas will have sole rights to develop and commercialize these products, subject to necessary licenses and the payment of milestones and royalties.

Adaptimmune may receive up to $897.5 million in payments, including:

An upfront payment of $50 million.

Development milestones totalling up to $73.75 million for each product if the collaboration product discovered in this partnership is co-developed and commercialized by both companies

Up to $147.5 million in milestone payments per product and up to $110 million in sales milestones for products developed unilaterally by Astellas.

Adaptimmune will receive research funding of up to $7.5 million per year.

Adaptimmune would receive tiered royalties on net sales in the mid-single to mid-teen digits.

Astellas may receive up to $552.5 million, including:

Up to $147.5 million in milestone payments per product and up to $110 million in sales milestones for products developed unilaterally by Adaptimmune.

Astellas would receive tiered royalties on net sales in the mid-single to mid-teen digits.

To the extent that Astellas and Adaptimmune co-develop and co-commercialize any T-cell therapy, they will equally share the costs of such co-development and co-commercialization, with the resulting profits from co-commercialization also shared equally.

Further details governing co-development and co-commercialization will be articulated in a product-specific commercialization agreement.

Zymeworks and Merck have signed a new license agreement granting Merck the right to develop additional multispecific antibody therapeutic candidates using Zymeworks’ Azymetric and EFECT platforms.

Zymeworks will provide Merck a worldwide, royalty-bearing license to research, develop and commercialize up to three new multispecific antibodies toward Merck’s therapeutic targets.

Zymeworks will receive an undisclosed upfront payment and if each of the three programs yield an approved product, Zymeworks is eligible to receive up to US$411 million in option exercise fees and clinical development and regulatory approval milestone payments and up to US$480 million in commercial milestone payments, as well as tiered royalties on worldwide sales.

Merck will also receive a worldwide, royalty-bearing license to research, develop and commercialize up to three multispecific antibodies in the animal health field in exchange for additional milestone payments and tiered royalties.

Evox Therapeutics announced the signing of a rare disease-focused partnership with Takeda Pharmaceutical.

The multi-target collaboration is focussed on developing up to five novel protein replacement and mRNA therapies, including Evox's preclinical programme in Niemann-Pick disease type C (NPC) and a second new programme directed at another undisclosed rare disease.

As part of the deal, Takeda also has the option to select up to three additional rare disease targets.

The partnership with Takeda enables Evox to continue advancing its proprietary exosome-based targeting and delivery technology, while also leveraging Takeda's extensive development and clinical expertise to advance these partnered programmes into the clinic.

Evox will be eligible to receive up to $44 million in upfront, near-term milestone payments and research funding.

Evox is eligible to receive approximately $882 million in upfront, development, and commercial milestone payments from Takeda.

Evox will also receive tiered royalties on net sales of each product.

Evox will be primarily responsible for research and development activities for each programme until IND-enabling studies and for manufacturing up to and including Phase 1 clinical trials.

Takeda will reimburse Evox for manufacturing costs incurred after the pre-clinical handover of the programmes.

Eli Lilly announced an exclusive global licensing and research collaboration with Sitryx.

The collaboration will study up to four novel preclinical targets identified by Sitryx that could lead to potential new medicines for autoimmune diseases.

Sitryx will receive an upfront payment of $50 million and Lilly will make a $10 million equity investment in Sitryx.

Sitryx will be eligible to receive potential development milestones up to $820 million, as well as commercialization milestones and royalty payments on potential sales in the mid- to high-single digit range.

In return, Sitryx will grant Lilly an exclusive, worldwide license to develop and commercialize up to four novel immunometabolism targeted therapeutics, including Sitryx's two lead projects.

Lilly and Sitryx will establish a 5-year research collaboration to support the development of the therapeutics, with Sitryx responsible for drug discovery, while Lilly will fund and manage the clinical development and commercial phase of the collaboration.

Merck and Hanmi Pharmaceutical have entered into an exclusive licensing agreement for the development, manufacture and commercialization of efinopegdutide (formerly HM12525A), Hanmi’s investigational once-weekly glucagon-like peptide-1 (GLP-1)/glucagon receptor dual agonist, for the treatment of nonalcoholic steatohepatitis (NASH).

Merck will be granted an exclusive license to develop, manufacture and commercializeefinopegdutidein the United States and globally.

Hanmi will receive an upfront payment of $10 million and is eligible to receive milestone payments up to $860 million associated with the development, regulatory approval and commercialization of efinopegdutide,as well as double-digit royalties on sales of approved product.

Hanmi retains an option to commercialize efinopegdutide in Korea.

Alpine Immune Sciences and AbbVie announced an exclusive worldwide option and license agreement for ALPN-101, a first-in-class dual CD28/ICOS costimulation antagonist.

Alpine will receive an upfront payment of $60 million, and will also be eligible to receive up to an aggregate of $805 million for exercise of the option and success-based development, regulatory and commercial milestones.

Alpine is eligible to receive tiered royalties on net sales of ALPN-101.

AbbVie will receive an option to an exclusive license for ALPN-101.

During the option period, Alpine will conduct a phase 2 study in systemic lupus erythematosus.

Upon exercise of the option, AbbVie will conduct all future clinical development, manufacturing and commercialization activities for ALPN-101.

Takeda Pharmaceutical has entered into an agreement to divest a portfolio of select non-core products exclusively in Latin America to Hypera for a total value of $825M USD.

The portfolio includes over-the-counter and prescription pharmaceutical products sold in Brazil, Mexico, Argentina, Colombia, Ecuador, Panama and Peru, which are part of Takeda’s Growth & Emerging Markets Business Unit.

The non-core products in this latest transaction generated revenues of approximately $215 million USD in Fiscal Year 2018, driven by sales of key products such as Neosaldina, Nesina, and Dramin.

Takeda has entered into an agreement to divest the rights, title, and interest to the products in a portfolio of approximately 18 select OTC and prescription pharmaceutical assets sold in Brazil, Mexico, Argentina, Colombia, Ecuador, Panama and Peru - to Hypera Pharma for a total value of $825M USD.

Takeda anticipates that approximately 300 commercial employees supporting the divested assets will be given the opportunity to transition over to Hypera Pharma at the close of this transaction.

Takeda and Hypera Pharma have also entered into a manufacturing and supply agreement under which Takeda will continue to manufacture these products and supply them to Hypera Pharma.

The transaction is expected to close in the second half of 2020, subject to the satisfaction of customary closing conditions.

Until then, Takeda remains the owner of these products and responsible for ensuring patient access to them.

Surface Oncology announced an agreement for GSK to exclusively license worldwide development and commercial rights to Surface Oncology’s preclinical program SRF813, a fully human IgG1 antibody targeting PVRIG (also known as CD112R), an inhibitory protein expressed on natural killer cells (NK cells) and T cells.

GSK will make an $85 million upfront payment.

Surface Oncology may receive up to an additional $730 million in future milestone payments, as well as be eligible to receive tiered royalties on global net sales.

Gilead Sciences announced an agreement with Jounce Therapeutics to exclusively license its JTX-1811 program.

JTX-1811 is a monoclonal antibody designed to selectively deplete immunosuppressive tumor-infiltrating T regulatory (TITR) cells.

Gilead will make a $85 million upfront payment to, and a $35 million equity investment at a premium in, Jounce upon closing.

Jounce may receive up to an additional $685 million in future clinical, regulatory and commercial milestone payments.

Jounce will also be eligible to receive royalties ranging from high single digit to mid-teens based upon worldwide sales, subject to certain adjustments.

Jounce will lead development of JTX-1811 through IND clearance, and thereafter, Gilead will have the sole right to develop JTX-1811.

Seed Therapeutics has entered into a research collaboration and license agreement with Eli Lilly to discover and develop new chemical entities that could produce therapeutic benefit through targeted protein degradation.

Seed Therapeutics will receive a $10 million upfront cash payment to fund research, as well as a $10 million equity investment from Lilly.

Seed Therapeutics will also be eligible to receive up to approximately $780 million in potential pre-clinical and clinical development, regulatory and commercial milestones, as well as tiered royalties on net sales of products that result from the collaboration.

Boston Scientific has entered into a definitive agreement with Stark International, and SERB to sell its BTG Specialty Pharmaceuticals business for $800 million in cash.

The agreement includes the transfer of five facilities and approximately 280 employees globally.

Sangamo Therapeutics has executed a global licensing collaboration agreement with Novartis to develop and commercialize gene regulation therapies to address three neurodevelopmental targets, including autism spectrum disorder (ASD) and other neurodevelopmental disorders.

The collaboration will leverage Sangamo’s propriety genome regulation technology, zinc finger protein transcription factors (ZFP-TFs), to aim to upregulate the expression of key genes involved in neurodevelopmental disorders.

Under the terms of the agreement, over a three-year collaboration period, Novartis has exclusive rights to ZFP-TFs targeted to three undisclosed genes which are associated with neurodevelopmental disorders, including ASD and intellectual disability.

Novartis also has the option to license Sangamo’s proprietary AAVs.

Sangamo is responsible for certain research and associated manufacturing activities, all of which will be funded by Novartis, and Novartis assumes responsibility for additional research activities, investigational new drug-enabling studies, clinical development, related regulatory interactions, manufacturing and global commercialization.

Novartis will pay Sangamo a $75 million upfront license fee payment within thirty days.

Sangamo is eligible to earn up to $720 million in other development and commercial milestone payments, including up to $420 million in development milestones and up to $300 million in commercial milestones.

Sangamo is also eligible to receive from Novartis tiered high single-digit to sub-teen double-digit royalties on potential net commercial sales of products arising from the collaboration.

Mylan announced an agreement to acquire the related intellectual property and commercialization rights of Aspen Pharmacare Holdings thrombosis business in Europe for EUR 641.9 million, subject to customary closing conditions and European regulatory clearances.

The transaction is expected to be immediately accretive to Mylan upon closing and is anticipated to be accretive to VIATRIS upon the completion of Mylan's previously announced combination with Upjohn that is expected to close in the fourth quarter of 2020.

Upon closing of the transaction, Mylan expects to fund an upfront payment of EUR 263.2 million to Aspen from existing cash.

Also, Mylan expects to utilize cash generated from operations to make the final deferred payment of EUR 378.7 million on June 25, 2021.

The portfolio consists of well-established injectable anticoagulants sold in Europe under the brand names, and variations of the brand names, Arixtra, Fraxiparine, Mono-Embolex and Orgaran.

Relay Therapeutics has entered into a worldwide license and collaboration agreement with Genentech for the development and commercialization of RLY-1971, a potent inhibitor of SHP2.

Genentech will assume development of RLY-1971 with the potential to expand into multiple combination studies including with Genentech’s investigational inhibitor of KRAS G12C, GDC-6036.

Relay Therapeutics will receive $75 million in an upfront payment and is eligible to receive $25 million in additional near-term payments.

Relay Therapeutics also has the right to opt in to a 50/50 U.S. profit/cost share on RLY-1971.

If Relay elects to opt in, then Relay will be eligible to receive 50 percent of profits from U.S. sales and up to $410 million in additional ex-U.S. commercialization and sales-based milestone payments, as well as royalties on ex-U.S. net sales.

If Relay Therapeutics elects not to opt in, then Relay will be eligible to receive up to $695 million in additional development, commercialization and sales-based milestones, as well as royalties on global net sales, anticipated to be in the low-to-mid-teens.

In the event of regulatory approval of both RLY-1971 and GDC-6036 in combination, Relay Therapeutics is eligible to receive additional royalties.

Relay Therapeutics retains the right to combine RLY-1971 with its selective FGFR2 and mutant-selective PI3Kα programs.

April 2020

BioNTech and Pfizer disclosed additional details of their collaboration to advance candidates from BioNTech’s mRNA vaccine program, previously announced on March 17, 2020.

Collaboration aims to rapidly advance multiple COVID-19 vaccine candidates into human clinical testing based on BioNTech’s proprietary mRNA vaccine platforms, with the objective of ensuring rapid worldwide access to the vaccine, if approved.

The collaboration will leverage Pfizer’s broad expertise in vaccine research and development, regulatory capabilities, and global manufacturing and distribution network.

The two companies plan to jointly conduct clinical trials for the COVID-19 vaccine candidates initially in the United States and Europe across multiple sites.

BioNTech and Pfizer intend to initiate the first clinical trials as early as the end of April 2020, assuming regulatory clearance.

During the clinical development stage, BioNTech and its partners will provide clinical supply of the vaccine from its GMP-certified mRNA manufacturing facilities in Europe.

BioNTech and Pfizer will work together to scale-up manufacturing capacity at risk to provide worldwide supply in response to the pandemic.

BioNTech and Pfizer will also work jointly to commercialize the vaccine worldwide (excluding China, which is already covered by BioNTech’s collaboration with Fosun Pharma) upon regulatory approval.

Pfizer will pay BioNTech $185 million in upfront payments, including a cash payment of $72 million and an equity investment of $113 million.

BioNTech is eligible to receive future milestone payments of up to $563 million for a potential total consideration of $748 million.

Pfizer and BioNTech will share development costs equally. Initially, Pfizer will fund 100 percent of the development costs, and BioNTech will repay Pfizer its 50 percent share of these costs during the commercialization of the vaccine.

March 2020

Pfizer and BioNTech have agreed to a letter of intent regarding the co-development and distribution (excluding China) of a potential mRNA-based coronavirus vaccine aimed at preventing COVID-19 infection.

The companies have executed a Material Transfer and Collaboration Agreement to enable the parties to immediately start working together.

The collaboration aims to accelerate development of BioNTech’s potential first-in-class COVID-19 mRNA vaccine program, BNT162, which is expected to enter clinical testing by the end of April 2020.

The rapid advancement of this collaboration builds on the research and development collaboration into which Pfizer and BioNTech entered in 2018 to develop mRNA-based vaccines for prevention of influenza.

The companies expect to utilize multiple research and development sites from both companies, including in the United States and Germany, to house the activities identified by the collaboration agreement.

The companies will begin collaborating immediately.

They will finalize details of the agreement regarding financial terms, and all activities related to development, manufacturing and potential commercialization over the next few weeks.

Swedish Orphan Biovitrum and Selecta Biosciences have entered into a strategic licensing agreement for the product candidate SEL-212.

SEL-212 is a combination of Selecta’s tolerogenic ImmTOR immune tolerance platform and a therapeutic uricase enzyme (pegadricase) that is designed to durably control serum uric acid, reduce immunogenicity, and allow for repeated monthly dosing for the treatment of chronic refractory gout.

Sobi will assume responsibility for development, regulatory, and commercial activities for SEL-212 in all markets outside of China.

Sobi will make initial payments to Selecta of USD 100 million, which include USD 75 million up-front license fee and USD 25 million in a private placement of shares of Selecta common stock.

Selecta is eligible to receive potential milestone payments of up to USD 630 million from Sobi, which are dependent upon specific regulatory and development targets having been met, as well as sales thresholds.

Selecta is eligible to receive tiered double-digit royalties on net sales.

Sobi and Selecta have entered into a share purchase agreement, pursuant to which Sobi will invest USD 25 million in a private placement of 5,416,390 shares of Selecta common stock at a purchase price of USD 4.62 per share (representing a 20% premium to the volume weighted average price over the 10 days prior to signing).

Vaccibody has entered into an exclusive worldwide license and collaboration agreement with Genentech for the development and commercialization ofDNA-based individualized neoantigen vaccines for the treatment of cancers.

Vaccibody will conduct development through the end of Phase 1b and Genentech will be responsible for development and commercialization thereafter.

The transaction will combine Genentech’s global cancer immunotherapy research, development and commercial leadership with Vaccibody’s targeted DNA-based vaccine platform to realize a potential new treatment paradigm of individualized cancer vaccines.

Vaccibody will receive USD 200 million in initial upfront and near-term payments. Additionally, Vaccibody will be eligible to receive up to a furtherUSD 515 million in potential payments and milestones, plus low double-digit tiered royalties on sales of commercialized products arising from the partnership.

Following completion of the Phase 1b study, Genentech will have responsibility and bear all costs for clinical, regulatory, manufacturing and commercialization activities.

Genentech and Vaccibody will progress Vaccibody’s investigationalproduct, VB10.NEO, into clinical trials in the U.S. and in Europe.

VB10.NEO, an individualized DNA-based neoantigen vaccine, uniquely targets encoded antigens to antigen presenting cells which are essential for generating potent T cell responses required for cancer therapy.

The vaccine is designed to be produced on-demand according to the neoantigen profile of an individual patient.

Neoantigens are proteins generated by tumor-specific mutations not present in normal tissues, and are thus an attractive target for cancer immunotherapy asthey may be recognized as foreign by the immune system.

Biogen announced an agreement to acquire from Pfizer PF-05251749, a novel CNS-penetrant small molecule inhibitor of casein kinase 1 (CK1), for the potential treatment of patients with behavioral and neurological symptoms across various psychiatric and neurological diseases.

Biogen plans to develop the Phase 1 asset for the treatment of Sundowning in Alzheimer’s disease (AD) and Irregular Sleep Wake Rhythm Disorder (ISWRD) in Parkinson’s disease (PD).

The purchase will include an upfront payment of $75 million with up to $635 million in potential additional development and commercialization milestone payments, as well as tiered royalties in the high single digits to sub-teens.

Servier and Celsius Therapeutics announced a strategic collaboration focused on the identification and validation of novel colorectal cancer drug targets.

Celsius will analyze hundreds of samples from defined CRC patient populations using its proprietary single-cell genomics platform and will work to identify and validate new drug targets during the three-year research period.

Servier will receive an exclusive option to research, develop, and commercialize products directed to up to three of the targets.

Celsius would receive an upfront payment and research funding, and would be eligible to receive over $700 million in potential discovery, development, and commercialization milestone payments, along with tiered royalties.

MEI Pharma and Kyowa Kirin have entered into a global license, development and commercialization agreement to further develop and commercialize MEI's ME-401, an oral, once-daily, investigational drug-candidate, selective for phosphatidylinositol 3-kinase delta (PI3Kδ), in clinical development for the treatment of B-cell malignancies.

MEI and Kyowa Kirin will co-develop and co-promote ME-401 in the U.S., with MEI booking all revenue from U.S. sales.

Kyowa Kirin has exclusive commercialization rights outside of the U.S.

Under the terms of the agreement, which substantially retains and consolidates the terms of the 2018 license agreement between MEI and Kyowa Kirin to develop and commercialize ME-401 in Japan, MEI will receive a $100 million upfront payment from Kyowa Kirin.

MEI is also eligible to receive up to $582.5 million in additional payments from Kyowa Kirin depending on the achievement of certain U.S. and ex-U.S. development, regulatory and commercial milestones.

If approved by FDA in the U.S., MEI and Kyowa Kirin will co-promote ME-401, with MEI booking all revenue from sales.

MEI and Kyowa Kirin will share U.S. profits and costs (including development costs) on a 50-50 basis.

Outside the U.S., Kyowa Kirin will have exclusive commercialization rights, lead commercialization and book all revenues from sales of ME-401.

Kyowa Kirin will pay MEI escalating tiered royalties on ex-U.S. sales starting in the teens.

Kyowa Kirin will be responsible for all incremental ex-U.S. clinical development costs and all ex-U.S. regulatory, CMC and commercial costs.

The companies have agreed to a development plan designed to broadly evaluate ME-401 in patients with various B-cell malignancies, including in combination with other agents.

Laborie Medical Technologies entered into a multi-faceted, strategic partnership with Urotronic to support regulatory approval of Optilume, a drug-coated balloon (DCB) technology for use in urethral strictures and benign prostatic hyperplasia (BPH).

LABORIE will invest $15 million USD in Urotronic's Series C financing along with $5 million USD from current shareholders and secure an option to acquire all rights to Optilume.

Under the terms of the option agreement, LABORIE can acquire a perpetual, exclusive license to the Optilume Urethral Strictures device, upon FDA approval, for $165 million.

LABORIE also has an option to acquire the Company, upon FDA approval of the Optilume BPH device, for $350 million upfront plus another $150 million in earnouts if certain sales milestones are reached.

This strategic partnership with Urotronic demonstrates LABORIE's continued commitment to expand the use of less invasive treatments and improve outcomes for patients suffering from urological disorders.

Elevar Therapeutics announced an agreement with Oasmia Pharmaceutical to obtain global rights for Apealea, except in Nordics, Russia, and certain countries in Eastern Europe.

Elevar and Oasmia have created a joint development committee for Apealea to expand approvals in Ovarian cancer worldwide while driving development in additional indications.

Although the full terms of the deal have not been disclosed, Oasmia will receive an upfront payment of $20M and up to $658M in additional regulatory and sales milestones.

Bayer and Atara Biotherapeutics announced an exclusive worldwide license agreement and research, development and manufacturing collaboration for mesothelin-directed CAR T-cell therapies for the treatment of solid tumors.

The agreement includes the development candidate ATA3271, an armored allogeneic T-cell immunotherapy, and an autologous version, ATA2271, for high mesothelin-expressing tumors such as malignant pleural mesothelioma and non-small-cell lung cancer.

The licensed technology leverages Atara's novel, proprietary Epstein-Barr Virus (EBV) T-cell platform combined with CAR T technologies targeting mesothelin to improve efficacy, persistence, safety, and durability of response.

Atara will lead IND (Investigational New Drug)-enabling studies and process development for ATA3271 while Bayer will be responsible for submitting the IND and subsequent clinical development and commercialization.

Atara will continue to be responsible for the ongoing ATA2271 phase 1 study, for which an IND filing has been accepted and the clinical trial has been initiated.

Atara will receive an upfront payment of USD 60 million and is eligible to receive payments from Bayer upon achievement of certain development, regulatory and commercialization milestones totaling USD 610 million, as well as tiered royalties up to low double-digit percentage of net sales.

As part of the transaction, Atara will also provide translational and clinical manufacturing services to be reimbursed by Bayer.

In addition, for a limited period of time, Bayer has a non-exclusive right to negotiate a license for additional Atara CAR T product candidates.

Empirico has entered into a strategic collaboration with Ionis Pharmaceuticals.

During the three-year collaboration, Empirico will utilize its Precision Insights Platform, which incorporates huge biological data sets, human genetics and advanced algorithmic approaches, to identify therapeutic targets for indications and tissues that are amenable to Ionis’ industry-leading antisense technology.

Ionis can advance up to ten targets identified by Empirico and assume responsibility for all preclinical and clinical development activities.

Empirico and Ionis will also work together to incorporate human genetics evidence into ongoing efforts with existing Ionis programs, including work on target validation, indication and biomarker selection, and patient stratification.

Ionis has made a $10 million equity investment in Empirico, with additional near-term commitments of up to $30 million based on operational and preclinical milestones.

Empirico will be eligible to receive in excess of $620 million for the achievement of clinical development, regulatory and commercial milestones, and royalties on net sales.

Empirico also has the option to license, develop, and commercialize an Ionis development candidate directed toward a collaboration target for which Ionis will receive milestone payments and royalties on net sales.

Royalty Pharma announced an agreement with PTC Therapeutics to acquire a portion of PTC’s royalty interest in risdiplam for a one-time payment of $650 million.

KaliVir Immunotherapeutics and Astellas Pharma entered into a worldwide licensing agreement for the research, development, and commercialization of VET2-L2, an intravenously administered oncolytic virus for Immuno-Oncology, as well as a research collaboration to generate a Second Product, a follow-on virus.

This collaboration, which combines KaliVir's expertise in the development of oncolytic viruses with Astellas' capabilities in advanced drug development and its global business experience, will enable both parties to develop new Immuno-Oncology therapies.

Astellas will pay to KaliVir up to US$56 million in the form of an upfront payment and other payments to support research and preclinical activities related to VET2-L2 and the Second Product.

Astellas may pay up to US$307 million and up to US$271 million for development, regulatory and commercialization of VET2-L2 and Second Product, respectively.

Astellas also may make royalty payments on net sales of each licensed product.

Emergent BioSolutions has been issued a task order under an existing contract with the Biomedical Advanced Research and Development Authority to deploy its contract development and manufacturing (CDMO) capacities, capabilities, and expertise to support the U.S. government’s efforts to accelerate delivery of COVID-19 vaccines.

This task order, valued at approximately $628 million, is being issued under the company’s 2012 contract with BARDA that established Emergent’s Baltimore Bayview facility as a Center for Innovation in Advanced Development and Manufacturing (CIADM) for pandemic preparedness, and expands the partnership to include investments in Emergent’s Baltimore Camden and Rockville facilities, creating a U.S.-based manufacturing supply chain for pharmaceutical and biotechnology innovators of COVID-19 vaccine candidates.

Under the task order, Emergent will deploy its molecule-to-market CDMO offering, committing manufacturing capacity, valued at approximately $542.7 million, for production of COVID-19 vaccine candidates through 2021.

This award secures, on behalf of leading COVID-19 vaccine innovators that are supported by the U.S. government, capacity for drug substance manufacturing at the company’s Baltimore Bayview facility and for drug product manufacturing at the Baltimore Camden and Rockville locations.

The task order also includes an investment of approximately $85.5 million for the rapid expansion of Emergent’s viral and non-viral CDMO drug product fill/finish capacity at the Baltimore Camden and Rockville facilities.

Esperion have entered into a collaboration agreement with Otsuka Pharmaceutical for the development and commercialization of NEXLETOL and NEXLIZET tablets in Japan.

Both medicines were recently approved in both the US and EU.

The collaboration advances the commitment of both companies to provide cost-effective, oral, once-daily, non-statin LDL-cholesterol (LDL-C) lowering medicines for hypercholesterolemia patients in Japan.

This development and commercialization collaboration combines Esperion’s expertise in lipid management with Otsuka’s deep cardiovascular drug development and commercialization expertise in Japan.

Esperion will grant Otsuka exclusive rights to NEXLETOL and NEXLIZET tablet development and commercialization in Japan.

Otsuka will be responsible for all development, regulatory, and commercialization activities in Japan.

Otsuka will fund all Japan-specific development costs associated with the program.

Esperion estimates this amount to total up to $100 million over the next few years.

Esperion will receive an upfront cash payment of $60 million as well as up to an additional $450 million in total development and sales milestones.

Esperion will also receive tiered royalties from 15 percent to 30 percent on net sales in Japan.

Kyverna has entered into a strategic collaboration and license agreement with Gilead to develop engineered T cell therapies for the treatment of autoimmune disease based on Kyverna's synthetic Treg platform and synNotch technology from Kite.

Kyverna will be responsible for conducting research activities and initial clinical studies through proof-of-concept and Gilead will be granted an option, upon the exercise of which Gilead will be solely responsible for further clinical development and commercialization efforts for these programs.

Gilead will make to Kyverna an upfront payment of $17.5 million and Kyverna may earn an additional $570 million in development and commercialization milestones.

Kyverna will also continue to advance its platform and develop proprietary programs beyond the Gilead collaboration.

LEO Pharma has signed a worldwide exclusive licensing agreement with Oneness Biotech and Microbio Shanghai covering the development and commercialization of the novel Atopic Dermatitis (AD) and Allergic Asthma drug candidate, FB825.

LEO Pharma will make an upfront payment of USD 40 million and offer milestone payments up to USD 530 million, followed by a tiered high single-digit to double-digit royalties.

Oneness will be responsible for executing the Phase 2a study for Atopic Dermatitis in the United States and Microbio Shanghai will execute the Phase 2a study for allergic asthma in China.

LEO Pharma will assume all the development responsibilities after the Phase 2a studies.

Takeda Pharmaceutical has entered into an agreement to divest a portfolio of select non-core prescription pharmaceutical products sold predominantly in Europe and Canada to Cheplapharm.

Takeda will receive an upfront payment of approximately $562 million USD, subject to customary legal and regulatory closing conditions.

The portfolio to be divested to Cheplapharm is comprised of non-core prescription pharmaceutical products in a variety of therapeutic categories sold predominantly in Europe and Canada.

This includes Cardiovascular/Metabolic and Anti-Inflammatory products along with Calcium.

The portfolio generated FY 2019 net sales of approximately $260 million USD.

While the products included in the sale address key patient needs in these countries, they are outside of Takeda’s five key business areas.

There are no anticipated employee transfers in connection with this transaction.

The transaction is expected to close by the end of Fiscal Year 2020 (ending March 2021), subject to the satisfaction of customary closing conditions and receipt of required regulatory clearances.

Until then, the products will continue to be made available to patients and manufactured and supplied by Takeda.

Samsung Biologics and AstraZeneca announced a long-term supply agreement, valued at approximately $330.8 million.

Samsung Biologics will provide large-scale commercial manufacturing for drug substance in its Plant 3 as well as drug product to support AstraZeneca's biologics therapeutics, which could be increased to $545.6 million.

By leveraging Samsung Biologics' robust expertise and capabilities in the manufacturing of high-quality biopharmaceuticals, this new partnership will enable AstraZeneca to expand its biologics manufacturing capabilities into Asia Pacific.

According to AstraZeneca, this collaboration agreement is also expected to accelerate Korean bio-health innovation.

Assembly Biosciences and BeiGene have entered into a collaboration in China for Assembly’s portfolio of three clinical-stage core inhibitor candidates for the treatment of patients with chronic hepatitis B virus (HBV) infection.

Assembly has granted BeiGene exclusive rights to develop and commercialize ABI-H0731, ABI-H2158 and ABI-H3733 in China, including Hong Kong, Macau, and Taiwan.

ABI-H0731 and ABI-H2158 are both in ongoing Phase 2 clinical trials and ABI-H3733 is in Phase 1 development.

BeiGene will be responsible for development, regulatory submissions, and commercialization in China.

Assembly retains full worldwide rights outside of the partnered territory for the Company’s HBV portfolio.

Assembly will receive an upfront cash payment of $40 million and is eligible to receive up to approximately $500 million in potential development, regulatory and net sales milestone payments pending successful development and commercialization of the licensed candidates.

Assembly is eligible to receive tiered royalties of net sales.

BeiGene will contribute initial funding for clinical development in China, after which the development costs for the territory will be shared equally by the parties.

BridgeBio Pharma is partnering with LianBio.

The partnership marks the first major expansion of BridgeBio’s pipeline into Asian markets.

This strategic relationship will initially focus on two of BridgeBio’s targeted oncology drug candidates, FGFR inhibitor infigratinib, currently in Phase 3 development for FGFR-driven tumors and Phase 1-ready SHP2 inhibitor BBP-398, for tumors driven by RAS and receptor tyrosine kinase mutations.

The agreement also provides LianBio with preferential future access in the territory to more than 20 drug development candidates currently owned or controlled by BridgeBio.

This collaboration is designed to advance and accelerate BridgeBio’s programs in China and other major Asian markets, allowing BridgeBio to quickly bring innovation to large numbers of patients with high unmet need.

LianBio will receive commercial rights in China and selected Asian markets and participate in clinical development activities for infigratinib (housed in BridgeBio affiliate QED) and BBP-398 (housed in BridgeBio affiliate Navire).

BridgeBio’s near-term economics includes a total of $26.5 million in upfront and milestone payments.

BridgeBio will receive up to $505 million in future milestone payments, tiered royalty payments from single- to double-digits on net sales of both products in licensed territories.

BridgeBio will increase its equity interest via investment in LianBio and BridgeBio CEO Neil Kumar has been appointed to the LianBio board of directors.

Supernus Pharmaceuticals has entered into a definitive agreement under which Supernus will acquire the CNS portfolio of US WorldMeds.

With the acquisition, Supernus adds three established and marketed products in the U.S. market with a product candidate in late-stage development:

APOKYN (apomorphine hydrochloride) injection is used, as needed, to provide rapid, reliable, and robust control of body movements in people with Parkinson’s disease (PD) when they experience an off episode. An off episode, also called hypomobility, may include symptoms such as muscle stiffness, slow movements, and difficulty starting movements.

MYOBLOC® (rimabotulinumtoxinB) injection is the first and only approved botulinum toxin Type B injectable indicated for the treatment of cervical dystonia to reduce the severity of abnormal head position and neck pain associated with cervical dystonia in adults, and the treatment of chronic sialorrhea in adults.

XADAGO® (safinamide) tablets is a monoamine oxidase type B (MAO-B) inhibitor indicated as a daily adjunctive treatment to levodopa/carbidopa in patients with PD experiencing off episodes.

Apomorphine Infusion Pump is a product candidate for the continuous treatment of motor fluctuations (“on‐off” episodes) in PD patients whose motor control is unsatisfactory with oral levodopa and at least one other noninvasive PD therapy. New Drug Application (NDA) submission is expected in the second half of 2020 with potential launch, if approved by the FDA, in the second half of 2021.

Total consideration of $530 million consists of an upfront cash payment of $300 million plus regulatory and commercial milestone cash payments up to $230 million.

All cash consideration will be funded through existing balance sheet cash.

Supernus Pharmaceuticals and Navitor Pharmaceuticals announced a joint development and option agreement for Navitor’s mTORC1 activator, NV-5138.

Supernus and Navitor will jointly conduct a Phase II clinical program for NV-5138 in TRD.

Supernus will pay the costs of Phase II development up to $50 million, plus certain costs associated with nonclinical development and formulation.

In addition, Navitor has granted Supernus an exclusive option to license or acquire NV-5138 in all world territories, excluding Greater China, prior to initiation of a Phase III clinical program.

In exchange for the option to license or acquire NV-5138, Navitor will receive an upfront payment of $25 million, composed of a $10 million option fee and a $15 million equity investment representing approximately 13% ownership in Navitor.

Total payments, exclusive of royalty payments on net sales of NV-5138 and development costs under the agreement, have the potential to reach $410 million to $475 million, which includes the upfront payment of $25 million, an additional license or acquisition fee depending on whether Supernus ultimately licenses or acquires NV-5138, and subsequent clinical, regulatory and sales milestone payments.

Supernus also will have the first right of refusal for any compound with a similar mechanism of action on mTORC1 as NV-5138 in the central nervous system.

In conjunction with the equity investment, Jack Khattar, President and CEO of Supernus, will join the Board of Directors of Navitor.

ACADIA Pharmaceuticals and Vanderbilt University announced an exclusive worldwide license agreement to develop and commercialize novel drug candidates targeting the muscarinic M1 receptor with the potential to treat a range of central nervous system (CNS) disorders.

The collaboration will focus on positive allosteric modulators (PAMs) of the M1 receptor.

The WCNDD has been developing highly selective PAMs of the M1 subtype of muscarinic acetylcholine receptor, which may represent a novel approach for improving cognitive function and other neuropsychiatric symptoms in patients suffering from CNS disorders.

The agreement includes a lead compound currently in Phase 1 testing, as well as compounds currently in preclinical development and compounds generated in an ongoing discovery program.

Vanderbilt University will receive $10 million upfront and is eligible for potential milestone payments of up to $515 million and tiered royalties.

Merck has entered into an out-licensing agreement with Novartis for the development of M6495, an anti-ADAMTS5 Nanobody for the potential treatment of osteoarthritis (OA).

Merck will out-license to Novartis the Phase II-ready asset M6495 for further evaluation in OA patients.

Merck will receive an upfront payment of € 50 million with the potential of receiving a further € 400 million related to delivering on certain development and commercial milestones and royalties on future net sales.

Novartis will assume full responsibility for the development and commercialization of the M6495 program.

eFFECTOR Therapeutics and Pfizer announced an exclusive worldwide license and collaboration agreement to develop small-molecule inhibitors of eukaryotic initiation factor 4E (eIF4E), a key oncogenic driver located downstream from both the RAS and PI3K signaling pathways.

eIF4E is an effector protein that is activated in a variety of human cancers and is linked to poor prognosis and resistance to certain therapies.

eFFECTOR will receive a $15 million payment upfront, and will be eligible for additional potential $492M in R&D funding, development and sales milestone payments.

eFFECTOR will receive royalties on sales of any products that may result from this collaboration if the program reaches commercialization and has an option to enter into a co-promotion and profit and loss share arrangement in the United States.

Engitix entered into a licensing and collaboration agreement with Takeda Pharmaceutical Company to discover and develop novel therapeutics for advanced fibrotic liver diseases, including non-alcoholic steatohepatitis.

Engitix and Takeda will collaborate in the confirmation and validation of targets and preclinical development of therapeutics in liver fibrosis using Engitix’s unique extracellular matrix (ECM) discovery platform.

Takeda will have exclusive rights to develop and commercialise clinical candidates generated against validated targets derived from the collaboration.

Engitix will receive an upfront payment, with additional near-term payments based on the confirmation and functional validation of selected targets.

Engitix will be eligible to receive more than $500 million for the achievement of preclinical, development, regulatory and commercial milestones, as well as further royalty payments upon sales of commercialised products.

Boehringer Ingelheim and Click Therapeutics have entered into a collaboration for the development and commercialization of a prescription-based digital therapeutic.

It will utilize cognitive and neurobehavioral mechanisms delivered through Click’s proprietary engagement platform with the goal of reducing cognitive deficits and impaired social functioning in patients with schizophrenia.

Together the two companies will join their expertise to develop a novel mobile application, CT-155, which combines multiple clinically validated therapeutic interventions to help schizophrenia patients modify their behavior to achieve positive clinical outcomes alone and in combination with pharmaceutical therapy options.

The partnership aims to provide better tools and resources to those living with schizophrenia, where there remains a huge unmet need due to lack of access to psychosocial intervention therapies.

Click Therapeutics will be primarily responsible for research and development activities, and will support Boehringer Ingelheim as it undertakes worldwide commercialization activities.

Click Therapeutics will receive under the terms of the partnership agreement an upfront payment and funding for research and development activities as well as clinical, regulatory and commercial milestones representing a total deal value of over USD 500 million.

Click Therapeutics will receive tiered royalties on annual net sales of CT-155 worldwide.

Yumanity Therapeutics has entered into a strategic research collaboration and license agreement with Merck focused on accelerating the development of new treatments for neurodegenerative diseases.

Merck will gain exclusive rights to two novel Yumanity pipeline programs for the treatment of amyotrophic lateral sclerosis (ALS) and frontotemporal lobar dementia (FTLD).

Yumanity and Merck will collaborate to advance the two preclinical programs during the research term, after which Merck has the right to continue clinical development and commercialization.

Yumanity will receive an upfront payment and is eligible to receive milestone payments totaling approximately $500M associated with the successful development of marketed products for pipeline programs, as well as royalties on net sales.

Merck is also joining existing Yumanity investors (Fidelity Management & Research Company, Redmile Group, Pfizer Ventures, Alexandria Venture Investments, Tony Coles, and Dolby Family Ventures) by participating in a Series C round of financing.

Bristol-Myers Squibb announced that Celgene in connection with its merger agreement with Bristol-Myers Squibb, has entered into an agreement with Amgen under which Amgen would acquire the global rights to OTEZLA (apremilast) for $13.4 billion in cash.

Bristol-Myers Squibb previously announced the decision to divest OTEZLA in connection with the ongoing regulatory approval process for the Company’s pending merger with Celgene.

The closing of the acquisition covered by the agreement with Amgen is contingent on Bristol-Myers Squibb and Celgene entering into a consent decree with the Federal Trade Commission (FTC) in connection with their pending merger, the closing of the pending merger, and the satisfaction of other customary closing conditions.

Amgen will acquire OTEZLA and related intellectual property, including any patents that primarily cover apremilast, as well as other assets and liabilities related to OTEZLA.

The agreement includes the transfer of Celgene employees primarily dedicated to OTEZLA.

Elanco Animal Health has entered into an agreement with Bayer to acquire its animal health business in a transaction valued at US$7.6 billion.

The transaction, which is subject to regulatory approval and other customary closing conditions, creates the second largest animal health leader while strengthening and accelerating the company’s proven Innovation, Portfolio and Productivity (IPP) strategy.

The transaction will double Elanco’s Companion Animal business, advancing the company’s intentional portfolio mix transformation and creating a balance between its Food Animal and Companion Animal segments.

Elanco expects the combined organization to continue to deliver mid-single digit revenue growth, while accelerating achievement of adjusted gross margin goals and delivering double digit adjusted EBITDA margin growth.

Elanco will finance the transaction through both cash and equity.

Bayer will receive $5.32 billion in cash, subject to customary purchase price adjustments, and $2.28 billion or approximately 68 million Elanco Animal Health common shares.

This represents a 70 percent to 30 percent cash-to-equity mix.

Stock received by Bayer is subject to a 7.5 percent symmetrical collar centered on Elanco’s volume-weighted average price for the 30 trading days ended August 6, 2019 of $33.60.

Elanco has secured a bridge commitment for the cash portion of the consideration.

It intends to fund the cash consideration through a combination of new debt and equity.

At close, Elanco expects its gross debt to adjusted EBITDA leverage ratio to be ~5x, including the benefit of expected cost synergies.

The strong cash flow generation profile of the combined businesses will allow Elanco to de-lever rapidly to below 3x gross debt to adjusted EBITDA by the end of 2022.

The transaction is expected to close in mid-2020, subject to regulatory approvals and other customary closing conditions.

Daiichi Sankyo has entered into a global development and commercialization agreement with AstraZeneca for Daiichi Sankyo's lead antibody drug conjugate (ADC), [fam-] trastuzumab deruxtecan (DS-8201), currently in pivotal development for multiple HER2 expressing cancers including breast and gastric cancer, and additional development in non-small cell lung and colorectal cancer.

Daiichi Sankyo and AstraZeneca will jointly develop and commercialize [fam-] trastuzumab deruxtecan as a monotherapy or a combination therapy worldwide, except in Japan where Daiichi Sankyo will maintain exclusive rights.

Daiichi Sankyo will be solely responsible for manufacturing and the supply of [fam-] trastuzumab deruxtecan.

AstraZeneca will pay Daiichi Sankyo an upfront payment of $1.35 billion. Contingent payments of up to $5.55 billion include $3.8 billion for achievement of future regulatory milestones and other contingencies, as well as sales-related milestones of up to $1.75 billion.

Total payments under the agreement have the potential to reach up to $6.90 billion.

Daiichi Sankyo and AstraZeneca will share equally development and commercialization costs as well as profits from [fam-] trastuzumab deruxtecan worldwide, except for Japan.

Daiichi Sankyo is expected to book sales in U.S., certain countries in Europe, and certain other markets where Daiichi Sankyo has affiliates.

AstraZeneca is expected to book sales in all other markets worldwide, including China, Australia, Canada and Russia.

Gilead Sciences and Galapagos have entered into a 10-year global research and development collaboration.

Gilead will gain access to an innovative portfolio of compounds, including six molecules currently in clinical trials, more than 20 preclinical programs and a proven drug discovery platform.

Galapagos will receive a $3.95 billion upfront payment and a $1.1 billion equity investment from Gilead.

Galapagos will use the proceeds to expand and accelerate its research and development programs.

Gilead will receive an exclusive product license and option rights to develop and commercialize all current and future programs in all countries outside Europe.

Gilead and Galapagos have agreed to amend certain terms in the agreement governing filgotinib, the candidate being advanced for rheumatoid arthritis and other inflammatory diseases to provide a broader commercialization role for Galapagos in Europe.

The collaboration will allow for closer scientific partnership between the companies.

Gilead will have access to Galapagos’ established research base, which includes more than 500 scientists, and to Galapagos’ unique platform, which utilizes disease-related, human primary cell-based assays to discover and verify novel drug targets.

Gilead will also nominate two individuals to Galapagos’ Board of Directors following the closing of the transaction.

Gilead gains rights to GLPG1690, Galapagos’ Phase 3 candidate for idiopathic pulmonary fibrosis.

Gilead also receives option rights for GLPG1972, a Phase 2b candidate for osteoarthritis, in the United States.

Both GLPG1690 and GLPG1972 are first-in-class compounds and could offer important mid- and late-stage pipeline opportunities for Gilead.

Gilead receives option rights on all of Galapagos’ other current and future clinical programs outside of Europe.

Galapagos will fund and lead all discovery and development autonomously until the end of Phase 2.

After the completion of a qualifying Phase 2 study, Gilead will have the option to acquire an expanded license to the compound.

If the option is exercised, Gilead and Galapagos will co-develop the compound and share costs equally.

Gilead will maintain option rights to Galapagos’ programs through the 10-year term of the collaboration and for up to an additional three years thereafter for those programs that have entered clinical development prior to the end of the collaboration term.

If GLPG1690 is approved in the United States, Gilead will pay Galapagos an additional $325 million milestone fee.

For GLPG1972, Gilead has the option to pay a $250 million fee to license the compound in the United States after the completion of the ongoing Phase 2b study in osteoarthritis.

If certain secondary efficacy endpoints are met, Gilead would pay up to an additional $200 million.

Following opt in, Galapagos would be eligible to receive up to $550 million in regulatory and commercial milestones.

For all other programs resulting from the collaboration, Gilead will make a $150 million opt-in payment per program and will owe no subsequent milestones.

Galapagos will receive tiered royalties ranging from 20-24% on net sales of all Galapagos products licensed by Gilead as part of the agreement.

Novartis has entered into an agreement with Takeda Pharmaceutical to acquire the assets associated with Xiidra (lifitegrast ophthalmic solution) 5% worldwide.

Xiidra is the first and only prescription treatment approved to treat both signs and symptoms of dry eye by inhibiting inflammation caused by the disease.

The transaction would bolster the Novartis front-of-the-eye portfolio and ophthalmic leadership.

Closing of the transaction is expected in second half of 2019, subject to customary closing conditions including regulatory approvals.

On closing, Novartis plans a smooth transition of operations and integration of Xiidra into its pharmaceuticals portfolio.

Deal terms include a USD 3.4 billion upfront payment with potential milestone payments of up to USD 1.9 billion.

As part of the agreement, Novartis will be taking on approximately 400 employees associated with the product.

GlaxoSmithKline and Merck KGaA have entered into a global strategic alliance to jointly develop and commercialise M7824 (bintrafusp alfa*).

M7824 is an investigational bifunctional fusion protein immunotherapy that is currently in clinical development, including potential registration studies, for multiple difficult-to-treat cancers.

This includes a Phase II trial to investigate M7824 compared with pembrolizumab as a first-line treatment in patients with PD-L1 expressing advanced non-small cell lung cancer (NSCLC).

Merck KGaA will receive an upfront payment of €300 million (£260 million) and is eligible for potential development milestone payments of up to €500 million (£440 million) triggered by data from the M7824 lung cancer programme.

Merck KGaA will also be eligible for further payments upon successfully achieving future approval and commercial milestones of up to €2.9 billion (£2.5 billion).

The total potential deal value is up to €3.7 billion (£3.2 billion).

Both companies will jointly conduct development and commercialisation with all profits and costs from the collaboration being shared equally on a global basis.

Abpro and NJCTTQ have entered into an agreement to develop multiple novel bispecific antibody therapies in immuno-oncology, including best-in-class T-cell engagers.

The collaboration leverages Abpro’s proprietary DiversImmuneTM antibody discovery platform.

Abpro is eligible to receive up to $4 billion, including $60 million in near-term R&D funding, plus potential milestones and royalties.

Abpro will retain all commercial rights for any approved molecules in geographies outside of China and Thailand, while NJCTTQ will retain rights in China.

Abpro and NJCTTQ will collaborate globally to pursue pre-clinical and clinical development efforts and, ultimately, commercialization.

Amgen has entered into a strategic collaboration with BeiGene that will significantly accelerate Amgen's plans to expand its oncology presence in China, the world's second-largest pharmaceutical market.

BeiGene is a research-based, oncology-focused biotechnology company with an established and highly experienced team in China, including a 700-person commercial organization and a 600-person clinical development organization.

As part of the collaboration:

Amgen will acquire a 20.5% stake in BeiGene for approximately $2.7 billion in cash.

This represents a purchase price of $174.85 per BeiGene American Depositary Share on NASDAQ, a 36% premium to BeiGene's 30-day volume-weighted average share price as of Oct. 30, 2019.

Amgen will nominate one person to serve on BeiGene's Board of Directors.

BeiGene will commercialize XGEVA (denosumab), KYPROLIS (carfilzomib) and BLINCYTO (blinatumomab) in China during which time the parties will equally share profits and losses.

Two of these products will revert to Amgen, one after five years and one after seven years.

Following the commercialization period, BeiGene will have the right to retain one product and will be entitled to receive royalties on sales in China for an additional five years on the products not retained.

XGEVA was launched in China in September of this year; KYPROLIS and BLINCYTO are both in Phase 3 trials in China.

Amgen and BeiGene will collaborate to advance 20 medicines from Amgen's innovative oncology pipeline in China and globally.

BeiGene will share global research and development costs and contribute up to $1.25 billion to advance these medicines.

Amgen will pay royalties to BeiGene on the sales of these products outside of China, with the exception of AMG 510, Amgen's first-in-class KRASG12C inhibitor that is being studied as a potential treatment for solid tumors.

Amgen anticipates utilizing data from clinical trials conducted in China to advance the development of its oncology portfolio globally.

Of the 20 oncology medicines in development, BeiGene will assume commercial rights in China for seven years after launch for those that receive approval in China, including AMG 510.

After this time, BeiGene will retain rights to up to six of these products in China, excluding AMG 510, while rights on remaining products revert to Amgen.

Amgen and BeiGene will share profits in China equally on these products until the rights revert to Amgen, after which Amgen will pay royalties to BeiGene on sales in China for a period of five years after reversion.

Amgen will continue to commercialize its non-oncology product portfolio in China.

Earlier this year, Amgen launched its first-ever product in China, Repatha (evolocumab), an LDL cholesterol-lowering treatment proven to reduce the risk of heart attacks and stroke.

Amgen expects to launch a number of other non-oncology medicines in China over the next several years, including Prolia (denosumab), which reduces the risk of fracture in postmenopausal women with osteoporosis.

XGEVA, KYPROLIS and BLINCYTO, as well as the medicines in Amgen's oncology pipeline, will be manufactured at Amgen's existing facilities.

Amgen will purchase its equity stake in BeiGene with available cash and expects to retain its investment grade credit rating.

December 2019

Sumitovant Biopharma unveiled as a new, global biopharmaceutical company through the closing of the transaction previously announced on October 31, 2019 between Sumitomo Dainippon Pharma and Roivant Sciences.

October 2019

Sumitomo Dainippon Pharma and Roivant Sciences have signed a definitive agreement for the creation of a novel and broad Strategic Alliance and to form a new company owned and supported by Sumitomo Dainippon Pharma.

September 2019

Sumitomo Dainippon Pharma and Roivant Sciences have entered into the Memorandum for the creation of a novel and broad Alliance to include the transfer to Sumitomo Dainippon Pharma of Roivant's ownership interests in 5 of their biopharmaceutical companies ("Vants"), with options to acquire up to 6 additional Vants, and access to Roivant's proprietary technology platforms, DrugOme and Digital Innovation.

Roivant will collaborate with Sumitomo Dainippon Pharma with the continued involvement of Roivant's senior leaders to ensure the success of the Alliance.

Sumitomo Dainippon Pharma will take an equity stake of over 10% of shares outstanding in Roivant.

Pursuant to the Memorandum, the Sumitomo Dainippon-Roivant Alliance, a new entity to be wholly owned by Sumitomo Dainippon Pharma, is expected to assume Roivant's ownership interests in Myovant Sciences (women's health and prostate cancer), Urovant Sciences (urinary diseases), Enzyvant Therapeutics (pediatric rare diseases), Altavant Sciences (respiratory rare diseases), and one additional company to be specified before the execution of the definitive agreement.

Sumitomo Dainippon Pharma will also gain options to acquire Roivant's ownership interests in up to 6 additional biopharmaceutical Vants.

These 11 Vants collectively have more than 25 innovative clinical programs, with multiple potential product launches expected from 2020 to 2022.

Sumitomo Dainippon Pharma plans to support the Vants in the Alliance by leveraging the potential benefits of scale and other advantages associated with Sumitomo Dainippon Pharma's global commercial infrastructure such as market access and drug distribution.

Roivant also plans to continue to support the six Vants subject to the option.

Sumitomo Dainippon and Roivant will further collaborate with the goal of successfully progressing each of the Vants' ongoing programs.

Sumitomo Dainippon Pharma will gain key elements of Roivant's proprietary technology platform, including the DrugOme, which assists in accelerating pipeline acquisition and clinical development, and Digital Innovation, which uses technology to improve business processes.

These platforms will continue to be used by Roivant under separate contract for other Vants as well as future business activities.

Sumitomo Dainippon Pharma also expects to enter contract agreements with Roivant Health technology Vants, including Datavant and Alyvant, to support its own ongoing and future clinical and commercialization activities and maximize the value of its product portfolio, including products in the Sumitomo Dainippon-Roivant Alliance.

Sarepta Therapeutics and Roche have entered into a licensing agreement providing Roche exclusive commercial rights to SRP-9001 (AAVrh74.MHCK7.micro-dystrophin), Sarepta’s investigational gene therapy for Duchenne muscular dystrophy (DMD), outside the United States.

Sarepta will receive $1.15 billion in an upfront payment and an equity investment; up to $1.7 billion in regulatory and sales milestones; and royalties on net sales, anticipated to be in the mid-teens.

Roche and Sarepta will equally share global development expenses.

Sarepta retains all rights to SRP-9001 in the United States.

The collaboration combines Sarepta’s leading gene therapy candidate for DMD with Roche’s global reach, commercial presence and regulatory expertise to accelerate access to SRP-9001 for patients outside the United States.

DMD is an X-linked rare degenerative neuromuscular disorder causing severe progressive muscle loss and premature death.

SRP-9001, currently in clinical development for DMD, is designed to deliver the micro-dystrophin-encoding gene directly to the muscle tissue for the targeted production of the micro-dystrophin protein.

Sarepta will continue to be responsible for the global development plan and manufacturing build out for SRP-9001.

Through its leading hybrid manufacturing platform, Sarepta will remain responsible for manufacturing of clinical and commercial supplies.

Sarepta has also granted Roche an option to acquire ex-U.S. rights to certain future DMD-specific programs, in exchange for separate milestone and royalty considerations, and cost sharing.

Gilead Sciences and Nurix Therapeutics announced a global strategic collaboration to discover, develop and commercialize a pipeline of innovative targeted protein degradation drugs for patients with cancer and other challenging diseases.

Nurix will utilize its proprietary drug discovery platform to identify novel agents that utilize E3 ligases to induce degradation of specified drug targets and Gilead will have an option to license drug candidates directed to up to five targets resulting from the work.

Nurix will retain the option to co-develop and co-detail up to two programs in the United States.

The collaboration excludes Nurix’s lead degradation program, for which Nurix retains all rights.

Nurix will receive an upfront payment of $45 million and will be eligible to receive up to approximately $2.3 billion in total additional payments based on the successful completion of certain research, pre-clinical, clinical, regulatory and commercialization milestones as well as up to low double-digit tiered royalties on net sales.

For those programs that Nurix opts in to co-develop and co-detail, the parties will split development costs as well as profits and losses 50/50 for the U.S., and Nurix will be eligible to receive royalties on ex-U.S. sales and reduced milestone payments.

Adaptive Biotechnologies entered into a worldwide collaboration and license agreement with Genentech to develop, manufacture and commercialize novel neoantigen directed T-cell therapies for the treatment of a broad range of cancers.

The collaboration will combine Genentech’s global cancer immunotherapy research and development leadership with Adaptive’s proprietary T-cell receptor (TCR) discovery and immune profiling platform (TruTCR) to accelerate a transformational new treatment paradigm of tailoring cellular therapy for each patient’s individual cancer.

Adaptive will utilize the investigational TCR discovery platform to identify the optimal TCRs to most effectively target each patient’s neoantigens for treatment.

Genentech will engineer and manufacture a personalized cellular medicine to deliver to each patient. The goal is to harness the vast majority of therapeutically relevant, patient-specific neoantigens and advance the next generation of cellular therapies in oncology.

Adaptive will receive $300 million in an initial upfront payment and may be eligible to receive more than $2 billion over time, including payments upon achievement of specified development, regulatory and commercial milestones, and royalties on sales.

Genentech will have responsibility for clinical, regulatory, and commercialization efforts, and Adaptive will be responsible for patient-specific screening on a global basis.

Adaptive will continue to use its TCR discovery and immune profiling platform to collaborate in the development of cellular therapies in other disease areas, including autoimmune conditions and infectious diseases.

October 2019

Silence Therapeutics announced the triggering of the first $2 million in research milestones for SLN500 under the collaboration with Mallinckrodt Pharmaceuticals, a global biopharmaceutical company.

This milestone relates to the completion of specific pre-clinical aspects of the SLN500 programme and highlights the rapid progress which has been achieved and the close working relationship between the two companies since the collaboration was entered into on 18 July 2019.

Under the terms of the agreement, Mallinckrodt has options to license up to two additional complement-targeted assets in Silence’s preclinical complement-directed RNAi development program.

Silence continues to work with Mallinckrodt to actively assess the two additional complement-targeted assets and further updates will be made in due course.

July 2019

Mallinckrodt and Silence Therapeutics announced a collaboration that will allow the companies to develop and commercialize RNAi drug targets designed to inhibit or 'silence' the complement cascade, a group of proteins that are involved in the immune system and that play a role in the development of inflammation.

These proteins are known to contribute to the pathogenesis of many diseases, including autoimmune diseases.

Mallinckrodt will obtain an exclusive worldwide license to Silence's C33 complement asset, SLN500, with options to license up to two additional complement-targeted assets in Silence's preclinical complement-directed RNAi development program.

Silence will be responsible for preclinical activities, and for executing the development program of each asset until the end of Phase 1, after which Mallinckrodt will assume clinical development and responsibility for global commercialization.

Mallinckrodt has agreed to provide Silence with an upfront payment of $20 million.

Silence is also eligible to receive up to $10 million in research milestones for SLN500 and for each optioned asset, in addition to funding for Phase 1 clinical development including GMP4 manufacturing.

Silence will fund all other preclinical activities.

The collaboration provides for potential added clinical and regulatory milestone payments of up to $100 million for SLN500, as well as commercial milestone payments of up to $563 million for SLN500.

Should Mallinckrodt opt to license one or two additional assets, Silence could receive up to $703 million in similar clinical, regulatory, and commercial milestone payments per asset.

Silence would also receive tiered, low double-digit to high-teen royalties on net sales for SLN500 and each optioned asset.

The companies will work together to develop and commercialize this RNAi therapeutic target, with the possibility of additional assets, and will form a Joint Steering Committee to guide the asset's development program.

Silence's proprietary technology is a highly specific and modular platform designed to inhibit or 'silence' the expression of disease-causing genes.

The technology is appropriate to target any number of genes; however, the collaboration focuses on the complement cascade, which is implicated in a number of autoimmune diseases.

Gilead Sciences and Goldfinch Bio announced a strategic collaboration to discover, develop and commercialize a pipeline of innovative therapeutics for diabetic kidney disease (DKD) and certain orphan kidney diseases.

Gilead has exclusive options to license worldwide rights to certain products directed toward targets emerging from Goldfinch’s proprietary Kidney Genome Atlas (KGA), a comprehensive registry of patients with kidney diseases integrating genomic, transcriptomic and proteomic data with patient clinical profiles.

In addition, Goldfinch will apply its biology platform of human induced pluripotent stem cell-derived kidney cells and kidney organoids to validate targets and support discovery and development of products to which Gilead will have exclusive option rights.

Through sequencing the DNA of a large cohort of diabetic patients with and without kidney disease, Goldfinch will expand the scope of the KGA beyond orphan kidney diseases to include DKD.

In addition to target identification and validation, Goldfinch will lead discovery and development activities prior to exercise of exclusive option rights by Gilead, at which time Gilead will be responsible for the development and commercialization of optioned products.

Goldfinch retains the option to lead development and co-promote optioned products directed to specific kidney disease targets.

The collaboration does not include Goldfinch’s existing programs, GFB-887 and GFB-024, for which Goldfinch will retain all rights.

Goldfinch will receive $55 million in upfront payments, which includes a $5 million equity investment, and an additional $54 million to support the development of the KGA platform for DKD.

Goldfinch is also eligible to receive up to $1.95 billion in potential payments for the first five collaboration programs based on the successful achievement of research, development, regulatory and commercial milestones, and tiered royalties on sales of potential products originating from the collaboration.

Goldfinch retains the option to equally share in U.S. profits for certain optioned products in certain pre-defined kidney indications.

Development costs for profit share products will be shared among the two parties in a manner commensurate with product rights.

February 2021

Voyager Therapeutics announced that Neurocrine Biosciences provided notice of termination of the Parkinson’s disease portion of the collaboration agreement, effective August 2, 2021.

The Friedreich’s ataxia program and two discovery programs that are also part of the agreement are not impacted and remain under active collaboration.

June 2019

The ex-U.S. rights to VY-FXN01 are transferred from Voyager to Neurocrine Biosciences under the terms of the collaboration agreement between Voyager and Neurocrine Biosciences announced in January 2019.

January 2019

Neurocrine Biosciences and Voyager Therapeutics announced the formation of a strategic collaboration focused on the development and commercialization of Voyager’s gene therapy programs, VY-AADC for Parkinson’s disease and VY-FXN01 for Friedreich’s ataxia, as well as rights to two programs to be determined.

This collaboration combines Neurocrine Biosciences’ expertise in neuroscience, drug development and commercialization with Voyager’s innovative gene therapy programs targeting severe neurological diseases.

Neurocrine Biosciences has agreed to pay Voyager $165 million in cash including a $115 million upfront payment and a $50 million equity investment at a Voyager per share price of $11.96.

Voyager will also receive funding from Neurocrine Biosciences for all costs incurred on these collaboration programs as described below.

In addition, Voyager may be entitled to earn up to $1.7 billion in development, regulatory and commercial milestone payments across the four programs.

Under terms of the agreement for VY-AADC for Parkinson’s disease:

Neurocrine Biosciences has agreed to fund the clinical development of the Phase 2-3 pivotal program for VY-AADC.

After the data readout of the Phase 2 RESTORE-1 trial, Voyager has the option to either:

(1) co-commercialize VY-AADC with Neurocrine Biosciences in the U.S. under a 50/50 cost- and profit-sharing arrangement and receive milestones and royalties based on ex-U.S. sales, or

(2) grant Neurocrine Biosciences full global commercial rights in exchange for milestone payments and royalties based on global sales.

Under terms of the agreement for VY-FXN01 for Friedreich’s ataxia:

Neurocrine Biosciences has agreed to fund the development through the Phase 1 clinical trial of VY-FXN01.

After the data readout of the Phase 1 trial, Voyager has the option to either:

(1) co-commercialize VY-FXN01 with Neurocrine Biosciences in the U.S. under a 60/40 cost- and profit-sharing arrangement, or

(2) grant Neurocrine Biosciences full U.S. commercial rights in exchange for milestone payments and royalties based on U.S. sales.

Sanofi Genzyme retains an option for ex-U.S. rights to VY-FXN01 following the data readout of the Phase 1 trial.

Under terms of the agreement for the two programs to be determined:

Neurocrine Biosciences has agreed to fund the development of these programs to be determined and Voyager will have the right to earn milestone payments and royalties based on global sales.

Neurocrine Biosciences and Xenon Pharmaceuticals announced a license and collaboration agreement to develop first-in-class treatments for epilepsy.

Neurocrine Biosciences gains an exclusive license to XEN901, a clinical stage selective Nav1.6 sodium channel inhibitor with potential in SCN8A developmental and epileptic encephalopathy (SCN8A-DEE) and other forms of epilepsy, including focal epilepsy.

Neurocrine Biosciences gains an exclusive license to pre-clinical compounds for development, including selective Nav1.6 inhibitors and dual Nav1.2/1.6 inhibitors.

The agreement also includes a multi-year research collaboration to discover, identify and develop additional novel Nav1.6 and Nav1.2/1.6 inhibitors.

Neurocrine Biosciences will be responsible for development costs associated with the programs and the agreement will be subject to the following terms:

Upfront License Payment: Xenon will receive $50 million, including a $30 million upfront payment in cash and a $20 million equity investment by Neurocrine Biosciences at a Xenon per share price of $14.196.

XEN901 Investigational New Drug (IND) Milestone: Xenon will receive up to $25 million upon the U.S. Food and Drug Administration (FDA) acceptance of an IND for XEN901, with 55% of the amount in the form of an equity investment in Xenon at a 15% premium to Xenon’s 30-day trailing volume weighted average price at that time.

Collaboration Milestones: Xenon may also be entitled to receive up to approximately $1.7 billion in additional development, regulatory and commercial milestone payments related to XEN901 and other licensed Nav1.6 or Nav1.2/1.6 inhibitor products.

XEN901 Royalties: Xenon will have the right to receive a tiered royalty ranging from the low double-digits to mid-teen percentage in the U.S. and a tiered royalty at slightly lower rates outside the U.S. based upon aggregate global net sales.

Other Product Royalties: Xenon will have the right to receive a tiered royalty for other Nav1.6 and Nav1.2/1.6 inhibitor products ranging from the mid-single to low double-digits in the U.S. and a tiered royalty at slightly lower rates outside the U.S. based upon aggregate global net sales.

Xenon Co-Fund Option: Xenon retains an option to co-fund 50% of the U.S. development costs of XEN901 or another product candidate in exchange for increased U.S. royalties, reaching 20% of U.S. net sales at the highest royalty tier for XEN901.

Funded Collaboration: Neurocrine Biosciences will fund all clinical developments costs associated with the development of product candidates under the collaboration (subject to Xenon’s Co-Fund Option) and will also fund a research collaboration up to 3 years with a minimum of 10 FTEs (full time equivalents) at Xenon.

Xenon will be responsible for certain pre-clinical and a portion of certain near term manufacturing costs under the collaboration.

Neurocrine Biosciences anticipates filing an IND application with the FDA in the middle of 2020 in order to start a proposed clinical trial for XEN901 in SCN8A-DEE patients.

Dicerna Pharmaceuticals announced a research collaboration and licensing agreement with Roche to develop novel therapies for the treatment of chronic hepatitis B virus (HBV) infection using Dicerna’s proprietary GalXC RNAi platform technology.

The collaboration will focus on worldwide development and commercialization of DCR-HBVS, Dicerna’s investigational therapy in Phase 1 clinical development.

The collaboration also includes the discovery and development of therapies targeting multiple additional human and viral genes associated with HBV infection using the technology platforms of both companies.

Dicerna will receive $200 million in an initial upfront payment and may be eligible to receive up to an additional $1.47 billion over time for the achievement of specified development, regulatory and commercial milestones.

Dicerna may be eligible to receive royalties based on potential product sales of DCR-HBVS.

Dicerna retains an option to co-fund pivotal development of DCR-HBVS worldwide, which if exercised, entitles Dicerna to receive enhanced royalties and co-promote products including DCR-HBVS in the U.S.

Dicerna and Roche also agreed to collaborate on the research and development of additional therapies targeting multiple human and viral genes implicated in chronic HBV infection, using technology from both companies, for which Dicerna is eligible to receive additional milestones and royalties on any potential products.

Immatics and Celgene have entered into a strategic collaboration and option agreement to develop novel adoptive cell therapies targeting multiple cancers.

Immatics may develop T-Cell Receptor Engineered T-cell Therapy (TCR-T) programs against solid tumor targets discovered with Immatics’ XPRESIDENT technology.

Programs would utilize proprietary T-Cell Receptors (TCRs) identified by Immatics’ XCEPTOR TCR discovery and engineering platform.

If Immatics develops programs against the TCR-T targets, Immatics will be responsible for the development and validation of these programs through lead candidate stage, at which time Celgene may exercise opt-in rights and assume sole responsibility for further worldwide development, manufacturing and commercialization of the TCR-T-cell therapies.

Immatics would have certain early stage co-development rights or co-funding rights for selected TCR-T-cell therapies arising from the collaboration.

Immatics will receive an upfront payment of $75 million for three programs and may be eligible to receive up to $505 million for each Licensed Product in option exercise payments, development, regulatory and commercial milestone payments as well as tiered royalties on net sales.

Akcea Therapeutics and Pfizer have entered into a worldwide exclusive licensing agreement for AKCEA-ANGPTL3-LRx, an investigational antisense therapy being developed to treat patients with certain cardiovascular and metabolic diseases.

Akcea and Ionis will receive a $250 million upfront license fee, which will be split equally between the two companies.

Akcea will settle its $125 million obligation to Ionis in Akcea common stock.

The companies are also eligible to receive development, regulatory and sales milestone payments of up to $1.3 billion and tiered, double-digit royalties on annual worldwide net sales following marketing approval of AKCEA-ANGPTL3-LRx.

Future milestone payments and royalties will be split equally between Akcea and Ionis. Pfizer is responsible for all development and regulatory activities and costs beyond those associated with the ongoing Phase 2 study.

Prior to regulatory filing for marketing approval, Akcea has the right, at its option to participate in certain commercialization activities with Pfizer in the U.S. and certain additional markets on pre-defined terms and based on meeting pre-defined criteria.

August 2020

Voyager Therapeutics announced the termination of its tau and alpha-synuclein vectorized antibody collaborations with AbbVie.

Voyager retains full rights to the vectorization technology and certain novel vectorized antibodies developed as part of the collaborations.

February 2019

AbbVie and Voyager Therapeutics announced an exclusive, global strategic collaboration and option agreement to develop and commercialize vectorized antibodies directed at pathological species of alpha-synuclein for the potential treatment of Parkinson's disease and other diseases (synucleinopathies) characterized by the abnormal accumulation of misfolded alpha-synuclein protein.

Voyager will perform research and preclinical development work to vectorize antibodies directed against alpha-synuclein that are designated by AbbVie, after which AbbVie may select one or more vectorized antibodies to advance into IND-enabling studies and clinical development.

Voyager will be responsible for the research, IND-enabling and Phase 1 clinical activities and costs.

Following completion of Phase 1 clinical development, AbbVie has an option to license the vectorized alpha-synuclein antibody program for further clinical development and global commercialization for indications including Parkinson's disease and other synucleinopathies.

Voyager will receive an upfront cash payment of $65 million and has the potential to earn up to $245 million in preclinical and Phase 1 option payments.

Voyager is also eligible to receive up to an additional $728 million in potential development and regulatory milestone payments for each alpha-synuclein vectorized antibody compound.

Voyager is eligible to receive tiered royalties on the global commercial net sales of each alpha-synuclein vectorized antibody and may also earn up to a total of $500 million in commercial milestones.

April 2020

Hansoh Pharma and Atomwise announced the expansion of their strategic partnership for AI-accelerated drug discovery.

Expansion of the partnership immediately follows completion of their first hit-discovery collaboration, which successfully identified and experimentally confirmed several novel hit compounds for a previously challenging oncology target in only 4 months.

September 2019

Atomwise announced a collaboration with Hansoh Pharmaceutical to design and discover potential drug candidates for up to eleven undisclosed target proteins in multiple therapeutic areas.

Scientific teams from Atomwise and Hansoh Pharma will collaborate closely on the programs.

The combination of Atomwise’s AI technology and medicinal chemistry and protein structure expertise, and Hansoh Pharma’s fully integrated research and development, manufacturing and commercial capabilities has the potential to dramatically increase success and compress timelines for drug discovery and clinical development.

Under the terms of the collaboration, Atomwise will receive undisclosed technology access fees, option exercise fees, royalties, and income based on sublicensing or sale of assets created under the collaboration.

Based on historical average revenues for small molecule drugs, the total potential value of the deal to Atomwise with success in all projects could reach US$1.5 billion.

Hansoh Pharmaceutical and Atomwise have announced a collaboration to design and discover potential drug candidates for up to eleven undisclosed target proteins in multiple therapeutic areas.

Scientific teams from Atomwise and Hansoh Pharma will work closely together on the programs.

The combination of complementary expertise and technologies has the potential to dramatically increase success and compress timelines for drug discovery and clinical development.

Atomwise will receive undisclosed technology access fees, option exercise fees, royalties, and income based on sublicensing or sale of assets created under the collaboration.

Based on historical average revenues for small molecule drugs, the total potential value of the deal to Atomwise with success in all projects could be in excess of blockbuster potential.

Hansoh Pharma will receive rights for development and commercialization in all fields and geographies.

Alteogen has entered into a non-exclusive global license agreement with a top 10 Global Pharmaceutical Company to use ALT-B4, Alteogen’s novel hyaluronidase-derived technology called Hybrozyme technology.

Alteogen has granted worldwide rights for GPC to develop and commercialize multiple products in combination with Hybrozyme technology while Alteogen will be responsible for the clinical and commercial supply of ALT-B4 materials.

Alteogen will receive an initial payment of USD 13 million and is also eligible to receive additional milestones upon GPC’s achievement of specified development, regulatory and sales milestones, totaling up to USD 1.373 billion.

Boehringer Ingelheim and Bridge Biotherapeutics are entering into a new collaboration and license agreement with the goal of developing Bridge Biotherapeutics’s autotaxin inhibitor BBT-877 for patients with fibrosing interstitial lung diseases, including IPF.

BBT-877 is currently in Phase I clinical studies and is anticipated to enter Phase II testing within the next 12 months.

Both companies will initially focus on developing the compound for the treatment of IPF, an area of high-unmet medical need and one of the key focus areas of Boehringer Ingelheim.

Bridge Biotherapeutics will receive upfront and near term payments of EUR 45 million and is eligible to receive up to more than EUR 1.1 billion in potential payments based upon the successful achievement of specified development, regulatory, and commercial milestones and staggered, up to double digit royalties.

Sosei has entered into a strategic multi-target partnership with Takeda Pharmaceutical Company to discover, develop and commercialize novel molecules, including small molecules and biologics, that modulate G protein-coupled receptor targets.

Under the terms of the agreement, the partnership will combine the proprietary GPCR-focused structure-based drug design capabilities at Sosei Heptares with Takeda's extensive discovery, development and therapeutic area expertise directed towards multiple GPCR targets nominated by Takeda.

The nominated targets represent new therapeutic intervention points across a range of diseases.

The collaboration will initially focus on high-priority gastrointestinal targets, but the agreement includes the potential expansion into other therapeutic areas.

Sosei Heptares is eligible to receive up to $26 million in upfront and near-term payments, in addition to research funding over the term of the agreement, plus future development, commercialization and net sales-based milestone payments that may exceed $1.2 billion.

Sosei Heptares is also eligible to receive tiered royalties on net sales of any licensed products by Takeda resulting from the partnership.

Takeda receives exclusive global rights to develop and commercialize therapeutic agents for each novel target through specified pharmacological approaches in the collaboration.

Hummingbird Bioscience has announced a multi-target collaboration to co-discover novel antibody therapeutics with Amgen.

This partnership brings together Hummingbird’s proprietary drug discovery platform with Amgen’s disease expertise and drug development capabilities.

Amgen will provide Hummingbird with two of its proprietary targets and allows for further expansion of up to 10 additional targets over a 6-year period upon which Hummingbird will apply its proprietary Rational Antibody Discovery platform to create novel therapeutic antibodies.

Amgen has an exclusive option to license rights to the resulting antibodies from each project.

Hummingbird will receive upfront and research payments and, upon entry into a license agreement, is also eligible to receive downstream clinical and commercial milestone payments of up to $100 million per program plus royalties.

Additional financial details are not being disclosed.

Jazz Pharmaceuticals and Codiak BioSciences have entered into a strategic collaboration agreement focused on the research, development and commercialization of exosome therapeutics to treat cancer.

Codiak granted Jazz an exclusive, worldwide, royalty-bearing license to develop, manufacture and commercialize therapeutic candidates directed at five targets to be developed using Codiak's engEx precision engineering platform for exosome therapeutics.

The targets focus on oncogenes that have been well validated in hematological malignancies and solid tumors but have been undruggable with current modalities, including NRAS and STAT3.

Codiak is responsible for the execution of pre-clinical and early clinical development of therapeutic candidates directed at all five targets through Phase 1/2 proof of concept studies.

Following the conclusion of the applicable Phase 1/2 study, Jazz will be responsible for future development, potential regulatory submissions and commercialization for each product.

Codiak has the option to participate in co-commercialization and cost/profit-sharing in the U.S. and Canada on up to two products.

Jazz will pay Codiak an upfront payment of $56 million.

Codiak is eligible to receive up to $20 million in preclinical development milestone payments across all five programs.

Codiak is also eligible to receive milestone payments totaling up to $200 million per target based on Investigational New Drug application acceptance, clinical and regulatory milestones, including approvals in the U.S., European Union and Japan, and sales milestones.

Codiak is also eligible to receive tiered royalties on net sales of each approved product, with percentages ranging from mid-single digits in the lowest tier to high teens in the highest tier.

Alnylam Pharmaceuticals and Regeneron Pharmaceuticals announced a collaboration to discover, develop and commercialize new RNA interference (RNAi) therapeutics for a broad range of diseases by addressing disease targets expressed in the eye and central nervous system (CNS), in addition to a select number of targets expressed in the liver.

The collaboration will leverage both companies’ scientific and technological expertise and will build on Alnylam’s recent preclinical data showing potent and highly durable delivery of RNAi therapeutics to achieve target gene silencing in the eye and CNS.

The collaboration will also benefit from Regeneron’s industry-leading VelociSuite technologies and capabilities from the Regeneron Genetics Center (RGC).

Alnylam will work exclusively with Regeneron to discover RNAi therapeutics for eye and CNS diseases.

Regeneron will lead development and commercialization for all programs targeting eye diseases, with Alnylam entitled to potential milestone and royalty payments.

The companies will jointly advance and alternate leadership on CNS programs, with the lead party retaining global development and commercial responsibility.

For CNS programs, both companies will have the option at candidate selection to participate equally in potential future profits of programs led by the other party.

The collaboration also includes a select number of RNAi therapeutic programs designed to target genes expressed in the liver, which can influence a wide variety of diseases throughout the body.

These programs include a planned joint effort evaluating anti-C5 antibody-siRNA combinations for C5 complement-mediated diseases including evaluating the combination of Regeneron’s pozelimab (REGN3918), currently in Phase 1 development, with Alnylam’s cemdisiran, currently in Phase 2 development.

Alnylam will retain control of cemdisiran monotherapy development, and Regeneron will lead combination development.

The parties will equally share investment and potential future profits on the monotherapy program, and Alnylam will receive royalties on any potential combination product sales.

For all other alliance liver programs, the parties will alternate leadership and participate equally in potential profits.

The companies will continue their previously-announced collaboration to identify RNAi therapeutics for the chronic liver disease nonalcoholic steatohepatitis (NASH) based on novel RGC findings.

Alnylam retains broad global rights to all of its other unpartnered liver-directed clinical and preclinical pipeline programs.

Regeneron has agreed to make a $400 million upfront payment to Alnylam and to purchase $400 million of Alnylam equity at a price per share of $90.00 (4.44 million common shares), based on the volume-weighted average price over the last fifteen-trading-day period.

Alnylam is eligible to receive up to an additional $200 million in milestone payments upon achievement of certain criteria during early clinical development for the eye and CNS programs.

The companies plan to advance programs directed to 30 targets and introduce many into clinical development during the initial five-year discovery period, which includes an option to extend.

For each program, Regeneron will provide Alnylam with $2.5 million in funding at program initiation and an additional $2.5 million at lead candidate identification, translating to the potential for approximately $30 million in annual discovery funding to Alnylam as the alliance reaches steady state.

PHC Holdings has signed a definitive agreement with Thermo Fisher Scientific to acquire Thermo Fisher’s Anatomical Pathology business for approximately US$ 1.14 billion.

Vertex Pharmaceuticals and Kymera Therapeutics have entered into a four-year strategic research and development collaboration to advance small molecule protein degraders against multiple targets.

The collaboration will leverage Kymera’s expertise in targeted protein degradation and its proprietary Pegasus drug discovery platform and Vertex’s scientific, clinical, and regulatory capabilities to accelerate the development of first-in-class medicines for people with serious diseases.

Vertex will pay Kymera $70 million upfront including an equity investment in the company.

Kymera will conduct research activities in multiple targets under the collaboration.

Upon designation of a clinical development candidate, Vertex has the option to exclusively license molecules against the designated target.

Kymera is also eligible to receive more than $1 billion in potential payments based upon the successful achievement of specified research, development, regulatory, and commercial milestones for up to six programs optioned as part of the collaboration.

Vertex will pay tiered royalties on future net sales on any products that may result from this collaboration.

GlaxoSmithKline announced the divestment of travel vaccines Rabipur (tradename Rabavert in the US) for the prevention of rabies, and Encepur for the prevention of tick-borne encephalitis, to Bavarian Nordic.

GSK will receive an upfront payment of approximately EUR301 million (£259m) and will also receive milestone payments of EUR495 million and additional proceeds from the sale of inventory over the course of the supply arrangements for a total consideration of up to EUR 955m.

The value of inventory at the anticipated closing date is estimated to be EUR 159 million.

EUR 25m (£22m) of the total consideration is conditional upon future sales performance of the two vaccines.

Milestones are payable upon successful technology transfer, marketing authorisation transfers and the fulfilment of GSK’s supply commitments until Bavarian Nordic obtains regulatory approval to manufacture the vaccines.

To ensure supply continuity both vaccines will continue to be manufactured primarily at GSK’s Marburg site in Germany until full production is transferred to Bavarian Nordic.

The staged technology transfer is expected to commence in Q1 2020 with completion anticipated within 5 years.

Gilead Sciences and insitro have entered into a strategic collaboration to discover and develop therapies for patients with nonalcoholic steatohepatitis (NASH).

insitro’s proprietary platform will be utilized to create disease models for NASH and discover targets that have an influence on clinical progression and regression of the disease.

The insitro Human (ISH) platform applies machine learning, human genetics and functional genomics to generate and optimize unique in vitro models and drive therapeutic discovery and development.

The ISH platform will provide insights into disease progression, suggest candidate targets, and predict patient responses to potential therapeutic interventions.

Gilead can advance up to five targets identified through this collaboration and will be responsible for chemistry and development against these targets.

insitro will receive an upfront payment of $15 million, with additional near-term payments up to $35 million based on operational milestones.

insitro will be eligible to receive up to $200 million for the achievement of preclinical, development, regulatory and commercial milestones for each of the five Gilead targets; and up to low double-digit tiered royalties on net sales.

For programs where insitro opts in, it will have the right to co-develop and co-detail in the U.S., receive a profit share in China and receive milestone payments and royalties on other ex-U.S. sales.

Sosei has entered into a multi-target research collaboration and license agreement with Genentech to discover and develop novel medicines (new small molecules and/or biologics) that modulate G protein-coupled receptor (GPCR) targets of interest to Genentech.

The collaboration will combine the proprietary GPCR-focused structure-based drug design capabilities at Sosei Heptares with Genentech's discovery, development and therapeutic area expertise directed towards multiple GPCR targets nominated by Genentech.

The nominated targets represent promising new therapeutic intervention points across a range of diseases.

Genentech will be responsible for developing and commercializing potential new medicines for each novel target and will have exclusive global rights to these agents.

Sosei Heptares is eligible to receive US$26 million in upfront and near-term payments, in addition to future milestone payments that may exceed US$1 billion for achieving pre-specified research, development and commercialization events.

Sosei Heptares is also eligible to receive royalty payments on the net sales of potential future medicines resulting from the collaboration.

Cytovant has entered into a multi-program license and collaboration agreement with Medigene.

Medigene has granted Cytovant exclusive licenses to develop, manufacture, and commercialize Medigene's research-stage T cell immunotherapy targeting NY-ESO-1 as well as a DC vaccine targeting WT-1 and PRAME, in Greater China, South Korea, and Japan.

Cytovant and Medigene have entered into a strategic collaboration and discovery agreement for T-cell receptor (TCR) immunotherapies for two additional targets.

Medigene will be responsible for the generation and delivery of the TCR constructs using its proprietary TCR discovery and isolation platform.

Following this research collaboration period, Cytovant will assume sole responsibility for the development and commercialization of these TCR therapies in the relevant countries.

The TCRs to be generated by Medigene will be tailored specifically to Asian patients.

Medigene will receive an overall upfront payment of USD 10 million as well as potential development, regulatory, and commercial milestone payments which in aggregate could total over USD 1 billion for the four products across multiple indications.

Medigene will be eligible to receive royalty payments on net sales of the products in a low double-digit percentage in the relevant countries.

Cytovant will reimburse all R&D costs incurred by Medigene within the collaboration.

Exicure and Dermelix Biotherapeutics announced a license and development agreement to advance SNA therapeutics in rare genetic skin diseases.

Dermelix licensed worldwide rights to research, develop, and commercialize Exicure’s technology for the treatment of Netherton Syndrome and up to five additional rare skin indications.

Dermelix will initially develop a targeted therapy for the treatment of Netherton Syndrome (NS).

Exicure will receive an upfront payment of $1 million at closing of the transaction and will receive an additional $1 million upon the exercise of each of the five options granted to Dermelix.

Exicure will be responsible for conducting the early stage development for each indication up to IND enabling toxicology studies.

Dermelix will assume subsequent development, commercial activities and financial responsibility.

Exicure is eligible to receive potential payments following the achievement of certain clinical, regulatory, and commercial milestones of approximately $166 million per indication in each of six indications.

Exicure will receive low double-digit royalties on annual net sales for SNA therapeutics developed.

Eli Lilly announced a license agreement to acquire the exclusive worldwide rights for CNTX-0290 from Centrexion Therapeutics.

CNTX-0290, is a novel, small molecule somatostatin receptor type 4 (SSTR4) agonist that is currently being studied in Phase 1 clinical testing as a potential non-opioid treatment for chronic pain conditions.

Lilly will pay Centrexion an upfront payment of $47.5 million and Centrexion may be eligible for up to $575 million in potential development and regulatory milestones.

If CNTX-0290 is successfully commercialized, Centrexion would be eligible for up to $375 million in potential sales milestones and tiered royalties ranging from the high-single to low-double digits.

Lilly and Centrexion may also elect at a later date to co-promote CNTX-0290 in the U.S.

Triphase Accelerator, FACIT, announced a new strategic collaboration with Celgene for a first-in-class preclinical therapeutic targeting the WDR5 protein for the treatment of blood cancers including leukemia.

Triphase is a drug development company advancing novel compounds through Phase 2 proof-of-concept, including the WDR5 program.

Celgene has the option to acquire TRPH-395 from Triphase Accelerator.

Celgene will pay an upfront of US$40M and upon exercise of the option, Celgene will pay up to US$940M in contingent development, regulatory and sales milestones.

Additional payments for sales-based royalties are also possible.

C4 Therapeutics announced the transformation of its ongoing research and development partnership with Roche focusing on new cancer treatments based on C4T’s targeted protein degradation technology.

C4T will lead efforts from discovery through defined preclinical or early clinical milestones, depending on the program.

Upon C4T reaching these milestone events, Roche will have exclusive options for worldwide rights to continue development and commercialize drugs from these programs.

C4T will have the option to co-develop and co-promote in the U.S. on selected programs.

C4T will receive a significant upfront payment and near-term preclinical milestones.

Upon success C4T may also receive royalties and potential clinical, regulatory, and commercial milestone payments totaling over $900 million.

PharmaMar and Jazz Pharmaceuticals have entered into an exclusive license agreement for lurbinectedin in the United States.

PharmaMar will receive an upfront payment of $200 million with potential regulatory milestone payments of up to $250 million upon the achievement of accelerated and/or full regulatory approval of lurbinectedin by FDA within certain timelines.

PharmaMar is also eligible to receive up to $550 million in potential commercial milestone payments, as well as incremental tiered royalties on future net sales of lurbinectedin ranging from the high teens up to 30 percent.

PharmaMar may receive additional payments on approval of other indications.

PharmaMar retains production rights for lurbinectedin and will supply the product to Jazz.

Esperion Therapeutics have entered into a licensing agreement with Daiichi Sankyo Europe (DSE) providing DSE with exclusive rights to commercialize bempedoic acid and the bempedoic acid / ezetimibe combination pill in the European Economic Area and Switzerland.

The agreement combines Esperion Therapeutics’ first-in-class ATP Citrate Lyase (ACL) inhibitor, bempedoic acid, with Daiichi Sankyo’s European commercial capabilities which includes more than 1000 professionals dedicated to the commercialization of cardiovascular (CV) products, as well as synergies with their existing portfolio of novel oral anticoagulant and antiplatelet products.

This agreement seeks to distribute bempedoic acid and the bempedoic acid / ezetimibe combination pill to the millions of patients in these geographies that need additional low-density lipoprotein cholesterol (LDL-C) lowering after maximum tolerated statin therapy.

Esperion will grant Daiichi Sankyo Europe exclusive commercialization rights to bempedoic acid and the bempedoic acid / ezetimibe combination pill in the European Economic Area and Switzerland.

Daiichi Sankyo Europe will be responsible for commercialization in the territories.

Esperion will receive an upfront cash payment of $150 million as well as $150 million upon first commercial sales in the territory.

Esperion is also eligible to receive a substantial additional regulatory milestone payment upon the grant of the Marketing Authorization in the EU for the CV Risk Reduction Label, depending on the range of relative risk reduction in the CLEAR Outcomes study.

Esperion is eligible to receive additional sales milestone payments.

Esperion will receive substantial tiered royalties on net territory sales.

Biogen has entered into a share purchase agreement with FUJIFILM under which Fujifilm will acquire the shares of Biogen’s subsidiary, which holds Biogen’s biologics manufacturing operations in Hillerød, Denmark, for up to $890 million in cash, subject to minimum purchase commitment guarantees and other contractual terms.

The approximately 800 employees at the Hillerød subsidiary are expected to continue employment under Fujifilm ownership.

As part of the proposed transaction, Biogen also announced today that it will enter into manufacturing services agreements with Fujifilm.

Following the completion of the transaction, Fujifilm will use the Hillerød site to produce commercial products for Biogen, such as TYSABRI, as well as other third-party products.

Boehringer Ingelheim and Yuhan announced a collaboration and license agreement for the development of a first-in-class dual agonist for the treatment of NASH and related liver diseases that combines GLP-1 and FGF21 activity in one molecule.

The collaboration brings together Yuhan Corporation’s expertise in FGF21 biology, obesity and NASH with Boehringer Ingelheim’s pharmaceutical expertise and commitment to bringing innovative medicines to patients with cardiometabolic diseases.

Yuhan Corporation will receive an upfront and near term payments of USD 40 million and is eligible to receive up to USD 830 million in potential milestone payments plus tiered royalties on future net sales.

Evotec announced a strategic, multi-year drug discovery collaboration with Takeda Pharmaceutical.

Under the collaboration, the parties aim to establish at least five drug discovery programmes with the goal of Evotec delivering clinical candidates for Takeda to pursue into clinical development.

The collaboration combines Evotec’s ability to effectively drive fully integrated drug discovery programmes with Takeda’s strategic insights into transformative therapeutic approaches in Takeda’s four core therapeutic areas: Oncology, Gastroenterology, Neuroscience and Rare Diseases, as well as Takeda’s development and commercialisation expertise.

Evotec will leverage its industry-leading discovery platform to validate therapeutic hypotheses and advance small molecule programmes with Takeda having options to assume responsibility at lead series and upon Evotec delivering a pre-clinical candidate.

Takeda will pay Evotec a one-time, upfront fee to access its platforms.

Evotec is eligible to receive pre-clinical, clinical, and commercial milestones that can total in excess of $ 170 m per programme as well as tiered royalties on future sales.

IFM Therapeutics announced that IFM Due, an IFM subsidiary company, has reached a collaboration and exclusive option agreement with Novartis to develop a suite of immunotherapies that inhibit the cGAS/STING pathway to treat a range of serious inflammatory and autoimmune diseases.

Novartis will make fixed payments sufficient to fully finance IFM Due's research and development costs for the cGAS/STING program in exchange for the option to acquire the IFM Due subsidiary.

Upon option exercise, IFM Due's shareholders will be entitled to consideration in aggregate value of up to $840 million, including an upfront payment upon option closing and other contingent consideration.

Immunomedics and Everest Medicines announced an exclusive license agreement to develop, register, and commercialize sacituzumab govitecan in Greater China, South Korea and certain Southeast Asian countries.

Immunomedics will receive an upfront payment of $65 million and an additional $60 million based on U.S. FDA approval of sacituzumab govitecan in metastatic triple-negative breast cancer.

Everest will develop and commercialize the product in various global and local indications across the Territory.

The Company is eligible to receive development and sales milestone payments of up to $710 million, as well as escalating tiered royalties that begin in the mid-teens based on net sales within the Territory.

Everest Medicines will be responsible for all costs associated with the clinical development and commercialization of sacituzumab govitecan in the Territory, while a Joint Steering Committee will be established between the companies to oversee the overall strategy and priorities.

Ligand Pharmaceuticals and Royalty Pharma announce the sale of Ligand’s Promacta-related intellectual property rights licensed to Novartis, including the royalty stream on worldwide net sales of Promacta to Royalty Pharma for $827 million in cash.

Promacta (eltrombopag) is known as Revolade outside the U.S. and is marketed worldwide by Novartis.

This transaction is expected to close on Wednesday, March 6, 2019.

Highlights of the transaction to monetize the Promacta royalty include:

Provides substantial cash payment for Ligand’s leading royalty asset.

Ligand’s 2019 revenues are now expected to be approximately $118 million and 2019 adjusted diluted EPS to be approximately $32.25, compared to the previous guidance of $6.05.

Proceeds to be reinvested by Ligand primarily to

1) acquire assets that can generate long-term revenue streams, fully-funded Shots on Goal and technology platforms to drive future deal making and

2) share repurchases to increase the per share profits and cash-flow for the existing business.

Ligand will enter the second quarter of 2019 with highly-diversified and high-growth revenue streams, more than 200 Shots on Goal fully funded by partners, three major technology platforms to drive new licensing and over $3.5 billion of potential contract payments with existing partners.

At the close of the transaction, Ligand estimates it will have over $1.4 billion of cash.

In addition, the long-term growth potential for the OmniAb platform is accelerating, given R&D progress by partners and new licensing transactions.

Locus Biosciences has entered into an exclusive collaboration and license agreement with Janssen Pharmaceuticals to develop, manufacture and commercialize CRISPR-Cas3-enhanced bacteriophage ("crPhage™") products targeting two key bacterial pathogens for the potential treatment of infections of the respiratory tract and other organ systems.

Johnson & Johnson Innovation LLC facilitated the transaction.

Locus will receive $20 million in initial payments, and is eligible to receive up to a total of $798 million in potential future development and commercial milestone payments, and royalties on any product sales.

Pandion Therapeutics and Astellas Pharma announced the signing of a License and Collaboration Agreement directed toward the research, development, and commercialization of locally acting immunomodulators for autoimmune diseases of the pancreas.

The collaboration will allow the parties to combine Pandion’s modular biologics and functional immunology expertise with Astellas' advanced therapeutics development and global commercialization capabilities for the treatment of autoimmune diseases.

Pandion will be responsible for design and discovery of bispecific drug candidates based on Pandion's proprietary modular immune effector and tissue tether platform and Astellas will be responsible for conducting preclinical, clinical and commercialization activities for the selected candidates developed during the collaboration.

Pandion could receive up to $45 million as upfront and payments related to research and preclinical activities.

If Astellas develops and commercializes multiple candidates for multiple pancreatic autoimmune diseases, Pandion is potentially eligible to receive more than $750 million in future development and commercial milestone payments from Astellas.

Pandion may also receive royalties on worldwide net sales of any commercial products developed through the collaboration.

Rheos Medicines has entered into a worldwide exclusive collaboration, option and license agreement with Roche to discover, develop and commercialize novel therapeutics in the field of immunometabolism.

Rheos will conduct an exclusive research effort to identify novel targets in immunometabolism that modify the fate or function of certain human immune cells.

Rheos will also be responsible for drug discovery efforts under the collaboration.

Roche will receive an option to exclusively license a defined number of programs emerging from the collaboration.

For certain products within the collaboration, Rheos and Roche could share worldwide development and US commercial rights.

Rheos will receive an upfront cash payment of $42.5 million upon execution and will be eligible to receive up to approximately $90 million for specified research and preclinical development milestones as well as option fees.

Rheos will also be eligible to receive up to an additional approximately $660 million in specified development, regulatory and sales related milestones across the programs and tiered royalties on net sales.

For those products for which Rheos and Roche could share development and commercial rights Rheos will be entitled to additional financial compensation within the US and ex- US commensurate with the share of its financial investment in development and commercialization.

Gilead Sciences and Yuhan have entered into a licensing and collaboration agreement to co-develop novel therapeutic candidates for the treatment of patients with advanced fibrosis due to nonalcoholic steatohepatitis (NASH).

Gilead will acquire global rights to develop and commercialize novel small molecules against two undisclosed targets in all countries, with the exception of the Republic of Korea where Yuhan will retain certain commercialization rights.

Yuhan and Gilead will jointly conduct preclinical research, and Gilead will be responsible for global clinical development.

Gilead will also be responsible for commercialization worldwide, outside of Yuhan’s rights in the Republic of Korea.

Yuhan will receive an upfront payment of $15 million and is eligible to receive up to an additional $770 million in potential milestone payments upon achievement of certain development and commercial milestones, as well as royalties on future net sales.

This agreement builds on the companies’ existing commercial collaboration to support the promotion of Gilead’s medicines in the Republic of Korea.

Dicerna Pharmaceuticals and Novo Nordisk announced an agreement to discover and develop novel therapies for the treatment of liver-related cardio-metabolic diseases using Dicerna’s proprietary GalXC RNAi platform technology.

The collaboration plans to explore more than 30 liver cell targets and may deliver multiple clinical candidates for disorders including chronic liver disease, non-alcoholic steatohepatitis (NASH), type 2 diabetes, obesity, and rare diseases.

Dicerna will conduct and fund discovery and preclinical development to clinical candidate selection for each liver cell target, and Novo Nordisk will be responsible for all further development.

The agreement represents a significant investment by Novo Nordisk to secure access to Dicerna’s proprietary GalXC RNAi platform, which complements its existing technology base.

The collaboration provides Novo Nordisk with the capability to inhibit hepatocyte targets involved in disease regulation and has the potential to generate a number of clinical development candidates.

The agreement enables each company to co-develop and co-commercialize product candidates discovered under the collaboration.

Novo Nordisk will lead programs targeting cardio-metabolic disorders and other indications with Dicerna having the option to opt into two programs during clinical development.

Dicerna retains rights to initiate two new orphan liver disease programs for which Novo Nordisk can opt in.

For all co-development programs, the companies will share in the profit/loss of net sales of products consistent with each company’s contribution to co-development costs.

Dicerna will receive:

An upfront payment of USD 175 million.

A USD 50 million equity investment in Dicerna at a premium.

USD 25 million annually during each of the first three years of the collaboration, contingent on Dicerna delivering RNAi molecules for a defined number of targets.

Up to USD 357.5 million per target in development, regulatory, and commercialization milestone payments, plus tiered royalties on product sales ranging from the mid-single-digits to mid-teens.

Sartorius Stedim Biotech has agreed to acquire parts of Danaher’s Life Science portfolio as part of a broader transaction between Danaher and Sartorius Group, SSB’s major shareholder.

The total purchase price is approximately $750 million in cash of which about a quarter will be allocated to the businesses purchased by SSB. T

he final purchase price allocation will be subject to the closing process.

The businesses to be acquired by SSB had combined sales turnover of approximately $70 million in 2018 and strong double-digit profit margins.

They employ approximately 110 people worldwide.

The proposed transaction is expected to be completed in the first quarter of 2020 and is subject to customary closing conditions and the successful acquisition of the GE Biopharma business by Danaher.

Janssen Biotech has entered a definitive agreement to acquire all rights to the investigational compound bermekimab from XBiotech.

Bermekimab is an anti-IL-1alpha monoclonal antibody (mAb) in Phase 2 development for the treatment of atopic dermatitis and hidradenitis suppurativa.

It is the only antibody targeting IL-1a currently in clinical development and has the potential for superior efficacy and safety compared to the current standard of care.

Janssen will assume responsibility for the clinical program, working closely with XBiotech as it completes the ongoing Phase 2 studies in atopic dermatitis and hidradenitis suppurativa.

Janssen will pay XBiotech a purchase price of $750 million for the rights to bermekimab; should Janssen pursue bermekimab indications outside of dermatology, XBiotech may be eligible to receive additional payments upon the receipt of certain commercialization authorizations.

Allergan Pharmaceuticals International and Exicure have entered into a global collaboration agreement to discover and develop novel treatments for hair loss disorders based on Exicure’s proprietary SNA technology.

Allergan will receive exclusive access and options to license SNA-based therapeutics arising from two collaboration programs related to the treatment of hair loss disorders.

Exicure will receive an upfront payment of $25 million and will conduct discovery and development in two collaboration programs for hair loss disorders.

In the event that Allergan exercises an option, Allergan will be responsible for clinical development and commercialization of the licensed products.

Exicure will be eligible to receive development and regulatory milestones of up to $97.5 million per program and commercial milestones of up to $265 million per program.

Exicure will also be eligible to receive tiered royalties on worldwide net product sales of mid-single digit to mid-teens percentages on worldwide net product sales.

January 2021

Morphic Therapeutic announced the expansion of its research and development collaboration with Janssen Pharmaceuticals.

The collaboration expansion involves the initiation of work on a third integrin target, with the collaboration scope to include activating antibodies against this new target.

The agreement was facilitated by Johnson & Johnson Innovation.

Morphic will receive a milestone payment for initiating work on the third target.

As part of the expansion any new product candidates will be subject to milestones and royalties.

February 2019

Morphic Therapeutic has entered into a research and development collaboration with Janssen Biotech to discover and develop novel integrin therapeutics for patients with conditions not adequately addressed by current therapies.

Johnson & Johnson Innovation LLC facilitated the transaction.

The collaboration focuses on several undisclosed integrin targets and will explore both inhibitors and activators of integrin function.

Under the terms of the agreement, the companies will collaborate through preclinical development to identify and advance candidates.

Upon completing Investigational New Drug enabling studies, Janssen may exclusively option the licensed compounds, and then Janssen will be responsible for global clinical development and commercialization.

Janssen will pay Morphic an undisclosed upfront payment and will fund research activities.

Morphic will receive from Janssen multiple preclinical development, clinical and commercial milestone payments totaling over $725 million if such milestones are achieved.

Morphic will also receive royalties on worldwide net sales for any products resulting from the collaboration.

Bayer announced a collaboration with Arvinas.

The new life science research partnership uniquely leverages the full potential of Arvinas' novel PROTAC technology, coupled with leading expertise of Bayer in health and agriculture to develop innovations for the benefit of patients and farmers.

Bayer will form an exclusive joint venture as the first company to explore the PROTAC technology in agriculture for crop protection, and at the same time, establish a target-based pharmaceutical research collaboration with Arvinas.

Bayer will make an equity investment to sustain its commitment for the technology.

Within the framework of the joint venture, the exploration of novel molecular targets to address weeds, insects and/or diseases that threaten crops worldwide will be pioneered.

As the technology degrades targets rather than inhibiting them, it offers a completely new category of crop protection applications in agriculture.

In addition, PROTACs have the potential to revive crop protection mechanisms that have become ineffective due to resistance.

Under the framework of the joint venture, Bayer has committed more than $55 million over six years to translate the new protein degradation technology in agro chemistry and to build an agro-specific PROTAC IP portfolio.

Arvinas will receive an upfront payment and pharmaceutical R&D support over the next four years, as well as a direct equity investment.

These investments, combined, will exceed $60 million.

Bayer will own the rights to novel lead structures generated in the course of the collaboration.

As programs progress through research, development, and commercialization, Arvinas is eligible to receive pre-defined development milestones of over $685 million and commercial royalties.

Boehringer Ingelheim and Lupin announced a licensing, development and commercialization agreement for Lupin’s MEK inhibitor compound (LNP3794) as a potential targeted therapy for patients with difficult-to-treat cancers.

The partnership aims to develop Lupin’s lead MEK inhibitor compound in combination with one of Boehringer Ingelheim’s innovative KRAS inhibitors for patients with gastrointestinal and lung cancers harboring a broad range of oncogenic KRAS mutations.

The collaboration has a strategic goal to focus on patients with gastrointestinal or lung cancers defined by KRAS mutations, sub-populations that currently need more effective therapeutic options.

Lupin will receive an upfront payment of $20 million and potential additional payments for successful achievement of defined clinical, regulatory and commercial milestones for a total deal value of more than $700 million.

Lupin will be entitled to receive double-digit royalties on the sales of the product.

Vertex Pharmaceuticals and Ribometrix have entered into a strategic collaboration to discover and develop novel RNA-targeted small molecule therapeutic candidates for serious diseases.

The collaboration will combine Ribometrix’s proprietary discovery platform for identifying and optimizing small molecule therapeutics that modulate RNA function by targeting three-dimensional (3D) RNA structures with Vertex’s scientific, clinical and regulatory capabilities for up to three therapeutic programs, including one ongoing discovery program from Ribometrix.

Vertex will pay Ribometrix approximately $20 million upfront, which includes an equity investment in the company.

Ribometrix will undertake two discovery programs with Vertex, and Vertex has an option to add a third program.

Following discovery and optimization of novel therapeutic molecules, Vertex has the option to take an exclusive global license for the development and commercialization of molecules for that program.

Ribometrix is eligible to receive more than $700 million in total potential payments based upon the successful achievement of specified research, development, regulatory and commercial milestones as part of the collaboration.

Vertex will pay tiered royalties on future net global sales on any products that result from the collaboration.

Talem Therapeutics has entered into an LOI to form a Joint Venture as it partners in the continued development of antibody therapeutics to target T cell mediated anti-tumor activity, with AgonOx.

This partnership will advance two of AgonOx's top 10 candidates to emerge from its translational science platform focused on modulation of the tumor microenvironment and, if commercialized, may result in approximately $720 million USD comprised of licensing fees, as well as development and commercial milestones in addition to royalties on worldwide sales.

Talem will leverage the internal development capabilities of ImmunoPrecise, including high throughput, rapid identification of candidates through single cell interrogation, as well as accessing synthetic and natural immune phage libraries, and its bispecific platform, Abthena.

All of these technologies integrate seamlessly with IPA's integrated Artemis Intelligence Metadata (AIM) capabilities to enable rapid turnaround on additional outputs in therapeutic optimization, stability, affinity, and manufacturability.

Both companies will aid in the functional analyses of the candidates, while AgonOx also pulls from its experience in pre-clinical and clinical development, built, in part, on access to physicians and relevant samples through their alignment with the Earl A. Chiles Research Institute at the Providence Cancer Institute.

StrideBio announced the signing of a collaboration and license agreement with Takeda Pharmaceutical to develop in vivo AAV based therapies for Friedreich's Ataxia (FA) and two additional undisclosed targets.

These programs aim to utilize novel AAV capsids developed by StrideBio to improve potency, evade neutralizing antibodies and enhance specific tropism to tissues including the central nervous system.

StrideBio will be responsible for AAV capsid development, non-clinical development and manufacturing of preclinical candidates to be selected for advancement into clinical studies.

Takeda will be responsible for clinical development and commercialization of selected candidates arising from the collaboration.

A total of three targets are specified under the collaboration, with the initial target being Friedreich's Ataxia.

StrideBio is eligible to receive approximately $30 million in upfront and near term pre-clinical milestones, as well as an additional $680 million in future development and commercial milestones from Takeda.

StrideBio will also receive royalties on worldwide net sales of any commercial products developed through the collaboration.

Further financial terms were not disclosed.

Alexion Pharmaceuticals and Zealand Pharma announced a collaboration to discover and develop novel peptide therapies for complement-mediated diseases.

Peptides offer a number of advantages, including being highly selective and potent, allowing low dosage volumes for ease of administration, and having the potential to treat a broad range of complement-mediated diseases.

The agreement provides Alexion with exclusive worldwide licenses, as well as development and commercial rights, for up to four targets within the complement pathway.

Alexion and Zealand will enter into an exclusive collaboration for the discovery and development of subcutaneously delivered peptide therapies directed to up to four complement pathway targets.

Zealand will lead the joint discovery and research efforts through the preclinical stage, and Alexion will lead development efforts beginning with IND filing and Phase 1 studies.

The agreement provides Alexion with exclusive worldwide licenses and commercial rights to the peptide therapies developed in the collaboration.

Zealand will receive an immediate upfront payment of $25 million for the first target, with Alexion making a concurrent $15 million equity investment in Zealand Pharma at a premium to the market price as of the collaboration effective date.

For the lead target, the agreement provides the potential for development-related milestones of up to $115 million, as well as up to $495 million in sales-related milestones and the potential for high single- to low double-digit royalty payments.

Each of the three subsequent targets can be selected for an option fee of $15 million and has the potential for additional development milestones and sales milestones and royalty payments at a reduced price to the lead target.

Vivet Therapeutics and Pfizer announced that Pfizer has acquired a 15% equity interest in Vivet and secured an exclusive option to acquire all outstanding shares. Pfizer and Vivet will collaborate on the development of VTX-801, Vivet’s proprietary treatment for Wilson disease.

Pfizer paid approximately €45 million (US$51 million) upon signing and may pay up to €560 million (US$635.8 million) inclusive of the option exercise payment and subject to certain clinical, regulatory, and commercial milestones.

Pfizer can exercise its option to acquire 100% of Vivet following the company’s delivery of certain data from the Phase I/II clinical trial for VTX-801.

Pfizer senior executive Monika Vnuk, M.D., Vice President, Worldwide Business Development, will join Vivet’s Board of Directors.

Other terms of the transaction were not disclosed.

STADA Arzneimittel has agreed to acquire a portfolio of selected products from Takeda Pharmaceutical for a total value of $660 Million USD.

The portfolio of approximately 20 selected over-the-counter (‘OTC’) and prescription pharmaceutical assets sold inter alia in Russia, Georgia, Azerbaijan, Belarus, Kazakhstan, and Uzbekistan will be divested to.

The portfolio includes OTC-vitamins and food supplements, plus selected products within the cardiovascular, diabetes, general medicine, and respiratory therapeutic areas.

Included in the transaction is the key product Cardiomagnyl, a well-known name and category leader in Russia, which is used to prevent blood clots, as well as the newer, patent-protected Nesina (for type II diabetes treatment) and Edarbi (angiotensin II receptor blocker for blood pressure control).

Alexion Pharmaceuticals and Affibody announced a partnership to co-develop ABY-039 for rare Immunoglobulin G (IgG)-mediated autoimmune diseases.

Currently in Phase 1 development, ABY-039 is a bivalent antibody-mimetic that targets the neonatal Fc receptor (FcRn).

ABY-039 has been specifically designed to combine Affibody’s protein therapeutics platform (Affibody molecules) and Albumod technology to achieve a long half-life, which, along with its small size provides the potential for less frequent, convenient, at-home subcutaneous administration.

Alexion will provide Affibody with an upfront payment of $25 million, with the potential for additional development- and sales-based milestones of up to $625 million and tiered low double-digit royalty payments.

Alexion will lead joint clinical development of ABY-039 and commercialization activities.

Affibody has the option to co-promote ABY-039 in the U.S. and will lead clinical development for an undisclosed indication.

Cidara Therapeutics and Mundipharma have entered into a strategic partnership to develop and commercialize rezafungin for the treatment and prevention of invasive fungal infections.

Rezafungin is a novel, once-weekly echinocandin antifungal being developed for the first-line treatment of candidemia and invasive candidiasis as well as for the prophylaxis of invasive fungal infections in patients undergoing allogeneic blood and marrow transplantation, for which no new therapies have been approved in over 13 years.

The partnership agreement follows Cidara’s recent announcement of the successful completion of its STRIVE B Phase 2 trial.

Under the terms of the agreement, in exchange for granting Mundipharma exclusive commercialization rights to rezafungin outside the U.S. and Japan, Cidara will receive a $30 million upfront payment and Mundipharma will make a $9 million equity investment in Cidara.

Cidara will also receive an additional $42 million in near-term funding to support the global Phase 3 ReSTORE and ReSPECT trials for the treatment and prevention of fungal infections.

Cidara is eligible to receive development, regulatory and commercial milestone payments, representing a total potential transaction value of $568 million plus double-digit royalties.

Cidara will continue to lead the ongoing global Phase 3 development programs for rezafungin with the support of Mundipharma.

The companies may pursue additional indications or formulations of rezafungin.

Astellas Pharma and Frequency Therapeutics have entered into an exclusive license agreement to develop and commercialize Frequency’s regenerative therapeutic candidate, FX-322, for the treatment of sensorineural hearing loss, the most common type of hearing loss.

Astellas will be responsible for the development and commercialization of FX-322 outside of the U.S. and Frequency will be responsible for U.S. development and commercialization.

The companies will be jointly responsible for conducting global clinical studies and coordinating commercial launch activities.

Frequency will receive an upfront payment of $80 million and may also receive up to an additional $545 million based on development and commercial milestones, as well as royalties on any future product sales in the licensed territory.

Chimerix announced the completion of an exclusive worldwide license of CX-01 from Cantex Pharmaceuticals.

Chimerix intends to move quickly into Phase 3 development of CX-01 for the treatment of Acute Myeloid Leukemia (AML) in the first-line setting.

CX-01 has received Fast Track and Orphan Drug Designations from the U.S. Food and Drug Administration for the treatment of AML.

Chimerix has exclusive worldwide rights to develop and commercialize CX-01. Chimerix will make an upfront payment of $30 million to Cantex.

Chimerix has issued 10 million shares of Chimerix common stock to Cantex.

Cantex is eligible for regulatory and commercial milestones of up to $587.5 million, and tiered royalties starting at 10%.

Eli Lilly and ImmuNext announced a global licensing and research collaboration focused on the study of a preclinical novel target that could lead to potential new medicines for autoimmune diseases by regulating immune cell metabolism.

ImmuNext will receive an upfront payment of $40 million, and is eligible to receive up to approximately $565 million in development and commercialization milestones, as well as tiered royalties ranging from the mid-single to low-double digits on product sales.

ImmuNext will grant Lilly an exclusive, worldwide license to develop and commercialize the novel immunometabolism target.

Lilly and ImmuNext will establish a 3-year research collaboration to support the target's development.

Ferring Pharmaceuticals and Blackstone Life Sciences announced the joint investment of over $570 million USD in nadofaragene firadenovec (rAd-IFN/Syn3), an investigational novel gene therapy in late stage development for patients with high-grade, Bacillus Calmette-Guérin (BCG) unresponsive, non-muscle invasive bladder cancer (NMIBC).

FerGene, a new gene therapy company and Ferring subsidiary, has been created to potentially commercialize nadofaragene firadenovec in the US and to advance the global clinical development.

FerGene’s goal is to bring this promising therapy to a patient population which has seen little improvement in their standard of care over the past twenty years.

Blackstone will invest $400 million USD and Ferring will invest up to $170 million USD in FerGene.

Ferring will also potentially launch and commercialize nadofaragene firadenovec outside of the US.

Atomwise announced a multi-year agreement with Eli Lilly to apply Atomwise’s patented artificial intelligence (AI) technology in support of Lilly’s preclinical drug discovery efforts.

The companies will collaborate on up to ten drug targets selected by Lilly, with the goal of accelerating the time it takes to identify and develop potential new medicines.

Atomwise could receive up to $1 million per target in discovery milestones and will be eligible for up to $550 million in potential development and commercialization milestones inclusive of all targets.

Atomwise will have the option to develop compounds from the collaboration that Lilly chooses not to advance into clinical testing.

Vertex Pharmaceuticals and Molecular Templates have entered into a strategic research collaboration to discover and develop novel targeted conditioning regimens that may enhance the hematopoietic stem cell transplant process, including transplants conducted as part of treatment with ex vivo CRISPR/Cas9 gene editing therapies such as CTX001.

CTX001 is currently being evaluated in two ongoing Phase 1/2 studies in patients with transfusion-dependent beta thalassemia and severe sickle cell disease, where a hematopoietic stem cell transplant is required as part of treatment with CTX001.

The collaboration will seek to discover a new conditioning regimen utilizing MTEM’s engineered toxin body (ETB) platform, which is designed to specifically target and remove specific cells to enable successful engraftment of new cells.

MTEM will conduct research activities for the use of ETBs for up to two targets selected by Vertex.

The initial research will be focused on discovering a novel conditioning regimen using MTEM’s ETB technology platform.

In addition, Vertex has an option to select a second target as part of the collaboration.

Upon designation of a clinical development candidate that emerges from the research efforts, Vertex has the option to exclusively license molecules against the designated target.

Vertex will have exclusive rights to develop molecules that emerge from the research program for any indication.

Vertex will make an up-front payment of $38 million to MTEM, including an equity investment.

MTEM is also eligible to receive future development, regulatory and sales milestones and option payments of up to $522 million (across two targets) and tiered royalty payments on future sales.

Caelum Biosciences has signed a strategic agreement with Alexion Pharmaceuticals to advance the development of CAEL-101 for light chain (AL) amyloidosis.

CAEL-101 is a first-in-class amyloid fibril targeted therapy designed to improve organ function by reducing or eliminating amyloid deposits in patients with AL amyloidosis.

Alexion will acquire a minority equity interest in Caelum and an exclusive option to acquire the remaining equity in the company based on Phase 2 data for pre-negotiated economics.

Alexion will make payments to Caelum totaling up to $60 million, including the purchase price for the equity and milestone-dependent development funding payments.

The collaboration also provides for potential additional payments of up to $500 million, including the upfront and regulatory and commercial milestone payments, in the event Alexion exercises the acquisition option.

The collaboration will leverage Alexion’s expertise in rare disease antibody development and commercial franchise in hematology.

Alexion and Caelum will collaborate on the design of the ongoing development program for CAEL-101.

Caelum will be responsible for conducting the development program through the end of Phase 2 and for manufacturing CAEL-101.

Beiersdorf entered into a definitive agreement with Bayer for the purchase of Bayer’s sun care business marketed under the Coppertone brand for a purchase price of USD 550 million.

Emergent BioSolutions announced a contract award by the Office of the Assistant Secretary for Preparedness and Response (ASPR) in the U.S. Department of Health and Human Services (HHS) valued at approximately $535 million over 10 years for the continued supply of Vaccinia Immune Globulin Intravenous (VIGIV) into the U.S. Strategic National Stockpile (SNS) in support of smallpox preparedness.

Ipsen and Blueprint Medicines have entered into an exclusive, worldwide license agreement for the development and commercialization of BLU-782, an oral, highly selective investigational ALK2 inhibitor being developed for the treatment of fibrodysplasia ossificans progressiva (FOP).

The agreement enhances Ipsen’s Rare Diseases portfolio and advances Blueprint Medicines’ goal of rapidly and efficiently developing BLU-782 as a potential treatment for patients with FOP.

Ipsen has demonstrated its commitment to leadership in this complex ultra-rare genetic disorder through the ongoing late-stage clinical development of palovarotene, an investigational retinoic acid receptor gamma (RARγ) agonist.

With the addition of BLU-782, which recently completed dosing in a Phase 1 study in healthy volunteers, Ipsen has the potential to offer the broadest possible suite of treatment options for patients with FOP.

Subject to the terms of the license agreement, Blueprint Medicines will be eligible to receive up to $535 million in upfront, milestone and other payments, including an upfront cash payment of $25 million and up to $510 million in potential milestone payments related to specified development, regulatory and sales-based milestones for licensed products in up to two indications, including FOP.

Ipsen will pay Blueprint Medicines tiered percentage royalties ranging from the low- to mid-teens on worldwide aggregate annual net sales of licensed products, subject to adjustment in specified circumstances under the license agreement.

SK Biopharmaceuticals and Arvelle Therapeutics have entered into an exclusive licensing agreement for Arvelle to develop and commercialize cenobamate in Europe.

Cenobamate is a novel, small molecule investigational antiepileptic drug for the potential treatment of partial-onset seizures in adult patients.

SK Biopharmaceuticals will receive an upfront payment of $100 million and is eligible to receive up to $430 million upon achievement of certain regulatory and commercial milestones in addition to royalties on net sales generated in Europe.

SK Biopharmaceuticals will have an option to obtain a significant equity stake in Arvelle and will also retain commercial rights for all non-European territories.

Jounce Therapeutics announced an update on its strategic collaboration with Celgene.

Under the terms of a new license agreement, Celgene has licensed worldwide rights to JTX-8064, a highly-selective, potential first-in-class antibody that targets the LILRB2 receptor on macrophages.

Jounce retains full worldwide rights to its pipeline beyond JTX-8064, including vopratelimab, JTX-4014 and all discovery programs, as Jounce and Celgene have also entered into a mutual agreement to terminate their original strategic collaboration agreement.

Under the terms of the new license agreement for JTX-8064, Jounce receives a $50.0 million non-refundable license fee and is eligible to receive from Celgene up to $480 million in development, regulatory and commercial milestone payments, as well as royalties on potential worldwide sales.

Celgene will be responsible for all development and commercialization of JTX-8064.

October 2020

Halozyme Therapeutics and argenx are expanding their existing global collaboration and license agreement that was signed in February 2019.

Under the newly announced expansion, argenx gained the ability to exclusively access Halozyme's ENHANZE drug delivery technology for three additional targets upon nomination for a total of up to six targets under the existing and newly expanded collaboration.

To date, argenx has nominated two targets including the human neonatal Fc receptor FcRn and complement component C2.

May 2019

Halozyme Therapeutics announced that argenx has selected a second target under the collaboration and license agreement the companies announced in February 2019.

February 2019

argenx and Halozyme Therapeutics announced a global collaboration and license agreement that enables use by argenx of Halozyme's ENHANZE drug delivery technology to develop multiple subcutaneous product formulations for current or future argenx product candidates.

The agreement provides argenx exclusive access to ENHANZE for any product targeting the human neonatal Fc receptor FcRn, including argenx's lead asset efgartigimod (ARGX-113) and up to two additional targets, potentially shortening drug administration time, reducing healthcare practitioner time, and offering additional flexibility and convenience for patients.

argenx will pay an upfront payment of $30 million to Halozyme, $10 million per target for future target nominations and potential future payments of up to $160 million per selected target subject to achievement of specified development, regulatory and sales-based milestones.

Halozyme will also receive mid-single digit royalties on sales of commercialized products.

Ardelyx and Kyowa Kirin announced the expansion of their partnership with a new agreement.

The companies have established a two-year research collaboration, whereby Ardelyx will execute a research plan, in which Kyowa Kirin will also join, to advance two of Ardelyx's ongoing research programs focused on the identification and design of compounds to two undisclosed targets.

Kyowa Kirin will pay Ardelyx $10 million ($5 million a year for two years) to support the ongoing research.

Following the end of the research period, Kyowa Kirin will have the option to license any candidates nominated by the companies for further development and commercialization in certain specified territories, with additional commitments payable to Ardelyx of up to $10.5 million in upfronts and up to $500 million in development and sales milestones.

The research collaboration will be governed by a joint research committee. Additional terms were not disclosed.

Swedish Orphan Biovitrum has signed an agreement to acquire, from Novimmune’s shareholders, a newly established company owning emapalumab and related assets, giving Sobi access to world-class R&D capabilities in the field of Immunology.

The acquisition means that the previously announced exclusive licence agreement with Novimmune will be superseded.

Through the acquisition of emapalumab, Sobi gains access to:

All assets relating to emapalumab including intellectual property, patent rights, data and know-how

All relevant and highly experienced employees involved in the clinical and biopharmaceutical development of emapalumab

Options for the shared financial rights to NI-1701 and NI-1801, two product candidates in the field of immuno-oncology

A priority review voucher within the US Food & Drug Administration’s priority review programme, which offers companies investing in orphan drugs a cost reduction for the application fee for future products and shortens the review period. The voucher can be used or sold by Sobi.

The consideration for the acquisition is CHF 515 M (SEK 4,897 M), of which CHF 400 M was previously committed in the exclusive licence agreement for emapalumab.

The acquisition is expected to be earnings neutral in 2019 and completed during Q3 2019, subject to customary closing conditions.

Harpoon Therapeutics and AbbVie announced an exclusive worldwide option and license transaction for HPN217, Harpoon’s B cell maturation antigen (BCMA)-targeting Tri-specific T cell Activating Construct (TriTAC), and an expansion of their existing discovery collaboration for up to six additional targets.

These agreements build upon the discovery collaboration established by the two companies in October 2017 and are expected to advance and broaden the use of Harpoon’s proprietary TriTAC platform.

The TriTAC platform produces novel T cell engagers targeting both solid tumors and hematologic malignancies.

Harpoon granted to AbbVie an option to license worldwide exclusive rights to HPN217.

Harpoon will be responsible for development of HPN217 through Phase 1/2 clinical trials.

Upon exercise of the option, AbbVie will conduct all future clinical development, manufacturing and commercialization activities.

AbbVie may exercise its option to license HPN217 after completion of the Phase 1/2 clinical trial.

The license and option agreement represents a potential transaction value of up to $510 million in upfront, option and milestone payments, plus royalties on global commercial sales.

Under the terms of the expanded discovery collaboration agreement, AbbVie will receive worldwide exclusive rights to develop and commercialize two new TriTAC molecules engineered for two selected targets.

AbbVie has the option to select up to four additional targets for a total of up to six new targets.

For each selected target under the Amended Discovery agreement, Harpoon is eligible to receive up to $310 million in upfront and potential development, regulatory and commercial milestone payments, plus royalties on global commercial sales.

Consistent with the existing discovery collaboration agreement, Harpoon and AbbVie will conduct certain initial research and discovery activities for each designated target, after which AbbVie will be solely responsible for further development and commercialization efforts.

April 2021

HemoShear Therapeutics has identified a second drug target for the treatment of gout under its collaboration with Horizon Therapeutics that was established in January 2019.

Leveraging its proprietary REVEAL-Tx disease modeling platform, HemoShear has earned two milestone payments to date in accordance with the Horizon exclusive drug discovery agreement.

Each milestone acknowledges the validation of a novel drug target and its advancement to a subsequent stage in Horizon's early discovery pipeline.

July 2020

HemoShear Therapeutics has achieved a research milestone in its collaboration with Horizon Therapeutics to discover and develop novel therapeutics for gout.

In fewer than 18 months, HemoShear's team has made significant progress and the company will receive an undisclosed milestone payment in accordance with the agreement with Horizon, which was executed in January 2019.

January 2019

Horizon Pharma and HemoShear Therapeutics announced a collaboration to discover and develop novel therapeutics for gout.

HemoShear will receive upfront payments and R&D funding, and Horizon will receive exclusive access to HemoShear’s proprietary disease modeling platform to discover new therapeutics for gout.

Successful development and commercialization of multiple therapies by Horizon will make HemoShear eligible to receive milestone payments of potentially more than $500 million plus royalties.

Further financial terms were not disclosed.

GlaxoSmithKline has reached an agreement with Novartis for the buyout of Novartis’ 36.5% stake in their Consumer Healthcare Joint Venture for $13 billion (£9.2 billion).

The Consumer Healthcare Joint Venture was formed as part of the three-part transaction between GSK and Novartis which was approved by shareholders in 2014.

Last year, GSK’s Consumer Healthcare business reported sales of £7.8 billion and since 2015 sales have grown 4% on a 3 year CAGR basis (2015-2017 at 2014 CER) with an overall improvement in operating margins from 11.3% in 2015 to 17.7% in 2017.

Under the terms of the original transaction, Novartis has the right, exercisable from 2 March 2018 to 2 March 2035 to require GSK to purchase its stake (or specified tranches of it) in the Joint Venture.

This put option, in both size and possible timing, creates inherent uncertainty for the Group’s capital planning.

The new agreement to buy-out Novartis’ stake removes this uncertainty and improves the Group’s ability to plan allocation of capital to its other priorities.

August 2020

Gilead Sciences and Tango Therapeutics announced an expanded strategic collaboration focused on the discovery, development and commercialization of innovative targeted immune evasion therapies for patients with cancer.

Tango will continue to leverage its proprietary, CRISPR-enabled functional genomics target discovery platform to identify novel immune evasion targets.

The number of targets covered will expand from five to 15.

Gilead will have options to worldwide rights for programs directed at these targets over the next seven years.

Gilead will also have the right to pay option extension fees for Tango to lead activities through early clinical development, to which Gilead will retain its option rights.

Tango will have the option to co-develop and co-promote the lead products for up to five programs in the United States.

The collaboration excludes Tango’s lead programs, including one program that is expected to be in investigational new drug (IND) applicatation-enabling studies next year.

Tango also retains the rights to identify targets outside the immune evasion space as it continues to build its wholly owned pipeline.

Gilead will make a $125 million upfront payment to Tango and a $20 million equity investment in the company.

Gilead will have the right to option up to 15 programs over the seven-year collaboration for up to $410 million per program in opt-in, extension and milestone payments.

Tango will also be eligible to receive up to low double-digit tiered royalties on net sales.

For those products that Tango opts to co-develop and co-promote, the parties will equally split profits and losses, as well as development costs, in the U.S., and Tango will be eligible to receive milestone payments and royalties on ex-U.S. sales.

October 2018

Gilead Sciences and Tango Therapeutics announced a global strategic collaboration to discover, develop and commercialize a pipeline of innovative targeted immuno-oncology treatments for patients with cancer.

Under the multi-year collaboration, Tango will perform target discovery and validation and Gilead will have options to worldwide rights on up to five targets emerging from Tango’s proprietary functional genomics-based discovery platform.

For two programs directed to these targets, Tango will retain the option to co-develop and co-detail in the U.S.

The collaboration does not include Tango’s lead programs, for which Tango will retain all rights.

Tango will receive an upfront payment of $50 million.

Tango will also be eligible to receive approximately $1.7 billion in total additional payments across all programs in the form of pre-clinical fees and development, regulatory and commercial milestone payments; and up to low double-digit tiered royalties on net sales.

For those programs that Tango opts in to co-develop and co-detail, the parties will split profits and losses 50/50 for the U.S., development costs will be shared in a manner that is commensurate with product rights, and Tango will be eligible to receive milestone payments and royalties on ex-U.S. sales.

Eisai and Merck have agreed upon a strategic collaboration for the worldwide co-development and co-commercialization of LENVIMA (lenvatinib mesylate), an orally available tyrosine kinase inhibitor discovered by Eisai.

Eisai and Merck will develop and commercialize LENVIMA jointly, both as monotherapy and in combination with Merck’s anti-PD-1 therapy, KEYTRUDA (pembrolizumab).

Eisai will book LENVIMA product sales globally, as monotherapy and in combination, and Merck and Eisai will share gross profits equally.

Per the agreement, the companies will also jointly initiate new clinical studies evaluating the LENVIMA/KEYTRUDA combination to support 11 potential indications in six types of cancer (endometrial cancer, non-small cell lung cancer, hepatocellular carcinoma, head and neck cancer, bladder cancer and melanoma), as well as a basket trial targeting multiple cancer types.

Gross profits from LENVIMA product sales globally will be shared equally by Eisai and Merck.

Expenses incurred during co-development, including for studies evaluating LENVIMA as monotherapy, will be shared equally by the two companies.

Merck will pay Eisai an upfront payment of $300 million U.S. dollars and up to $650 million U.S. dollars for certain option rights through 2020 (Eisai’s financial year: fiscal year ended March 2021), as well as $450 million U.S. dollars as reimbursement for research and development expenses.

In addition, Eisai is eligible to receive up to $385 million U.S. dollars associated with the achievement of certain clinical and regulatory milestones and a maximum of up to $3.97 billion U.S. dollars for the achievement of milestones associated with sales of LENVIMA.

Assuming the achievement of all development and commercial goals for all indications, the total amount of upfront, option and regulatory and sales milestone payments has the potential to reach up to $5.76 billion U.S. dollars.

Affimed has entered into a strategic collaboration agreement with Genentech to develop and commercialize novel NK cell engager-based immunotherapeutics to treat multiple cancers.

Affimed will apply its proprietary Redirected Optimized Cell Killing (ROCK®) platform, which enables the generation of both NK cell and T cell-engaging antibodies, to discover and advance innate immune cell engager-based immunotherapeutics of interest to Genentech.

The collaboration includes candidate products generated from Affimed's ROCK platform and multiple undisclosed solid and hematologic tumor targets.

Affimed and Genentech will collaborate on the discovery, early research and late-stage research phases.

Genentech will be responsible for clinical development and commercialization worldwide.

Affimed will receive $96 million in an initial upfront payment and other near-term committed funding.

Affimed may be eligible to receive up to an additional $5.0 billion over time, including payments upon achievement of specified development, regulatory and commercial milestones, and royalties on sales.

Eli Lilly and Dicerna Pharmaceuticals announced a global licensing and research collaboration focused on the discovery, development and commercialization of potential new medicines in the areas of cardio-metabolic disease, neurodegeneration and pain.

The companies will utilize Dicerna's proprietary GalXC RNAi technology platform to progress new drug targets toward clinical development and commercialization.

In addition, the partners will collaborate to move beyond the current technical paradigm in order to generate next-generation oligonucleotide therapeutic agents.

Dicerna will receive an upfront payment of $100 million, as well as an equity investment of $100 million at a premium.

Dicerna is also eligible to receive up to approximately $350 million per target in development and commercialization milestones, as well as tiered royalties ranging from the mid-single to low-double digits on product sales.

Dicerna will work exclusively with Lilly in the neurodegeneration and pain fields, and on select targets in cardio-metabolic diseases.

The two companies anticipate collaborating on more than ten targets.

January 2020

Nektar Therapeutics and Bristol-Myers Squibb have agreed to a new joint development plan to advance bempegaldesleukin (bempeg) plus Opdivo (nivolumab) into multiple new registrational trials.

The revision to the strategic collaboration agreement includes a new joint development plan under which Nektar and Bristol-Myers Squibb will expand the active clinical development program for bempeg plus nivolumab from three ongoing registrational trials in first-line metastatic melanoma, first-line cisplatin-ineligible metastatic urothelial cancer and first-line metastatic renal cell carcinoma (RCC) to include two additional registrational trials in adjuvant melanoma and in muscle-invasive bladder cancer. In addition, a Phase 1/2 dose escalation and expansion study will be initiated to evaluate bempeg plus nivolumab in combination with axitinib in first-line RCC in order to support a future registrational trial.

The costs for these studies will be shared based upon the cost-sharing outlined in the terms of the original collaboration agreement.

Also as part of the new strategic collaboration agreement, Bristol-Myers Squibb will independently conduct and fund a Phase 1/2 dose optimization and expansion study in first-line non-small-cell lung cancer with bempeg and nivolumab.

February 2018

Bristol-Myers Squibb and Nektar Therapeutics have executed a global strategic development and commercialization collaboration for Nektar’s lead immuno-oncology program, NKTR-214.

Under the collaboration, the companies will jointly develop and commercialize NKTR-214 in combination with Bristol-Myers Squibb’s Opdivo (nivolumab) and Opdivo plus Yervoy (ipilimumab) in more than 20 indications across 9 tumor types, as well as potential combinations with other anti-cancer agents from either of the respective companies and/or third parties.

NKTR-214, a CD122-biased agonist, is an investigational immuno-stimulatory therapy designed to selectively expand cancer-fighting T cells and natural killer (NK) cells directly in the tumor micro-environment and increase PD-1 expression on those immune cells.

Bristol-Myers Squibb and Nektar have agreed to a joint clinical development plan to evaluate NKTR-214 with Opdivo and Opdivo plus Yervoy in registration-enabling clinical trials in more than 20 indications in 9 tumor types including melanoma, renal cell carcinoma, non-small cell lung cancer, bladder and triple negative breast cancer.

Pivotal studies in renal cell carcinoma and melanoma are expected to be initiated in mid-2018.

Bristol-Myers Squibb will make an upfront cash payment of $1.0 billion and an equity investment of $850 million (8,284,600 shares of Nektar’s common stock at $102.60 per share).

Bristol-Myers Squibb has agreed to certain lock-up, standstill and voting provisions on its share ownership for a period of five years subject to certain specified exceptions.

Nektar is also eligible to receive an additional $1.78 billion in milestones, of which $1.43 billion are development and regulatory milestones and the remainder are sales milestones.

Nektar will book revenue for worldwide sales of NKTR-214 and the companies will split global profits for NKTR-214 with Nektar receiving 65% and Bristol-Myers Squibb 35%.

Bristol-Myers Squibb will retain 100% of product revenues for its own medicines.

The parties also will share development costs relative to their ownership interest of medicines included in the trials.

For trials in the joint clinical development plan that include NKTR-214 with Opdivo only, the parties will share development costs with 67.5% allocated to Bristol-Myers Squibb and 32.5% allocated to Nektar.

For trials in the joint clinical development plan that include NKTR-214 with Opdivo and Yervoy, the parties will share development costs with 78% allocated to Bristol-Myers Squibb and 22% allocated to Nektar.

Both Bristol-Myers Squibb and Nektar have agreed for a specified period of time to not commence development with overlapping mechanisms of action in the same indications as those included in the joint clinical development plan.

The parties are otherwise free to develop NKTR-214 with their own pipeline assets and/or any other third party compounds.

Both parties have agreed to initiate registration-enabling studies in the joint clinical development plan within 14 months of the effective date of the agreement, subject to allowable delays.

Both parties will jointly commercialize NKTR-214 on a global basis.

Bristol-Myers Squibb will lead global commercialization activities for NKTR-214 combinations with Bristol-Myers Squibb medicines and Nektar will co-commercialize such combinations in the US, major EU markets and Japan.

Nektar will lead global commercialization activities for NKTR-214 combinations with either Nektar medicines and/or other third-party medicines.

For Bristol-Myers Squibb, the transactions are expected to be dilutive in 2018 and 2019 to the company’s non-GAAP EPS by $0.02 and $0.10, respectively.

Nektar and Bristol-Myers Squibb currently expect to complete the transaction during the second quarter of 2018, subject to the expiration or termination of applicable waiting periods under all applicable US antitrust laws and the satisfaction of other usual and customary closing conditions.

Further details of the agreement can be found in Nektar’s Form 8-K filed today with the Securities and Exchange Commission.

Nektar and Bristol-Myers Squibb entered into a clinical collaboration in September of 2016 to evaluate the potential for the combination of Opdivo and NKTR-214 to show improved and sustained efficacy and tolerability above the current standard of care.

The Phase 1/2 PIVOT clinical study is ongoing in over 350 patients with melanoma, kidney, non-small cell lung cancer, bladder, and triple-negative breast cancers.

Kite and Sangamo Therapeutics have entered into a worldwide collaboration using Sangamo's zinc finger nuclease (ZFN) technology platform for the development of next-generation ex vivo cell therapies in oncology.

Kite will use Sangamo's ZFN technology to modify genes to develop next-generation cell therapies for autologous and allogeneic use in treating different cancers.

Allogeneic cell therapies from healthy donor cells or from renewable stem cells would provide a potential treatment option that can be accessed directly within the oncology infusion center, thus reducing the time to infusion for patients.

Sangamo will receive an upfront payment of $150 million and is eligible to receive up to $3.01 billion in potential payments, aggregated across 10 or more products utilizing Sangamo's technology, based on the achievement of certain research, development, regulatory and successful commercialization milestones.

Sangamo would also receive tiered royalties on sales of potential future products resulting from the collaboration.

Kite will be responsible for all development, manufacturing and commercialization of products under the collaboration, and will be responsible for agreed upon expenses incurred by Sangamo.

Pfizer and Cellectis have entered into a global strategic collaboration to develop Chimeric Antigen Receptor T-cell (CAR-T) immunotherapies in the field of oncology directed at select targets.

Cellectis’ CAR-T platform technology provides a proprietary, allogeneic approach (utilizing engineered T-cells from a single donor for use in multiple patients) to developing CAR-T therapies that is distinct from other autologous approaches (engineering a patient’s own T-cells to target tumor cells).

Pfizer has exclusive rights to pursue development and commercialization of CAR-T therapies, in the field of oncology, directed at a total of fifteen targets selected by Pfizer.

Both companies will work together on preclinical research and Pfizer will be responsible for the development and potential commercialization of any CAR-T therapies for the Pfizer-selected targets.

In addition, the agreement provides for a total of twelve targets selected by Cellectis.

Both companies will work together on preclinical research on four Cellectis-selected targets and Cellectis will work independently on eight additional targets.

Cellectis will be responsible for clinical development and commercialization of CAR-T therapeutics for the Cellectis-selected targets.

Pfizer has right of first refusal to the four Cellectis-selected targets.

Cellectis will receive an upfront payment of $80 million, as well as funding for research and development costs associated with Pfizer-selected targets and the four Cellectis-selected targets within the collaboration.

Cellectis is eligible to receive development, regulatory and commercial milestone payments of up to $185 million per Pfizer product.

Cellectis is also eligible to receive tiered royalties on net sales of any products that are commercialized by Pfizer.

Additionally, Pfizer will be entering into an equity agreement to purchase approximately 10% of the Cellectis capital through newly issued shares at 9.25 Euro per share, pending Cellectis shareholder approval.

Approval by two-thirds of the votes cast by voting Cellectis shareholders is required for the issuance.

Shareholders of Cellectis representing 52.8% of its voting rights have already undertaken to vote in favor of the issuance.

In the event the sale of equity is not approved by the Cellectis shareholders, Pfizer has the option to terminate the collaboration agreement.

Genmab has entered into a research collaboration and exclusive license agreement with privately owned Immatics Biotechnologies to discover and develop next-generation bispecific immunotherapies to target multiple cancer indications.

The deal strengthens Genmab’s position in immuno-oncology by combining Genmab's proprietary technologies and antibody know-how with Immatics' XPRESIDENT targets and T-cell receptor (TCR) capabilities.

Genmab will receive an exclusive license to three proprietary targets from Immatics, with an option to license up to two additional targets at predetermined economics.

The companies will conduct joint research, funded by Genmab, on multiple antibody and/or TCR-based bispecific therapeutic product concepts.

Genmab may elect to progress any resulting product candidates, and will be responsible for development, manufacturing and worldwide commercialization.

For any products that are commercialized by Genmab, Immatics will have an option to limited co-promotion efforts in selected countries in the EU.

Genmab will pay Immatics an upfront fee of USD 54 million and Immatics is eligible to receive up to USD 550 million in development, regulatory and commercial milestone payments for each product, as well as tiered royalties on net sales.

Johnson & Johnson has received a binding offer from Fortive to acquire its Advanced Sterilization Products (ASP) business, a division of Ethicon, for an aggregate value of approximately $2.8 billion, consisting of $2.7 billion of cash proceeds from Fortive and $0.1 billion of retained net receivables.

ASP is a global leader in innovative infection prevention solutions with 2017 net revenue of approximately $775 million.

Shire has entered into a definitive agreement with Servier to sell its Oncology business for $2.4 billion.

Shire's Oncology business includes in-market products ONCASPAR (pegaspargase), a component of multi-agent treatment for acute lymphoblastic leukemia (ALL) and ex-U.S. rights to ONIVYDE (irinotecan pegylated liposomal formulation), a component of multi-agent treatment for metastatic pancreatic cancer post gemcitabine-based therapy.

The portfolio also includes Calaspargase Pegol (Cal-PEG), which is under FDA review for the treatment of ALL and early stage immuno-oncology pipeline collaborations.

Servier has agreed to acquire Shire's Oncology business for a total consideration of $2.4 billion, in cash, upon completion.

In 2017, the Oncology business generated revenues of $262 million.

The total consideration represents a revenue multiple of 9.2 times 2017 revenues.

The transaction covers the transfer of Shire's Oncology business including in-market products ONCASPAR (pegaspargase), a component of multi-agent treatment for acute lymphoblastic leukemia (ALL) and ex-U.S. rights to ONIVYDE (irinotecan pegylated liposomal formulation), a component of multi-agent treatment for metastatic pancreatic cancer post gemcitabine-based therapy.

The portfolio also includes Calaspargase Pegol (Cal-PEG), which is under FDA review for the treatment of ALL, and early stage immuno-oncology pipeline collaborations.

The gross assets that are the subject of the transaction are approximately $1.6 billion and the profits attributable to the assets being transferred are approximately $140 million, excluding depreciation, amortization and other direct and indirect costs.

Takeda Pharmaceutical has entered into a research, development and commercial collaboration and multi-program option agreement with Wave Life Sciences to develop antisense oligonucleotides for genetically-defined neurological diseases.

This partnership supports Takeda’s externalization strategy, which focuses on collaborations that complement its internal pipeline of programs, and represents the next generation of innovative therapies to treat diseases with no current treatment options.

The first component of the collaboration with Wave will focus on programs targeting Huntington’s disease (HD), amyotrophic lateral sclerosis (ALS) (commonly referred to as Lou Gehrig’s disease), frontotemporal dementia (FTD) and spinocerebellar ataxia type 3 (SCA3).

Wave is developing oligonucleotide therapeutics to target diseases that have been historically difficult to treat with small molecules or biologics.

Their molecules are designed to reduce the expression of disease-promoting proteins or to transform the production of dysfunctional mutant proteins into the production of functional proteins, with the potential of treating the targeted disease.

The first component of this collaboration will investigate the following potential therapies with the option to co-develop and co-commercialize after demonstration of clinical proof of mechanism:

WVE-120101 and WVE-120102, which selectively target mutant huntingtin and are currently in Phase 1b/2a clinical trials for the treatment of HD

WVE-3972-01, which targets C9ORF72 and is expected to be evaluated in clinical studies for the treatment of ALS and FTD beginning in Q4 2018

Program targeting ATXN3 for the treatment of SCA3

The second component of the collaboration provides Takeda with the rights to exclusively license multiple preclinical programs targeting other neurological disorders including Alzheimer’s disease and Parkinson’s disease.

At any one time during a four-year term, the companies may collaborate on up to six preclinical programs.

Under terms of the two-component agreement, Takeda will make an initial payment of $110 million to Wave and purchase $60 million of Wave’s ordinary shares at $54.70 per share.

Takeda will also fund at least $60 million of Wave research over a four-year period to advance multiple preclinical targets selected by and licensed to Takeda.

The first component of the agreement grants Takeda with the option to co-develop and co-commercialize the following nucleic acid investigational therapies upon Wave demonstrating proof of mechanism in initial clinical studies:

WVE-120101 and WVE-120102, which selectively target the mutant allele of the huntingtin (HTT) gene and are currently in Phase 1b/2a clinical trials for the treatment of HD

WVE-3972-01, which targets the C9ORF72 gene and is expected to be evaluated in clinical studies for the treatment of ALS and FTD beginning in Q4 2018Program targeting the ATXN3 gene for the treatment of SCA3

Upon opt-in by Takeda on any individual program, Wave will receive an opt-in payment and will lead manufacturing and joint clinical co-development activities;

Takeda will lead joint co-commercial activities in the United States and all commercial activities outside of the United States.

Global costs and potential profits will be shared 50:50 and Wave will be eligible to receive development and commercial milestone payments.

The second component of the strategic collaboration provides Takeda with the right to license multiple preclinical programs for CNS indications, including Alzheimer’s disease and Parkinson’s disease.

During a four-year term, the companies may collaborate on up to six preclinical targets at any one time.

Takeda will fund at least $60 million of Wave’s preclinical activities and reimburse Wave for agreed-upon additional expenses.

Assuming Takeda advances six programs that achieve regulatory approval and commercial milestones, Wave will be eligible to receive more than $2 billion in cash milestone payments, of which more than $1 billion would be in precommercial milestone payments.

Wave is also eligible to receive tiered high single-digit to mid-teen royalty payments on global commercial sales of each licensed program.

Swedish Orphan Biovitrum has entered into agreements to acquire the perpetual rights to Synagis (palivizumab) in the US from AstraZeneca and to participate in 50 per cent of the future earnings of the candidate drug MEDI8897 in the US.

The total upfront consideration corresponds to USD 1,500 M (SEK 13.6 B[1]), consisting of USD 1,000 M (SEK 9.1 B) in cash and USD 500 M (SEK 4.5 B) equivalent in newly issued Sobi shares.

In addition, deferred and contingent payments depending on certain conditions may be payable, in amounts as further set out below.

The upfront consideration payable at closing of the acquisition will be USD 1,500 M (SEK 13.6 B) consisting of cash and newly issued Sobi common shares.

Sobi will also pay USD 20 M (SEK 181 M) in cash, per year, for the three years 2019-2021 as consideration for MEDI8897.

Sobi may pay up to USD 470 M (SEK 4.3 B) for Synagis sales-related milestones from 2026 onwards, plus, USD 175 M (SEK 1.6 B) following submission of the Biologics License Application (BLA) to the US Food and Drug Administration (FDA) for MEDI8897.

The agreement also includes potential net payments of approximately USD 110 M (SEK 1.0 B) on achievement of other MEDI8897 profit and development-related milestones.

MEDI8897 associated payments, if payable, are expected from 2023 onwards.

Following completion of the acquisition, AstraZeneca will hold 8.1 per cent of the total shares and votes in Sobi.

AstraZeneca has undertaken not to sell the shares received as consideration for a period of 12 months, and not to acquire additional shares in Sobi for a period of 18 months, following the closing date of the acquisition.

The upfront cash consideration payable will amount to USD 1,000 M (SEK 9.1 B) and the share consideration will consist of 24,193,092 newly issued Sobi shares, corresponding to a value of USD 500 M (SEK 4.5 B) based on the daily volume weighted average price paid for the Sobi common share on Nasdaq Stockholm during a period of five trading days immediately prior to entering into the agreement concerning the acquisition.

The board of directors of Sobi will at closing of the acquisition exercise the authorisation granted by the Annual General Meeting in May 2018 to issue the Sobi shares.

June 2020

Sanofi Pasteur and Translate Bio have agreed to expand their existing 2018 collaboration and license agreement to develop mRNA vaccines for infectious diseases.

The expansion of this agreement will further unite Translate Bio’s expertise and knowledge from more than 10 years of mRNA research and development with Sanofi’s leadership in vaccine research and development.

Translate Bio will receive a total upfront payment of $425 million, consisting of a $300 million cash payment and a private placement common stock investment of $125 million at $25.59 per share representing a 50 percent premium to the 20-day moving average share price prior to signing.

Translate Bio will also be eligible for potential future milestones and other payments up to $1.9 billion, including $450 million of milestones under the 2018 agreement.

Of these potential milestones and other payments, approximately $360 million are anticipated over the next several years, inclusive of COVID-19 vaccine development milestones.

Translate Bio is also eligible to receive tiered royalty payments based upon worldwide sales of the developed vaccines.

Sanofi Pasteur will pay for all costs during the collaboration term.

Sanofi Pasteur will receive exclusive worldwide rights for infectious disease vaccines.

Translate Bio is using its mRNA platform to discover, design and manufacture vaccine candidates and Sanofi Pasteur is providing its deep vaccine expertise to advance vaccine candidates into and through further development.

Translate Bio will also transfer technology and processes to allow Sanofi Pasteur to develop and manufacture mRNA vaccines for infectious diseases.

The teams are currently evaluating multiple COVID-19 vaccine candidates in vivo for immunogenicity and neutralizing antibody activity to support lead candidate selection and the companies have the goal of initiating a first-in-human clinical trial in the fourth quarter of 2020.

The companies are also advancing an mRNA vaccine development candidate against influenza through preclinical studies with clinical trial initiation anticipated in mid-year 2021.

Additional mRNA vaccine development programs under the collaboration include another viral pathogen and a bacterial pathogen.

June 2018

Translate Bio announced a multi-year research and development collaboration and exclusive licensing agreement with Sanofi Pasteur to develop mRNA vaccines for up to five undisclosed infectious disease pathogens.

Translate Bio and Sanofi Pasteur will jointly conduct research and development activities to advance mRNA vaccines during an initial three-year research term.

Sanofi Pasteur will make an upfront payment of $45 million to Translate Bio.

Translate Bio is eligible to receive up to $805 million in payments, which also includes certain development, regulatory and sales-related milestones across several vaccine targets, and option exercise fees if Sanofi Pasteur exercises its option related to development of vaccines for additional pathogens.

Translate Bio is also eligible to receive tiered royalty payments associated with worldwide sales of the developed vaccines.

Sanofi Pasteur will pay for all costs during the research term and will receive exclusive worldwide commercialization rights.

Translate Bio will be responsible for clinical manufacture and will be entitled to additional payments under a separate supply agreement to be established.

AC Immune and Eli Lilly have signed a license and collaboration agreement to research and develop tau aggregation inhibitor small molecules for the potential treatment of Alzheimer’s disease (AD) and other neurodegenerative diseases.

The collaboration combines AC Immune’s proprietary Morphomer platform technology with Lilly’s clinical development expertise and commercial capabilities in central nervous system disorders.

The collaboration will focus primarily on AC Immune’s lead molecule, ACI-3024, which has demonstrated tau aggregation inhibition in preclinical models.

AC Immune will receive an upfront payment of CHF80 million as well as $50 million in exchange for a note, convertible to equity at a premium.

AC Immune is also eligible to receive CHF60 million in potential near-term development milestones, as well as other potential development, regulatory and commercial milestones up to approximately CHF1.7 billion, and tiered royalty payments in the low double digits.

AC Immune will conduct the initial Phase 1 development of the Morphomer tau aggregation inhibitors, while Lilly will fund and conduct further clinical development.

Lilly will receive worldwide commercialization rights for the tau aggregation inhibitors in the area of Alzheimer’s disease.

AC Immune has retained certain development rights in orphan indications and co-development and co-promotion options in certain indications outside AD.

October 2018

Arrowhead entered into a research collaboration and option agreement with Janssen to potentially collaborate for up to three additional RNA interference (RNAi) therapeutics against new targets to be selected by Janssen.

Arrowhead is also eligible to receive approximately $1.9 billion in option and milestone payments for the collaboration agreement related to up to three additional targets.

Arrowhead is further eligible to receive tiered royalties up to mid teens on product sales.

October 2018

Janssen and Arrowhead agreed to a research collaboration to develop RNAi therapeutics directed against additional targets using Arrowhead's proprietary Targeted RNAi Molecule (TRiM) platform.

If Janssen exercises its option for such RNAi therapeutics, Arrowhead will be eligible to receive additional payments.

Ionis Pharmaceuticals and Akcea Therapeutics announced an exclusive, worldwide license by Ionis to Akcea for inotersen and AKCEA-TTR-LRx, formerly IONIS-TTR-LRx, in a transaction potentially worth up to approximately $1.7 billion to Ionis plus profit sharing payments.

This transaction strengthens the companies' ability to successfully launch inotersen upon approval by leveraging the commercial preparations carried out by Ionis along with Akcea's commercial infrastructure and capabilities.

The newly combined Akcea team is preparing to launch inotersen in the U.S. and EU following planned approvals in mid-2018 to treat people with hereditary transthyretin amyloidosis, or hATTR, a systemic, progressive and fatal disease.

The companies are also developing AKCEA-TTR-LRx for hereditary and wild-type forms of ATTR.

AKCEA-TTR-LRx is planned to enter clinical development in 2018.

As part of the collaboration, the inotersen commercial team is joining Akcea, enabling a seamless and rapid transition in the ongoing launch preparations for inotersen.

Sarah Boyce, currently Ionis' chief business officer, will join Akcea as president and take a seat on the Akcea board of directors upon closing.

Akcea will pay Ionis an upfront licensing fee of $150 million, payable in shares of common stock priced by reference to a recent trading average.

Akcea will have rights to commercialize inotersen and AKCEA-TTR-LRx globally. To support commercialization of inotersen, Ionis will purchase $200 million of Akcea common stock priced by reference to a recent trading average.

Upon closing this transaction, Ionis' ownership in Akcea will increase by 7%, from 68% to 75%, totaling 64,114,545 shares.

Regulatory approval of inotersen and AKCEA-TTR-LRx in the U.S. and EU will trigger milestone payments to Ionis of $50 million and $40 million, respectively, with additional milestone payments due upon approval of both programs in various other geographies.

The license fee and initial milestone payments may be payable in Akcea common stock at fair market value.

Commercial profits and losses from inotersen will be split 60% to Ionis and 40% to Akcea until the first commercial sales of AKCEA-TTR-LRx, after which the profits and losses will be shared 50/50.

The costs of the development of AKCEA-TTR-LRx and the profits from its commercialization will be shared 50/50.

The license for the two drugs also includes various sales milestone payments of up to nearly $1.3 billion.

October 2018

Arrowhead Pharmaceuticals entered into a license and collaboration agreement with Janssen Pharmaceuticals to develop and commercialize ARO-HBV.

Arrowhead will receive $175 million as an upfront payment.

Johnson & Johnson Innovation – JJDC will make a $75 million equity investment in Arrowhead at a price of $23.00 per share of Arrowhead common stock.

Arrowhead is eligible to receive up to approximately $1.6 billion in milestone payments for the HBV license agreement, including a $50 million milestone payment linked to a Phase 2 study.

Arrowhead is further eligible to receive tiered royalties up to mid teens on product sales.

October 2018

Janssen Pharmaceuticals has entered into an agreement with Arrowhead Pharmaceuticals for an exclusive, worldwide license to develop and commercialize ARO-HBV, a Phase 1/2 subcutaneous, ribonucleic acid interference (RNAi) therapy candidate being investigated for the treatment of chronic hepatitis B viral infection.

Arrowhead will complete the ongoing Phase 1/2 clinical trial for ARO-HBV, a next-generation RNAi therapy candidate​ which is designed to silence HBV gene products by specifically targeting two regions of the HBV genome.

Janssen will lead the clinical development from Phase 2b onwards.

Arrowhead will receive an initial upfront payment, potential development and commercial milestone payments and potential future royalties.

Separately, Johnson & Johnson Innovation - JJDC, Inc., will make an equity investment in Arrowhead.

Gilead Sciences and Agenus have entered into an immuno-oncology (I-O) partnership focused on the development and commercialization of up to five novel immuno-oncology therapies.

Agenus will receive $150 million upon closing, which includes a $120 million upfront cash payment and a $30 million equity investment.

The agreement also includes approximately $1.7 billion in potential future fees and milestones.

Gilead will receive worldwide exclusive rights to AGEN1423, which has an estimated IND filing by year-end 2018.

Gilead will also receive the exclusive option to license two additional programs: AGEN1223 and AGEN2373.

Agenus has filed the IND for AGEN1223 and has a planned IND filing for AGEN2373 in the first half of 2019.

Agenus will be responsible for developing the option programs up to the option decision points, at which time Gilead may acquire exclusive rights to the programs on option exercise.

For one of the option programs, Agenus will have the right to opt-in to shared development and commercialization in the U.S.

Gilead will also receive right of first negotiation for two additional, undisclosed preclinical programs.

June 2021

Cilag announced its decision not to continue the collaboration and license agreement with argenx for cusatuzumab, an investigational therapeutic antibody that targets CD70.

The decision is based upon Janssen's review of all available cusatuzumab data and in consideration of the evolving standard of care for the treatment of acute myeloid leukemia (AML).

Final results from Janssen's clinical studies of cusatuzumab will be presented in the future.

Janssen will work with argenx to transition the cusatuzumab program back to argenx.

Patients currently enrolled in ongoing cusatuzumab clinical trials will continue to be supported through treatment and follow-up.

December 2018

argenx announced an exclusive, global collaboration and license agreement for cusatuzumab (ARGX-110), a highly differentiated anti-CD70 SIMPLE Antibody, with Cilag.

Janssen will pay argenx $300 million in an upfront payment and JJDC will purchase $200 million (1,766,899) of newly issued shares representing 4.68% of argenx’s outstanding shares at a price of €100.02 per share ($113.19).

argenx will be eligible to receive potentially up to $1.3 billion in development, regulatory and sales milestones, in addition to tiered, double-digit royalties.

Janssen will be responsible for commercialization worldwide.

argenx retains the option to participate in commercialization efforts in the U.S., where the companies have agreed to share economics 50/50 on a royalty basis and outside the U.S., Janssen will pay double-digit sales royalties to argenx.

March 2020

Sutro Biopharma announced that Merck has extended the research term of the collaboration's first cytokine-derivative program by one year, which includes a payment to Sutro of an undisclosed amount.

Sutro's collaboration with Merck was announced in July 2018 to develop therapeutics for cancer and autoimmune disorders.

July 2018

Sutro Biopharma has signed a collaboration and licensing agreement with Merck to discover and develop novel immune-modulating therapies for cancer and autoimmune disorders.

The research and development activities will leverage Sutro's proprietary cell-free protein synthesis and site-specific conjugation platforms, which facilitate precision design and rapid empirical optimization of protein conjugates, to discover and develop best-in-class immune-modulating cytokine derivatives for both oncology and autoimmune indications.

Sutro will be primarily responsible for preclinical research and Merck will gain exclusive worldwide rights to therapeutic candidates derived from the collaboration.

Sutro will receive an upfront payment of $60 million and is eligible for milestone payments totaling up to $1.6 billion associated with the development and sale of all therapeutic candidates and all possible indications identified under the collaboration, as well as tiered royalties on the sale of products.

Bristol-Myers Squibb announced that Taisho Pharmaceutical has offered to purchase Bristol-Myers Squibb’s UPSA consumer health business for $1.6 billion.

UPSA develops and delivers important consumer medicines for patients in France, across Europe and additional countries.

Taisho is the largest over-the-counter (OTC) drug company in Japan, with over a century of experience in this field. Taisho holds a leading presence in anti-inflammatory analgesic, cold and flu and hair growth segments in Japan and Southeast Asia.

The potential transaction is anticipated to be completed during the first half of 2019, subject to regulatory approvals and satisfaction of certain other customary closing conditions.

The offer by Taisho is structured in the form of a “put option” agreement.

Under the terms of the agreement, the offer is subject to Bristol-Myers Squibb’s exercise of the put option following information and consultation processes with relevant employee representative bodies.

Upon exercise of the put option, Bristol-Myers Squibb and Taisho would execute a definitive stock and assets purchase agreement following which Taisho would acquire all of the issued and outstanding shares of capital stock of UPSA SAS, as well as Bristol-Myers Squibb’s assets and liabilities relating to the UPSA product portfolio.

Assuming completion, Bristol-Myers Squibb estimates the potential transaction would be approximately ($0.04) dilutive to 2019 earnings.

Prothena announced a global collaboration with Celgene to develop new therapies for a broad range of neurodegenerative diseases.

The multi-year research and development collaboration is focused on three proteins implicated in the pathogenesis of several neurodegenerative diseases, including tau, TDP-43 and an undisclosed target.

For each of the programs, Celgene has an exclusive right to license clinical candidates in the U.S. at the investigational new drug (IND) filing and if exercised, would also have a right to expand the license to global rights at the completion of Phase 1.

Following the exercise of global rights, Celgene will be responsible for funding all further global clinical development and commercialization.

Prothena will receive a $100 million upfront payment and a $50 million equity investment by Celgene, plus future potential exercise payments and regulatory and commercial milestones for each licensed program.

Prothena will also receive additional royalties on net sales of any resulting marketed products.

Prothena will receive an upfront payment and equity investment, and is eligible to receive exercise payments and regulatory and commercial milestones, plus additional royalties on net sales based on the following collaboration deal terms:

Prothena will receive an upfront payment of $100 million.

Celgene will make a $50 million equity investment in Prothena by subscribing to approximately 1.2 million of Prothena’s ordinary shares at $42.57 per shareFor programs reaching commercialization, Prothena will receive tiered royalties on net sales.

The targets encompassed in this collaboration are implicated in the pathogenesis of several neurodegenerative diseases for which there are no current disease modifying therapies, including the following:

Tau, a protein implicated in diseases including Alzheimer's disease (AD), progressive supranuclear palsy (PSP), frontotemporal dementia (FTD), chronic traumatic encephalopathy (CTE) and other tauopathies.

Prothena has identified antibodies targeting novel epitopes on the tau protein with the ability to block misfolded tau from binding to cells and to inhibit cell-to-cell transmission, preventing downstream functional toxic effects.

TDP-43, a protein implicated in diseases including amytrophic lateral sclerosis (ALS) and the most common subtype of FTD, behavioral variant FTD (bvFTD), a proportion of AD and other TDP-43 proteinopathies.

Prothena has generated antibodies that target multiple epitopes on the TDP-43 protein and is using proprietary in vitro screening methodology to select those that may be the most potent and efficacious in inhibiting toxicity and cell-to-cell transmission of misfolded TDP-43 species.

Gilead Sciences and Scholar Rock have entered into a strategic collaboration to discover and develop highly specific inhibitors of transforming growth factor beta (TGFβ) activation for the treatment of fibrotic diseases.

Gilead has exclusive options to license worldwide rights to product candidates that emerge from three Scholar Rock TGFβ programs: inhibitors that target activation of latent TGFβ1 with high affinity and specificity, inhibitors that selectively target activation of latent TGFβ1 localized to extracellular matrix, and a third TGFβ discovery program.

Scholar Rock is responsible for antibody discovery and preclinical research through product candidate nomination, after which, upon exercising the option for a program, Gilead will be responsible for the program’s preclinical and clinical development and commercialization.

Scholar Rock retains exclusive worldwide rights to discover, develop, and commercialize certain TGFβ inhibitors for oncology and cancer immunotherapy.

Scholar Rock will receive $80 million in upfront payments, comprised of $50 million cash and $30 million purchase of Scholar Rock Holding Corporation common stock.

Scholar Rock will receive a one-time milestone payment of $25 million upon the successful completion of specific preclinical studies and be eligible to receive up to an additional $1,425 million in potential payments aggregated across all three programs based on the successful achievement of certain research, development, regulatory and commercialization milestones.

Scholar Rock would also receive high single-digit to low double-digit tiered royalties on sales of potential future products originating from the collaboration.

Boehringer Ingelheim and OSE Immunotherapeutics announced a collaboration and exclusive worldwide collaboration and license agreement to jointly develop OSE-172, a SIRP-alpha antagonist targeting myeloid lineage cells.

Boehringer Ingelheim has acquired the global rights to develop, register and commercialize OSE-172, a monoclonal antibody targeting SIRP-alpha which is expressed in myeloid lineage cells, as part of their continued commitment to research and innovation in immuno-oncology.

OSE Immunotherapeutics will receive a €15 million upfront payment from Boehringer Ingelheim, and potential additional short-term milestones of up to €15 million upon initiation of a phase 1 clinical study.

OSE Immunotherapeutics stands to receive more than €1.1 billion upon reaching pre-specified development, commercialization and sales milestones, plus royalties on worldwide net sales.

MOLOGEN signed a term sheet outlining the framework for a global assignment of all intellectual property and other rights in MOLOGEN’s lead compound lefitolimod to ONCOLOGIE and an expansion of the existing global co-development agreement between MOLOGEN and ONCOLOGIE.

The potential total deal value would be over €1 billion plus low double digit royalties on net sales, representing an attractive upside for MOLOGEN.

MOLOGEN would receive a near-term consideration of €23 million.

This transaction would secure the major part of the funding for the pivotal IMPALA study until read-out, projected for 2020.

The term sheet envisages that all rights to MOLOGEN’s immunotherapeutic agent lefitolimod, including intellectual property (IP) and know-how, will be transferred to ONCOLOGIE.

MOLOGEN would receive short-term as well as development and sales milestone payments.

ONCOLOGIE would be solely responsible for all development, manufacturing and commercialization activities relating to lefitolimod globally and bear the corresponding expenses.

Under the co-development agreement, MOLOGEN would carry out certain manufacturing activities to supply the clinical medication.

ONCOLOGIE would also obtain a Right of First Refusal to license the optioned products, EnanDIM and MGN1601 – but excluding the MIDGE technology.

With such a transaction, MOLOGEN would secure most of the funds needed for the completion of IMPALA.

The remaining part would be raised through further capital measures.

A substantial and long-term upside of attractive development payments, as well as sales milestones and royalties, remains with MOLOGEN.

This agreement would allow the project to be almost entirely funded until the read-out of the pivotal IMPALA study which is expected in 2020.

The transaction is still subject to the agreement of the parties in a definitive transaction documentation.

In addition to finalizing the IMPALA study, the co-development agreement would provide an opportunity to fully realize the potential of lefitolimod in combination with other immuno-oncology drugs and in additional indications outside the colorectal cancer (CRC) maintenance setting.

Success in additional indications would bring in additional milestones and royalties representing substantial value for MOLOGEN.

As consideration for the global assignment of all rights to lefitolimod and the provision of the co-development services, MOLOGEN would receive short-term as well as development and sales milestone payments comprising the following elements:

First of all, to fund the further development of lefitolimod, MOLOGEN would receive a near-term consideration in the aggregated amount of €23 million consisting of

(1) an initial purchase price of the global rights in the amount of €3 million due at the signing of the definitive transaction documents,

(2) subsequent quarterly cash payments reflecting MOLOGEN’s budgeted expenses for such quarters in a total amount of €7 million, and

(3) a commitment by ONCOLOGIE to run several clinical trials designed to expand the clinical setting for lefitolimod beyond the IMPALA indication in the amount of €9 million.

(4) a commitment of ONCOLOGIE to invest a total amount of €4 million into two zero interest mandatory convertible bonds (“MCB”) with a term of five years and a nominal value of €2 million each.

Such MCBs would be issued by MOLOGEN to ONCOLOGIE without subscription rights of the existing shareholders backed by the existing conditional capital 2018.

The initial conversion price will correspond to the 10-days volume weighted average (stock) price (Xetra) immediately preceding the Company’s decision to actually issue the respective MCB plus a 30% premium.

The first MCB is envisaged to be issued by 31 August 2018. The second MCB is envisaged to be issued at the time of signing of the final contract.

ONCOLOGIE would place an amount of €5 million, including the €2 million for the second note and €3 million for the global assignment of all intellectual property, in an escrow account within twenty days of signing the term sheet.

The subscription of the first MCB also discharges ONCOLOGIE’s equity investment obligation in the amount of €2 million under the existing co-development agreement announced on 13 February 2018.

The funds referred to under (1), (2) and (4) above (i.e. a total amount of €14 million) will be used for the completion of the IMPALA trial until read-out including the preparation of the production upscale.

In addition, ONCOLOGIE would invest a minimum of additional €9 million in combination studies as part of the co-development agreement beyond IMPALA.

Secondly, ONCOLOGIE would be responsible for all future development activities, including regulatory interactions and production of drug material to support the future commercialization of lefitolimod.

Thirdly, the parties agreed on development and commercialization milestones.

They would be due upon reaching predefined development steps as well as market approval.

MOLOGEN would be eligible to receive up to approximately €200 million in development and regulatory milestone payments based on IMPALA success, and on the success of additional indications that the parties intend to further explore.

After registration of lefitolimod in major territories, additional commercial milestones could add up to more than €900 million depending on potential future sales.

Furthermore, ONCOLOGIE would pay MOLOGEN tiered royalties on a low double-digit percentage average with a peak rate of 16%.

In case of a licensing by ONCOLOGIE to a third party outside Greater China, MOLOGEN is entitled to receive 35% of all licensing receipts in condition of a positive read-out of the IMPALA study and otherwise 30% but not less than 50% of the agreed milestones and royalties for territories outside Greater China.

In the event Oncology would commercialize lefitolimod on their own or by licensees in the Greater China territory, MOLOGEN would receive 100% of the agreed milestone payments and royalties.

The parties have agreed on a three months exclusivity period to negotiate the definitive transaction documentation.

A condition for the closing of the assignment of all rights in lefitolimod is the further funding of ONCOLOGIE in a mid-double-digit million amount.

Yuhan has entered into a license and collaboration agreement with Janssen Biotech to develop Lazertinib, a novel clinical-stage therapeutic candidate for the treatment of patients with non-small cell lung cancer (NSCLC).

Yuhan will receive an upfront payment of $50 million and is eligible to receive up to $1,205 million in potential development and commercial milestone payments, along with tiered double-digit royalties on future net sales.

Janssen will assume responsibility for development, manufacturing and commercialization with exclusive worldwide rights to Lazertinib excluding the Republic of Korea, where the rights are retained by Yuhan.

The two companies will collaborate on global clinical trials evaluating Lazertinib both in monotherapy and combination regimens, trials are anticipated to begin in 2019.

March 2021

Pieris announced that Seagen has made a strategic equity investment in Pieris as part of an ongoing collaboration between the companies.

In addition, the companies have entered into a clinical trial collaboration agreement to evaluate the safety and efficacy of combining Pieris' cinrebafusp alfa (PRS-343), a 4-1BB/HER2 bispecific, with Seagen's TUKYSA (tucatinib), a small-molecule tyrosine kinase HER2 inhibitor, for the treatment of gastric cancer patients expressing lower HER2 levels (IHC2+/ISH- & IHC1+) as part of the upcoming phase 2 study to be conducted by Pieris.

The companies have also amended their existing immuno-oncology collaboration agreement around joint development and commercial rights for the second of up to three products in the alliance.

Under the amended and restated agreement, Pieris' option to co-develop and co-commercialize the second of three programs in the collaboration has been amended to provide it with a co-promotion option in the United States, with Seagen solely responsible for the development and overall commercialization of that program.

Under the co-promotion option, Pieris will also be entitled to increased royalties from that program in the event that it chooses to exercise the option.

In connection with the amendment, on March 24, 2021, in a private placement transaction, Seagen made an equity investment of $13 million in Pieris through the purchase of 3,706,174 newly issued shares of Pieris common stock at a price of $3.51 per share.

February 2018

Pieris Pharmaceuticals and Seattle Genetics have entered into a collaboration and license agreement with the goal of developing multiple targeted bispecific immuno-oncology treatments for solid tumors and blood cancers.

The collaboration leverages the expertise and core technologies of both companies to develop novel Antibody-Anticalin fusion proteins.

Pieris' proprietary suite of agonistic costimulatory Anticalin proteins, when fused to a tumor-targeting antibody, can activate the immune system preferentially in the tumor microenvironment.

Seattle Genetics, through its industry-leading work in the field of antibody-drug conjugates (ADCs), has a substantial portfolio of cancer targets and tumor-specific monoclonal antibodies from which programs will be selected for the collaboration.

The bispecific drug candidates in this alliance will be designed to enable the patient's immune cells to specifically attack tumors.

Seattle Genetics will pay Pieris a $30 million upfront fee, tiered royalties on net sales up to low double-digits, and up to $1.2 billion in total success-based payments across three product candidates.

The companies will pursue multiple Antibody-Anticalin fusion proteins during the research phase, and Seattle Genetics has the option to select up to three therapeutic programs for further development.

Prior to the initiation of a pivotal trial, Pieris may opt into global co-development and US commercialization of the second program and share in global costs and profits on a 50/50 basis.

Seattle Genetics will solely develop, fund and commercialize the other two programs.

Arena Pharmaceuticals and United Therapeutics have entered into a global license agreement for Arena's Phase 3 investigational drug candidate, ralinepag, a next-generation, oral, selective and potent prostacyclin receptor agonist in development for the treatment of pulmonary arterial hypertension (PAH).

Arena will grant United Therapeutics exclusive, worldwide rights to develop, manufacture and commercialize ralinepag.

Arena will receive up to $1.2 billion, including an upfront payment of $800 million and potential milestone payments totaling up to $400 million based on the achievement of certain regulatory events.

Arena will receive low double-digit tiered royalties on annual net sales of ralinepag.

Denali Therapeutics will collaborate with Sanofi on the development of multiple RIPK1 inhibitor molecules with the potential to treat a range of neurological and systemic inflammatory diseases.

The two lead molecules DNL747 and DNL758 target a critical signaling protein known as the receptor-interacting serine/threonine-protein kinase 1 (RIPK1) in the TNF receptor pathway, which regulates inflammation and cell death in tissues throughout the body.

The companies plan to study DNL747 in Alzheimer’s disease, amyotrophic lateral sclerosis and multiple sclerosis, and DNL758 in systemic inflammatory diseases such as rheumatoid arthritis and psoriasis.

Sanofi will make an upfront cash payment to Denali of $125 million, with future development and commercial milestone payments that could exceed $1 billion.

Sanofi and Denali will share commercial profits and losses from DNL747 in the U.S. and China equally, while Denali will receive a royalty from Sanofi for other territories for DNL747 and worldwide for DNL758.

Phase 1b and 2 clinical development costs for DNL747 will be fully funded by Sanofi for MS, ALS, and other neurological indications, except in Alzheimer’s disease, which will be funded by Denali.

Phase 3 trials for all neurological indications will be jointly funded by Sanofi (70%) and Denali (30%). Sanofi will fully fund the clinical development costs for DNL758 in systemic inflammatory diseases.

The collaboration also includes additional pre-clinical RIPK1 inhibitor molecules.

August 2020

Voyager Therapeutics announced the termination of its tau and alpha-synuclein vectorized antibody collaborations with AbbVie.

Voyager retains full rights to the vectorization technology and certain novel vectorized antibodies developed as part of the collaborations.

February 2018

Voyager Therapeutics and AbbVie have entered into an exclusive strategic collaboration and option agreement to develop and commercialize vectorized antibodies directed against tau for the treatment of Alzheimer’s disease and other neurodegenerative diseases.

This collaboration combines AbbVie’s monoclonal antibody expertise, global clinical development and commercial capabilities with Voyager’s gene therapy platform and expertise that enables generating adeno-associated viral (AAV) vectors for the treatment of neurodegenerative diseases.

This collaboration seeks to develop a potential one-time treatment using Voyager’s gene therapy platform to reduce tau pathology through the delivery of an AAV vector antibody that encodes the genetic instructions to produce anti-tau antibodies within the brain.

Voyager will perform research and preclinical development of vectorized antibodies directed against tau, after which AbbVie may select one or more vectorized antibodies to proceed into IND-enabling studies and clinical development.

Voyager will be responsible for the research, IND-enabling and Phase 1 studies activities and costs.

Following completion of Phase 1 clinical development, AbbVie has an option to license the vectorized tau antibody program and would then lead further clinical development and global commercialization for tauopathies, including Alzheimer’s disease and other neurodegenerative diseases.

Voyager has an option to share in the costs of clinical development for higher royalty rates.

Voyager will receive an upfront cash payment of $69 million as well as up to $155 million in potential preclinical and Phase 1 option payments.

Voyager is eligible to receive up to $895 million in development and regulatory milestones for each vectorized tau antibody compound and is eligible to receive tiered royalties on the global commercial net sales of the vectorized antibodies for tauopathies, including Alzheimer’s disease and other neurodegenerative diseases.

Galapagos and MorphoSys have entered into a worldwide, exclusive agreement with Novartis Pharma covering the development and commercialization of their joint program MOR106.

Upon the signing of the agreement, all future research, development, manufacturing and commercialization costs for MOR106 will be borne by Novartis.

This includes the ongoing Phase 2 IGUANA trial in atopic dermatitis patients as well as a planned Phase 1 study to evaluate the safety and efficacy of a subcutaneous formulation of MOR106 in healthy volunteers and AtD patients.

MorphoSys and Galapagos will conduct additional trials to support development of MOR106 in AtD.

Novartis will explore the potential of MOR106 in additional indications other than AtD.

In addition to the funding of the current and future MOR106 program by Novartis, MorphoSys and Galapagos will jointly receive an upfront payment of EUR 95 million (USD 111 million).

Pending achievement of certain developmental, regulatory, commercial and sales-based milestones, MorphoSys and Galapagos would jointly be eligible to receive significant milestone payments, potentially amounting up to approximately EUR 850 million (USD 1 billion), in addition to tiered royalties on net commercial sales in the range of up to low-teens to low-twenties.

Under the terms of their 2008 agreement, Galapagos and MorphoSys will share all payments equally (50/50).

Anima Biotech announced an agreement with Eli Lilly for the discovery and development of translation inhibitors for several target proteins by using Anima's Translation Control Therapeutics platform.

The multi-year agreement is structured as an exclusive collaboration around several undisclosed Lilly targets.

Anima will use its technology platform to discover lead candidates that are translation inhibitors of the Lilly targets.

Lilly will be responsible for clinical development and commercialization of products resulting from the collaboration.

Anima will receive $30 million in upfront payments and $14 million in research funding.

Anima is eligible to receive up to $1.05 billion if all future development and commercial milestones are achieved.

Anima will additionally be entitled to low to mid single-digit tiered royalties on sales of any Lilly products resulting from the collaboration.

PureTech Health has entered into a multiyear collaboration with F. Hoffmann-La Roche and Hoffmann-La Roche to advance PureTech’s milk-derived exosome platform technology for the oral administration of Roche’s antisense oligonucleotide platform.

PureTech Health will receive up to $36 million, including upfront payments, research support, and early preclinical milestones.

PureTech Health will be eligible to potentially receive development milestone payments of over $1 billion and additional sales milestones and royalties for an undisclosed number of products.

Theravance Biopharma has entered into a global co-development and commercialization agreement with Janssen Biotech for TD-1473 and related back-up compounds for inflammatory intestinal diseases, including ulcerative colitis and Crohn's disease.

Theravance Biopharma will receive an upfront payment of $100 million and will be eligible to receive up to an additional $900 million in potential payments, if Janssen elects to remain in the collaboration following the completion of certain Phase 2 activities, as described below.

Theravance Biopharma together with Janssen will jointly develop and commercialize TD-1473 in inflammatory intestinal diseases, with the two companies sharing profits in the US and expenses related to a potential Phase 3 program (67% to Janssen; 33% to Theravance Biopharma).

Theravance Biopharma would receive double-digit tiered royalties on ex-US sales.

Biogen and Ionis Pharmaceuticals have expanded their strategic collaboration through a new ten-year collaboration agreement to develop novel antisense drug candidates for a broad range of neurological diseases.

This collaboration capitalizes on Biogen’s expertise in neuroscience research and drug development and Ionis’ leadership in RNA targeted therapies with the goal of developing a broad pipeline of investigational therapies.

It builds upon a productive collaboration that produced SPINRAZA, the first and only approved treatment for patients with spinal muscular atrophy.

Biogen will pay Ionis $1 billion in cash, which will include $625 million to purchase 11,501,153 shares of Ionis common stock at a price of $54.34 per share, at an approximately 25% cash premium, and a $375 million upfront payment.

Biogen will have the option to license therapies arising out of this collaboration and will be responsible for their development and commercialization.

Biogen may pay milestone payments, license fees and royalties on net sales.

The companies plan to advance programs for a broad range of neurological diseases for which few treatment options exist today.

Disease areas include dementia, neuromuscular diseases, movement disorders, ophthalmology, diseases of the inner ear, and neuropsychiatry.

Biogen will have the first choice of neurology targets on which to exclusively collaborate with Ionis.

In this collaboration, Ionis will be responsible for the identification of antisense drug candidates based on selected targets, while Biogen will be responsible for and pay for non-clinical studies, clinical development, manufacturing, and commercialization.

AbbVie has licensed Lupin’s MALT1 (Mucosa-Associated Lymphoid Tissue Lymphoma Translocation Protein 1) inhibitor program.

AbbVie gains exclusive global rights to develop and commercialize Lupin’s MALT1 inhibitors.

MALT-1 is a protein involved in T-cell and B-cell lymphocyte activation and AbbVie intends to pursue development across a range of hematological cancers, many with limited current treatment options.

AbbVie will pay Lupin an upfront payment of US$ 30 million for an exclusive license to the program.

Upon successful completion of regulatory, development and commercial milestones, Lupin is eligible to receive total milestone payments of up to US$ 947 million.

Lupin will be entitled to receive a double-digit royalty on the sales of the product and will retain commercial rights to the program in India.

Lodo Therapeutics has formed a strategic drug discovery collaboration with Genentech.

Genentech will utilize Lodo Therapeutics’ proprietary genome mining and biosynthetic cluster assembly platform to identify novel molecules with therapeutic potential against multiple disease-related targets of interest to Genentech.

Lodo will receive an undisclosed upfront payment and is eligible to receive research, development and commercialization milestone payments up to $969 million based on achievement of certain predetermined milestones.

Lodo is eligible to receive tiered-royalties on sales of certain products resulting from the collaboration.

AstraZeneca has agreed to divest the prescription medicine rights to Nexium (esomeprazole) in Europe, as well as the global rights (excluding the US and Japan) to Vimovo (naproxen/esomeprazole) to Grünenthal.

The medicines are outside AstraZeneca’s three main therapy areas of Oncology, Cardiovascular, Renal & Metabolism and Respiratory.

Nexium has lost compound patent protection in the majority of global markets.

Vimovo is patent protected in most European markets until 2025.

The divestment is expected to complete in 2018.

For Nexium, Grünenthal will make an upfront payment of $700 million upon completion.

AstraZeneca may also receive future milestones and sales-related payments of up to $90 million.

For Vimovo, Grünenthal will make an upfront payment of $115 million on completion.

AstraZeneca may also receive future milestones and sales-related payments of up to $17 million.

Upfront and milestone payments will be reported as Other Operating Income in the Company’s financial statements.

AstraZeneca will continue to commercialise Nexium in all markets outside Europe, where the Company retains the rights.

On completion of the agreements, AstraZeneca will not retain any ownership rights to Vimovo globally, or to Nexium in Europe.

Oxford BioMedica has entered into an exclusive worldwide licensing agreement with Axovant Sciences to develop and commercialise OXB-102, a gene therapy developed by Oxford BioMedica for Parkinson’s disease utilising the LentiVector platform.

Oxford BioMedica will receive a $30 million upfront payment (approximately £22 million) including $5 million as pre-payment for manufacturing activities related to OXB-102, now renamed, AXO-Lenti-PD.

Oxford BioMedica is also eligible to receive $55 million upon the achievement of specified development milestones and $757.5 million upon the achievement of specified regulatory and sales milestones, with 7% to 10% tiered royalties on net sales of AXO-Lenti-PD.

Axovant Sciences, a clinical-stage biopharmaceutical company dedicated to advancing treatments for patients with life-altering neurologic conditions and a member of the Roivant family of companies, will fund all clinical development costs and manufacturing process development and scale-up activities for AXO-Lenti-PD.

The agreement also allows for both parties to put in place a clinical and commercial supply agreement for GMP manufacturing of AXO-Lenti-PD at Oxford BioMedica.

Roivant remains committed to Axovant’s success and are excited about the scientific potential of AXO-Lenti-PD.

Axovant will be able to harness the full Roivant drug development platform to ensure its rapid development.

Arvinas announced a research collaboration and license agreement with Pfizer for the discovery and development of drug candidates using Arvinas' proprietary PROTAC (PROteolysis TArgeting Chimeras) Platform, a novel technology used to create small molecule therapeutics aimed at degrading disease-causing cellular proteins.

The multi-year agreement covers the discovery and development of potential PROTAC clinical candidates designed to degrade several key disease-causing proteins in multiple therapeutic areas.

Arvinas will drive discovery efforts, and Pfizer will be accountable for clinical development and commercialization of any products that may result from this collaboration.

Arvinas may receive up to $830 million in upfront and potential development and commercialization milestone payments upon achievement of specified preclinical, clinical and commercial milestones.

In addition, Arvinas may be entitled to receive tiered royalties based on global product sales on any products that may result from this collaboration.

Xynomic Pharmaceuticals has been granted an exclusive, worldwide license to develop, manufacture and commercialize BI 860585, a phase 2 ready mTORC1/2 inhibitor, from Boehringer Ingelheim.

Total payments of Xynomic associated with the licensing agreement, including an upfront payment, regulatory milestone payments and potential royalties, will be up to $800 million.

LEO Pharma and PellePharm announced a strategic development and commercialization collaboration to address unmet medical needs across various skin diseases with no approved treatments, advancing innovation and access to potential therapies for patients with life-altering conditions, such as Gorlin Syndrome and High Frequency Basal Cell Carcinoma (BCC), two distinct and rare forms of skin cancer.

LEO Pharma has initially committed $70 million comprised of equity financing and financial R&D support to fund the global Phase 3 trial for patidegib topical gel 2% for the prevention and treatment of Gorlin Syndrome, with LEO Pharma securing an option to acquire all shares in PellePharm.

PellePharm and its stockholders could receive up to an additional $690 million including merger consideration, and regulatory and commercial milestone payments.

PellePharm stockholders are eligible to receive a double-digit royalty after achieving certain commercial milestones.

The agreement establishes a joint development committee with PellePharm maintaining responsibility for global development and LEO Pharma supporting in an advising role.

Both companies will jointly drive commercialization planning, and Anders Kronborg, chief financial officer of LEO Pharma, will join PellePharm’s board of directors.

Ionis Pharmaceuticals announced a new collaboration with Roche to develop IONIS-FB-LRx for the treatment of complement-mediated diseases.

This collaboration will leverage Ionis' leadership in RNA-targeted therapeutics to develop IONIS-FB-LRx targeting Factor B (FB) for a broad range of diseases.

The first indication the two companies will pursue is the treatment of patients with Geographic Atrophy (GA), the advanced stage of dry age-related macular degeneration (AMD).

A Phase 2 study in patients with GA is planned to begin in early 2019.

Ionis will receive a $75 million upfront payment.

Ionis is eligible to receive up to $684 million in development, regulatory and sales milestone payments and license fees.

Ionis also has the potential to receive tiered royalties that range from the high teens to twenty percent on sales from the product when commercialized.

Ionis is responsible for conducting a Phase 2 study in patients with dry AMD and exploring the drug in a rare severe renal indication.

Roche has the option to license IONIS-FB-LRx at the completion of the studies. U

Upon licensing, Roche will be responsible for all global development and commercialization activities.

Roivant Sciences and iNtRON Biotechnology have entered into a global licensing agreement for SAL200, a novel investigational biologic for the treatment of infectious diseases caused by antibiotic-resistant staphylococci.

This licensing deal is worth a total of US$667.5M inclusive of milestone payments, with royalties on net sales in the low double digits.

iNtRON Bio will receive an upfront payment upon execution of the agreement and subsequent milestone payments for development, regulatory, and sales-driven events.

This agreement also provides Roivant with the option to license iNtRON Bio's non-clinical stage, anti-Gram-positive endolysin programs—including anti-VRE and anti-TB biologics—for an additional consideration of up to US$45M each.

Roivant also has the first right of offer for iNtRON Bio's anti-Gram-negative platform.

Zymeworks and BeiGene have entered into a license to Zymeworks' proprietary Azymetric and EFECT platforms to develop and commercialize globally up to three other bispecific antibodies using the platforms.

Zymeworks and BeiGene entered into a separate research and license agreement for Zymeworks’ proprietary Azymetric and EFECT platforms, under which BeiGene will have global rights to research, develop and commercialize up to three bispecific antibody therapeutics directed to targets selected by BeiGene.

BeiGene will be responsible for all research, development, and commercial activities under this agreement.

Under the terms of the research and license agreement for the Azymetric and EFECT platforms, Zymeworks will receive an upfront payment of US$20 million and is eligible to receive up to an aggregate of US$702 million in development and commercial milestone payments for up to three bispecific product candidates developed under the agreement.

In addition, Zymeworks will be eligible to receive tiered royalties on future global sales of bispecific products developed by BeiGene under the agreement.

December 2020

Dragonfly Therapeutics announced that Merck has licensed its first TriNKET immunotherapy candidate from Dragonfly.

Merck and Dragonfly's collaboration, initially focused on a number of solid tumor targets, began in October 2018.

Earlier this year, the companies expanded their collaboration with a multi-target agreement to develop and commercialize additional natural killer cell engager immunotherapies in oncology, infectious disease and immune disorders.

Under the agreement Merck has exercised its option to license exclusive worldwide intellectual property rights on its first immunotherapy candidate developed using the TriNKET technology platform and Dragonfly has received an undisclosed payment associated with this milestone.

March 2020

Dragonfly Therapeutics announced an expansion of its strategic collaboration with Merck to discover, develop and commercialize a number of Dragonfly's candidate natural killer cell engager immunotherapies for oncology, infectious disease, and immune disorders.

Dragonfly will grant Merck, through a subsidiary, the option to license exclusive worldwide intellectual property rights to multiple candidates developed using Dragonfly's TriNKET technology platform for a number of new targets.

Merck will pay Dragonfly approximately $47.5 million upfront.

Dragonfly is eligible to receive additional payments associated with development, regulatory and sales milestones as well as potential royalties on sales of approved product.

October 2018

Dragonfly Therapeutics announced a strategic collaboration with Merck to discover, develop and commercialize innovative immunotherapies for patients with solid tumor cancers.

The collaboration grants Merck the option to license exclusive worldwide intellectual property rights to products developed using Dragonfly's TriNKET technology platform for a number of solid-tumor programs, with the potential to earn Dragonfly up to $695 million in up front and milestone payments per program as well as royalties on sales of approved products.

ENTEROME has entered into a global licensing, co-development and co-promotion agreement with Takeda Pharmaceutical.

The agreement covers Enterome's lead investigational drug candidate EB8018 in patients with Crohn's disease, with the potential to expand to other gastrointestinal (GI) disorders and liver diseases.

Enterome will receive an upfront payment of $50 million and a commitment from Takeda to make a future equity investment in the Company.

Enterome is also eligible to receive up to $640 million for achieving specified clinical development, regulatory and commercial milestones with EB8018.

In addition, Enterome and Takeda will co-develop EB8018 under the joint agreement and, if approved, the product will be co-promoted in the US under a profit/cost sharing structure.

Takeda will receive an exclusive license to commercialize EB8018 outside of the US, and Enterome will be eligible to receive royalties on net sales generated in these territories.

January 2021

POXEL announced that, as part of the previously communicated decision by Metavant not to advance Imeglimin into a Phase 3 program for strategic reasons, its partnership agreement with Metavant will be terminated, effective January 31, 2021.

Metavant will return all rights to Imeglimin to Poxel, as well as all data, materials, and information, including FDA regulatory filings, related to the program.

Metavant is not entitled to any payment from Poxel as part of the return of the program.

February 2018

Roivant Sciences and POXEL announced the signing of a strategic development and license agreement for imeglimin, an investigational oral therapy which has been developed by Poxel for the potential treatment of type 2 diabetes, in the U.S., Europe, and all other countries not covered by Poxel’s existing agreement in East and Southeast Asia.

This partnership enables Roivant to add an innovative late-stage development program to its pipeline and Poxel gains a strategic development and licensing agreement for imeglimin beyond the company’s partnership with Sumitomo Dainippon Pharma.

Poxel is entitled to receive an upfront payment of $35 million (approximately €28 million) and Roivant will invest $15 million (approximately €12 million) in Poxel through a subscription to 1,431,399 newly-issued ordinary shares at €8.5 per share.

Poxel is entitled to receive potential future development and regulatory milestone payments and sales-based payments of up to $600 million (approximately €486 million) subject to the successful clinical development and commercialization of imeglimin.

Furthermore, after launch Poxel will be entitled to double-digit royalties on net sales.

Roivant will be responsible for development and commercialization costs and Poxel will contribute $25 million (approximately €20 million) to the development program.

The parties will decide on a potential co-promotion prior to commercialization.

Molecular Templates announced an agreement with Takeda Pharmaceutical for the joint development of CD38-targeted engineered toxin bodies (ETBs) for the treatment of patients with diseases such as multiple myeloma.

The lead development candidate is a CD38-targeted ETB that resulted from a previous discovery collaboration between the two companies.

The parties developed preclinical stage ETBs targeting CD38 under the prior discovery collaboration.

Takeda and Molecular Templates will further develop the ETBs for the treatment of multiple myeloma under this new license, development and commercialization agreement.

Takeda will make an upfront payment of $30 million and Molecular Templates is eligible to receive development, regulatory and commercial milestone payments of up to $632.5 million if Molecular Templates exercises its co-development option or $337.5 million if Molecular Templates does not exercise or opts out of its co-development option.

Takeda has also agreed to pay royalties on sales of the commercial product developed through the collaboration.

Molecular Templates and Takeda will share equally in the development costs.

Eli Lilly and Aduro Biotech announced a research collaboration and exclusive license agreement for Aduro’s cGAS-STING Pathway Inhibitor program for the research and development of novel immunotherapies for autoimmune and other inflammatory diseases.

Aduro’s cGAS-STING Pathway Inhibitor program aims to discover and develop inhibitors of the intracellular stimulator of interferon genes (STING) pathway, which can modulate the immune response associated with various autoimmune diseases.

Lilly will gain access to novel molecules from Aduro that are designed to inhibit the cGAS-STING pathway.

The companies will collaborate to advance these molecules, as well as others from Lilly, into clinical development.

Aduro will receive an upfront payment of $12 million and will be eligible for development and commercial milestones up to approximately $620 million per product, as well as royalty payments in the single to low-double digits should Lilly successfully commercialize a therapy from the collaboration.

Aduro will receive research funding during the research term and has the option to co-fund the clinical development of each product in exchange for an increase in royalty payments.

Lilly will be responsible for all costs of global commercialization.

TRIGR Therapeutics and ABL Bio have entered into a collaboration and license agreement for TR009 (formerly known as ABL001 or NOV1501), an ABL developed bispecific antibody candidate targeting two important angiogenic factors, VEGF and DLL4.

The license agreement is exclusive and global, excluding the Republic of Korea for all oncology indications and excluding the Republic of Korea and Japan for all ophthalmology indications.

This agreement is in addition to the recently announced agreement whereby TRIGR licensed pre-clinical immune engaging bispecific antibodies from ABL.

TRIGR is responsible for global Phase 2 and subsequent clinical development and commercialization activities for TR009 for all oncology indications.

ABL will receive an upfront payment of $5 million and is eligible to receive up to $405 million in regulatory and sales milestones and royalties on oncology sales of TR009 outside of the Republic of Korea.

For ophthalmology indications, TRIGR is responsible for all development and commercialization within its territories.

ABL is eligible to receive up to $185 million in milestone payments and royalties on TR009 ophthalmology sales outside of the Republic of Korea and Japan.

Biogen announced an agreement to acquire from Pfizer PF-04958242, a first-in-class, Phase 2b ready AMPA receptor potentiator for cognitive impairment associated with schizophrenia (CIAS).

The purchase will include an upfront payment of $75 million with up to $515 million in additional development and commercialization milestone payments, as well as tiered royalties in the low to mid-teen percentages.

AMPA receptors mediate fast excitatory synaptic transmission in the central nervous system, a process which can be disrupted in a number of neurological and psychiatric diseases, including schizophrenia.

Sage Therapeutics and Shionogi have entered into a strategic collaboration for the clinical development and commercialization of SAGE-217 for the treatment of major depressive disorder (MDD) and other indications in Japan, Taiwan and South Korea.

Sage received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA) for SAGE-217 in MDD in February 2018, and recently announced an expedited development plan for SAGE-217 in the U.S. with a pivotal Phase 3 placebo-controlled trial in patients with MDD expected to commence this year, and an ongoing placebo-controlled trial in women with PPD, now also designated a pivotal trial.

The goal of the collaboration is to accelerate development of a potentially groundbreaking medicine to patients in key Asian markets.

Shionogi will be responsible for all clinical development, regulatory filings and commercialization of SAGE-217 for MDD, and potentially other indications, in Japan, Taiwan and South Korea.

Shionogi will make an upfront payment to Sage of $90 million, and Sage will be eligible to receive additional development and commercial milestones of up to $485 million.

Sage will receive tiered royalties on sales of SAGE-217 in Japan, Taiwan and South Korea, if development efforts are successful, with tiers averaging in the greater than 20 percent range, subject to other terms of the agreement.

Shionogi has also granted Sage certain rights to co-promote SAGE-217 in Japan across all indications.

Sage maintains exclusive rights to develop and commercialize SAGE-217 outside of Japan, Taiwan and South Korea.

Biogen has acquired ALG-801 (Phase 1a) and ALG-802 (preclinical) from AliveGen.

ALG-801 (now known as BIIB110) and ALG-802 represent novel ways of targeting the myostatin pathway, which is one of the most thoroughly studied approaches for muscle enhancement.

BIIB110 and ALG-802 are recombinant proteins that act as ActRIIB ligand traps to inhibit myostatin pathway signaling, and their targeted mechanism of action may result in greater efficacy and improved safety compared to other myostatin approaches.

We initially plan to study BIIB110 and ALG-802 in multiple neuromuscular indications including spinal muscular atrophy (SMA) and amyotrophic lateral sclerosis.

The acquisition includes an upfront payment of $27.5 million, and Biogen may pay up to $535 million in additional potential development and commercialization milestones across both assets and multiple indications.

Effective in December 2018, we entered into an agreement with Japan Tobacco to acquire the rights to market and distribute certain products in our HIV portfolio in Japan and to expand our rights to develop and commercialize elvitegravir to include Japan.

We are responsible for the marketing of the products as of January 1, 2019.

Under the terms of the agreement, we are obligated to pay Japan Tobacco $559 million in cash, of which $194 million was paid as an up-front payment and the remaining $365 million was reflected in Other accrued liabilities on our Consolidated Balance Sheets at December 31, 2018.

We recognized an intangible asset of $550 million reflecting the estimated fair value of the marketing-related rights acquired from Japan Tobacco with the remaining $9 million recorded as Prepaid and other current assets on our Consolidated Balance Sheets.

The intangible asset will be amortized over nine years, representing the period over which the majority of the benefits are expected to be derived from the applicable products in our HIV portfolio.

The amortization expense will be classified as selling expense and recorded as Selling, general and administrative expenses on our Consolidated Statements of Income.Termination of the agreement may be on a product or country basis and will depend on the circumstances, including material breach by either party or expiry of royalty payment term.

We may also terminate the entire agreement without cause.

Gilead entered into an agreement with Japan Tobacco to acquire the rights to market and distribute certain products in our HIV portfolio in Japan and to expand our rights to develop and commercialize elvitegravir to include Japan.

We are responsible for the marketing of the products as of January 1, 2019.

Under the terms of the agreement, we are obligated to pay Japan Tobacco $559 million in cash, of which $194 million was paid as an up-front payment and the remaining $365 million was reflected in Other accrued liabilities on our Consolidated Balance Sheets at December 31, 2018.

We recognized an intangible asset of $550 million reflecting the estimated fair value of the marketing-related rights acquired from Japan Tobacco with the remaining $9 million recorded as Prepaid and other current assets on our Consolidated Balance Sheets.

The intangible asset will be amortized over nine years, representing the period over which the majority of the benefits are expected to be derived from the applicable products in our HIV portfolio.

The amortization expense will be classified as selling expense and recorded as Selling, general and administrative expenses on our Consolidated Statements of Income.

Termination of the agreement may be on a product or country basis and will depend on the circumstances, including material breach by either party or expiry of royalty payment term.

We may also terminate the entire agreement without cause.

TRIGR Therapeutics and ABL Bio entered into a binding agreement for TRIGR to license the global commercial rights to ABL Bio’s pipeline of novel therapeutic antibodies to treat cancer.

These therapeutic antibodies include ‘blood-brain barrier (BBB)’ penetrating bispecific antibodies (BsAb) (VEGF/undisclosed BBB target BsAb, undisclosed target/undisclosed BBB target BsAb); immune cell engaging bispecific antibodies (4-1BB/undisclosed target BsAb, 4-1BB/ undisclosed target BsAb); and a monoclonal antibody against undisclosed target.

TRIGR will pay a total upfront fee of USD $4.3 million to license global rights (except for South Korea) to 5 antibodies currently under development by ABL Bio.

ABL Bio will also receive research, regulatory and sales-based milestones of more than USD $550 million in total plus royalties.

TRIGR shall share the licensing revenue with ABL Bio in the event of out-licenses to a 3rd party.

Sanofi and REVOLUTION Medicines announced an exclusive worldwide partnership to develop and commercialize targeted therapies, based on the biology of the cellular enzyme SHP2, for patients with non-small lung cancer and other types of cancer carrying certain mutations.

This collaboration builds on precision oncology discoveries by REVOLUTION Medicines and preclinical development of RMC-4630, the company’s lead small molecule inhibitor of SHP2, and will apply Sanofi’s expertise in oncology research and drug development.

In the collaboration, the companies will jointly develop SHP2 inhibitors, which are designed to reduce cell growth signaling that is overactive in cancer.

Both parties will contribute to the research and development program, with REVOLUTION Medicines continuing to lead research and early clinical development, and Sanofi leading later development activities for the program.

The companies expect to begin first-in-human clinical trials with RMC-4630 in the second half of 2018.

REVOLUTION Medicines will receive an upfront fee of $50 million, and Sanofi will cover R&D costs for the joint SHP2 program.

Sanofi will receive an exclusive worldwide license for global commercialization of any approved products targeting SHP2, subject to a U.S. co-promote option for REVOLUTION Medicines.

The companies will enter into a 50/50 profit and loss share arrangement in the U.S., and REVOLUTION Medicines will receive a tiered royalty reaching mid-double digits on sales in other markets.

REVOLUTION Medicines could also receive more than $500 million in development and regulatory milestone payments.

Almirall announced the acquisition of a portfolio of five products from Allergan's Medical Dermatology unit in the United States, conditional to the clearance by the relevant authorities.

It comprises a balanced portfolio of mature and growth brands, Aczone (dapsone), Tazorac (tazarotene), Azelex (azelaic acid) and Cordran Tape (fludroxycortide), as well as Seysara (sarecycline), a new, innovative first in class tetracycline-derived antibiotic with anti-inflammatory properties for the treatment of moderate to severe acne vulgaris, in patients 9 years of age and older, with a best-in-class safety profile.

The acquisition has been announced for a cash consideration of $550 MM at closing.

The transaction is subject to be approved by antitrust authorities in the US.

Almirall does not envisage any significant obstacles to closing by Q4 2018.

Strategic and straight forward transaction in one single geography.

Amgen and Molecular Partners announced a collaboration and license agreement for the clinical development and commercialization of MP0310 (FAP x 4-1BB).

MP0310 is a preclinical molecule designed to locally activate immune cells in the tumor by binding to FAP on tumor stromal cells (localizer) and co-stimulating T cells via 4-1BB (immune modulator).

Amgen obtains exclusive global development and commercial rights for MP0310.

The parties will jointly evaluate MP0310 in combination with Amgen`s oncology pipeline products, including its investigational BiTE (bispecific T cell engager) molecules.

Molecular Partners retains certain rights to develop and commercialize its proprietary DARPin pipeline products in combination with MP0310.

Molecular Partners will receive an upfront payment of $50 million and is eligible to receive up to $497 million in development, regulatory and commercial milestone payments, as well as double-digit, tiered royalties up to the high teens.

The parties will share the clinical development costs in defined percentages for the first three indications subject to certain conditions.

For all additional clinical trials, Amgen is responsible for all development costs.

Cara Therapeutics has licensed worldwide rights, except in the U.S., Japan and South Korea, to commercialize KORSUVA (CR845/difelikefalin) injection for the treatment of chronic kidney disease-associated pruritus (CKD-aP) in dialysis patients to Vifor Fresenius Medical Care Renal Pharma.

Cara will receive an upfront payment in the amount of $50 million in cash and an equity investment of $20 million to acquire Cara common stock at a price of approximately $17/share.

Cara will also be eligible to receive additional payments of up to $470 million, which includes $30 million in regulatory and up to $440 million in tiered commercial milestones that are all sales related.

Cara is also eligible to receive tiered royalties based on net sales of KORSUVA injection in the licensed territories.

VFMCRP will have the exclusive rights to commercialize KORSUVA injection for the treatment of CKD-aP in dialysis patients ex-U.S. except in Japan and South Korea.

Cara retains full development and commercialization rights for KORSUVA injection for the treatment of CKD-aP in the U.S. except in the dialysis clinics of Fresenius Medical Care North America (FMCNA), where VFMCRP and Cara will promote KORSUVA injection under a profit-sharing arrangement based on net FMCNA clinic sales recorded by Cara.

FMCNA is the largest kidney dialysis provider in the U.S. and treated approximately 38% of U.S. dialysis patients in 2017.

Cara will solely promote KORSUVA injection in all non-FMC clinics in the U.S. and retain all profits from those sales.

AstraZeneca has entered into an agreement with Luye Pharma for the sale and licence of the rights to Seroquel and Seroquel XR in the UK, China and other international markets, including Brazil, Australia, Saudi Arabia, Mexico, South Korea, Thailand, Argentina, Malaysia and South Africa.

The transaction is part of AstraZeneca’s strategy to focus on its three main therapy areas of Oncology, Cardiovascular, Renal & Metabolism and Respiratory.

Seroquel, used primarily to treat schizophrenia and bipolar disease, has lost its compound patent protection globally; the Seroquel XR formulation patents have now also expired in the vast majority of markets. AstraZeneca partnered the rights to Seroquel and Seroquel XR in Japan and Venezuela under prior agreements.

Luye Pharma will pay $538m in consideration including $260m immediately following closure of the transaction.

In addition, a milestone is payable on the successful transition of certain activities to Luye.

AstraZeneca will continue to manufacture and supply Seroquel and Seroquel XR to Luye Pharma during a transition period.

The upfront and future payments will be reported as Other Operating Income in the Company’s financial statements.

Microbiotica has entered into a multi-year strategic collaboration with Genentech to discover, develop and commercialise biomarkers, targets and medicines for inflammatory bowel disease (IBD).

Microbiotica will utilise its precision metagenomics microbiome platform to analyse patient samples from clinical trials of Genentech’s investigational IBD medicines, in order to identify microbiome biomarker signatures of drug response, novel IBD drug targets and live bacterial therapeutic products.

Microbiotica will receive an undisclosed upfront payment and is eligible to receive research, development and commercialisation milestone payments up to $534 million based on achievement of certain predetermined milestones.

Microbiotica is eligible to receive royalties on sales of certain products resulting from the collaboration.

Genentech also has an option to license assets that Microbiotica develops as a result of the research collaboration.

Ligand Pharmaceuticals announced the signing of a license agreement granting Roivant Sciences exclusive global rights to develop and commercialize LGD-6972, Ligand’s glucagon receptor antagonist (GRA).

Ligand will receive upfront license fees, and is eligible to receive clinical and regulatory milestone payments as well as sales-based milestone payments and royalties.

Roivant will be responsible for all costs related to the program, effective immediately.

Kineta Immuno-Oncology has entered into a strategic research collaboration with Pfizer to develop RIG-I agonist immunotherapies for the treatment of cancer.

The research collaboration and license agreement grants to Pfizer the exclusive rights to KIO's RIG-I screening platform and related compounds and technologies.

The companies will collaborate to develop and test small molecule agonists that target RIG-I, an innate immunostimulatory pathway that can elicit immunogenic cell death (ICD) in tumors, providing both direct tumor cell killing and enhanced anti-tumor immune responses.

KIO will receive a $15 million upfront payment and will be eligible to receive up to $505 million in potential research, development and sales milestone payments.

KIO is eligible to receive tiered royalties on net sales.

Pfizer will fund RIG-I target-related research conducted by Kineta for an initial period of three years, after which Pfizer will be responsible for further development and commercialization of product candidates.

AstraZeneca and Merck announced a deal to use AstraZeneca’s PARP inhibitor Lynparza in combination with PD-1 inhibitors developed by both companies.

Lynparza, which has been approved in the United States for the treatment of one type of ovarian cancer, will be combined with AstraZeneca’s Imfrinzi and Merck’s Keytruda.

The companies said they will work independently to combine Lynparza with their own PD-1 inhibitors, but will work together in combination with other drugs.

Additionally, the companies will work together to test Lynparza in combinations with other undisclosed drugs, the companies said this morning.

PARP stands for poly ADP ribose polymerase, which is an enzyme many cancer cells are more dependent upon than regular, healthy cells are.

Additionally, the two companies will work together to develop and commercialize AstraZeneca’s selumetinib, an oral MEK inhibitor.

AstraZeneca is currently developing selumetinib for multiple indications including thyroid cancer.

Under terms of the deal between Merck and AstraZeneca, the U.S. company will pay AstraZeneca up to $8.5 billion for the deal.

Merck will provide its transatlantic partner with $1.6 billion in upfront funding, as well as $750 million for certain license options.

AstraZeneca could earn an additional $6.15 billion from future regulatory and sales milestones.

Medtronic plc announced that it has entered into a definitive agreement with Cardinal Health Inc. to sell its Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency businesses within the Patient Monitoring & Recovery (PMR) division of its Minimally Invasive Therapies Group (MITG).

The transaction is expected to close in Medtronic's second quarter of its fiscal year 2018, subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions.

Under the terms of the definitive agreement, Medtronic will receive $6.1 billion in cash, subject to certain adjustments, with total after-tax proceeds estimated to be approximately $5.5 billion.

Medtronic intends to allocate $1 billion of the after-tax proceeds for incremental share repurchases in FY18, with the balance used to reduce its debt.

This deployment of proceeds is consistent with Medtronic's near-term capital allocation strategy, improves the company's debt leverage ratio, and enables future investments in higher growth and higher margin opportunities.

The company remains committed to a capital allocation policy that balances returns to its shareholders with reinvestment in its businesses.

Ablynx has entered into a research collaboration and global exclusive licensing agreement with Sanofi initially focused on developing and commercialising Nanobody-based therapeutics for the treatment of various immune-mediated inflammatory diseases.

This collaboration gives Sanofi access to certain Nanobodies in Ablynx's existing portfolio as well as to Ablynx's scientists and proprietary Nanobody platform.

Sanofi gains exclusive global rights to certain multi-specific Nanobodies against selected targets, with options for similar rights to additional targets, for a total of eight potential Nanobody product candidates.

The financial terms include an upfront payment of €23 million to Ablynx, comprised of license and option fees.

In addition, Ablynx will receive research funding, estimated to amount to €8 million for the initially selected targets.

Upon exercise of options to additional targets, Sanofi will pay Ablynx further option exercise fees and research funding.

Sanofi will be responsible for the development, manufacturing and commercialisation of any products resulting from this agreement.

Ablynx will be eligible to receive development, regulatory and commercial milestone payments of up to €2.4 billion plus tiered royalties up to low double digits on the net sales of any products originating from the collaboration.

Perrigo has completed the divestiture of its rights to the royalty stream from global net sales of the multiple sclerosis drug Tysabri (natalizumab) to RPI Finance Trust, an affiliate of Royalty Pharma.

The transaction comprises a total consideration of $2.2 billion in cash and up to $650 million in royalties earned if global net sales of Tysabri meet specific thresholds in 2018 and 2020.

RPI will acquire all of Perrigo's rights to receive Tysabri royalty payments from and after January 1, 2017, which Perrigo has under an agreement with Biogen.

Seattle Genetics, Inc. , a global biotechnology company, announced a development and license agreement with Immunomedics, Inc. under which Seattle Genetics would receive exclusive worldwide rights to develop, manufacture and commercialize sacituzumab govitecan (IMMU-132).

Sacituzumab govitecan is an antibody-drug conjugate (ADC) targeted to TROP-2, which is expressed in several solid tumors including cancers of the breast, lung and bladder.

Sacituzumab govitecan is in a phase 1/2 trial for patients with triple negative breast cancer (TNBC), as well as multiple other solid tumors.

Upon closing of the transactions contemplated by the development and license agreement, Immunomedics would receive an upfront payment of $250 million.

In addition, Seattle Genetics would pay development, regulatory and sales-dependent milestone payments across multiple indications and geographic regions of up to a total maximum of approximately $1.7 billion, as well as tiered double-digit royalties.

The closing of the transactions contemplated by the development and license agreement is subject to customary conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

In addition, for a limited period of time, Immunomedics has the right to continue discussions with a small number of parties that previously expressed interest in licensing sacituzumab govitecan.

If a third party provides Immunomedics with a financially superior licensing offer, Seattle Genetics has the right to match any such offer, and if it decides not to match, Immunomedics has the right to accept the superior offer and terminate the proposed development and license agreement upon payment of a termination fee to Seattle Genetics.

Concurrent with the transaction, Seattle Genetics is purchasing approximately $15 million of common stock, representing a 2.8 percent stake in Immunomedics.

Seattle Genetics has also been granted the right to purchase an additional 8,655,804 shares of common stock at a price of $4.90 per share for a defined period.

The equity purchase and rights are not subject to closing of the development and license agreement.

Bristol-Myers Squibb and Halozyme Therapeutics announced a global collaboration and license agreement to develop subcutaneously administered Bristol-Myers Squibb immuno-oncology medicines using Halozyme’s ENHANZE drug-delivery technology.

Halozyme will receive an initial $105 million for access to the ENHANZE technology.

Bristol-Myers Squibb has designated multiple immuno-oncology targets including programmed death 1 (PD-1) and has an option to select additional targets within five years from the effective date.

The collaboration may extend to a maximum of 11 targets.

Halozyme has the potential to earn milestone payments of up to $160 million for each of the nominated collaboration targets and additional milestone payments for combination products, subject to achievement of specified development, regulatory and sales-based milestones.

In addition, Bristol-Myers Squibb will pay Halozyme royalties on sales of products using the ENHANZE technology developed under the collaboration.

Eli Lilly and CureVac have announced a global immuno-oncology collaboration focused on the development and commercialization of up to five potential cancer vaccine products based on CureVac's proprietary RNActive technology.

The companies will use messenger RNA (mRNA) technology that targets tumor neoantigens for a more robust anti-cancer immune response.

CureVac will receive an upfront payment of $50 million and an equity investment of €45 million.

CureVac is also eligible to receive more than $1.7 billion in development and commercialization milestones if all five vaccines are successfully developed, plus tiered royalties on product sales.

Lilly is responsible for target identification, clinical development and commercialization.

CureVac will be responsible for mRNA design, formulation and manufacturing of clinical supply and retains the option to co-promote the vaccine products in Germany.

CureVac's proprietary RNActive technology will be used to deliver mRNA that ultimately directs the human immune system to target the encoded neoantigens.

These tumor-specific neoantigens instruct the patient's existing immune system to mount a selective and potent response to eradicate the cancer.

DuPont announced that it has entered into a definitive agreement with FMC Corporationto divest a portion of DuPont's Crop Protection business, including certain research and development capabilities, and to acquire substantially all of FMC's Health & Nutrition business.

The transaction includes consideration to DuPont of $1.6 billion to reflect the difference in the value of the assets, including cash of $1.2 billion and working capital of $425 million.

Under the terms of the agreement, FMC will acquire DuPont's Cereal Broadleaf Herbicides and Chewing Insecticides portfolios including Rynaxypyr®, Cyazypyr® and Indoxacarb.

As part of the transaction agreement, DuPont will acquire FMC's Health & Nutrition business, which generated more than $700 million in revenues in 2016 from two main segments: texturants as food ingredients and pharmaceutical excipients.

Loxo Oncology has entered into a global collaboration with Bayer to develop and commercialize larotrectinib and LOXO-195, Loxo Oncology’s franchise of highly selective TRK inhibitors for patients with TRK fusion cancers.

Loxo Oncology will receive a $400M upfront payment.

Loxo Oncology is eligible for $450M in milestone payments upon larotrectinib regulatory approvals and first commercial sale events in certain major markets and an additional $200M in milestone payments upon LOXO-195 regulatory approvals and first commercial sale events in certain major markets.

Loxo Oncology will lead global development activities and United States (U.S.) regulatory activities.

Bayer will lead ex-U.S. regulatory activities, and worldwide commercial activities.

Globally, Loxo Oncology and Bayer will share development costs on a 50/50 basis.

In the U.S., where Loxo Oncology and Bayer will co-promote the products, the parties will share commercial costs and profits on a 50/50 basis.

Bayer will pay Loxo Oncology a $25M milestone upon achieving a certain U.S. net sales threshold.

Outside of the U.S., where Bayer will commercialize, Bayer will pay Loxo Oncology tiered, double-digit royalties on net sales, and sales milestones totaling $475M.

Bayer will book revenues worldwide.

Amgen and CytomX Therapeutics have entered into a strategic collaboration in immuno-oncology.

The companies will co-develop a CytomX Probody T-cell engaging bispecific against the Epidermal Growth Factor Receptor (EGFR), a highly validated oncology target expressed on multiple human cancer types.

Probody T-cell engaging bispecifics are antibody constructs capable of directing cytotoxic T-cells in tumor microenvironments.

In preclinical studies, CytomX's Probody versions of EGFRxCD3 bispecific therapeutics induced tumor regressions and increased the therapeutic window for this high potential cancer target.

Amgen and CytomX will co-develop a Probody T-cell engaging bispecific against EGFRxCD3 with CytomX leading early development.

Amgen will lead later development and commercialization with global late-stage development costs shared between the two companies.

Amgen will make an upfront payment of $40 million and purchase $20 million of CytomX common stock.

CytomX will be eligible to receive up to $455 million in development, regulatory and commercial milestones for the EGFR program.

Amgen will lead global commercial activities with CytomX able to opt into a profit share in the U.S. and receive tiered, double-digit royalties on net product sales outside of the U.S.

Amgen will also receive exclusive worldwide rights to develop and commercialize up to three additional, undisclosed targets.

Should Amgen ultimately pursue all of these targets, CytomX will be eligible to receive up to $950 million in additional upfront and milestone payments and high single-digit to mid-double digit royalty payments on any resulting products.

CytomX will also receive the rights from Amgen to an undisclosed preclinical T-cell engaging bispecific program; Amgen is eligible to receive milestones and royalty payments on any resulting products from this CytomX program.

Zymeworks has executed a licensing agreement with Janssen Biotech.

Zymeworks will provide Janssen with a worldwide, royalty-bearing license to research, develop, and commercialize up to six bispecific antibodies directed to Janssen therapeutic targets using Zymeworks’ Azymetric and EFECT platforms.

Janssen will be responsible for all research, development, and commercial activities under the licensing agreement.

Zymeworks will receive an upfront payment of US$50 million and is eligible to potentially receive up to US$282 million in development and up to US$1.12 billion in commercial milestone payments, and tiered royalties on potential sales.

Janssen also has the option to develop two additional bispecific programs under the agreement subject to a future option payment.

Dermira has entered into a licensing agreement with F. Hoffmann-La Roche Ltd and Genentech.

Dermira will obtain exclusive, worldwide rights to develop and commercialize lebrikizumab, a monoclonal antibody targeting interleukin 13 (IL-13), for atopic dermatitis and all other indications, except Roche will retain certain rights, including exclusive rights to develop and promote lebrikizumab for interstitial lung diseases, such as idiopathic pulmonary fibrosis.

Dermira will make an initial payment of $80 million to Roche and payments totaling $55 million in 2018.

Dermira will also be obligated to make additional payments upon the achievement of certain milestones, comprising $40 million upon the initiation of Dermira’s first Phase 3 clinical study, up to $210 million upon the achievement of regulatory and first commercial sale milestones in certain territories and up to $1.025 billion based on the achievement of certain thresholds for net sales of lebrikizumab for indications other than interstitial lung disease.

Upon potential regulatory approval, Dermira will make royalty payments representing percentages of net sales that range from the high single-digits to the high teens.

April 2020

Vir Biotechnology and Alnylam Pharmaceuticals announced an expansion to their broad multi-target existing collaboration for the development and commercialization of RNAi therapeutics for infectious diseases, including SARS-CoV-2, the virus that causes the disease COVID-19.

This expansion includes up to three additional targets focused on host factors for SARS-CoV-2, including ACE2 and TMPRSS2, both of which are considered critical for viral entry, with the potential for an additional host target to emerge from Vir’s functional genomics work.

Pursuant to an amendment to the collaboration agreement, the companies will utilize Alnylam’s recent advances in lung delivery of novel conjugates of siRNA – the molecules that mediate RNAi – together with Vir’s infectious disease expertise and established capabilities, to bring forward up to three additional host factor-targeting development candidates (DCs) to treat SARS-CoV-2 and potentially other coronaviruses as well.

The two named targets include angiotensin converting enzyme-2 (ACE2) and transmembrane protease, serine 2 (TMPRSS2).

ACE2 is known to be the viral entry receptor for SARS-CoV-2 and other coronaviruses, while TMPRSS2 is believed to cleave the SARS-CoV-2 spike protein to facilitate cellular attachment.

The third target is expected to emerge from Vir’s ongoing functional genomics efforts to identify novel host factors pertinent to coronaviral infection and targetable by siRNA, mAbs or small molecules.

As part of the original collaboration to advance investigational RNAi therapeutics to treat disease caused by coronavirus infection, Alnylam has designed and synthesized over 350 siRNAs targeting highly conserved regions of the SARS-CoV-2 genome.

Lead siRNAs have recently been identified by scientists at Alnylam and are now being further evaluated by scientists at Vir for anti-viral activity in support of DC selection.

Upon DC selection, Vir will lead development efforts – working closely with Alnylam to generate the data required to enable the potential for rapid commencement of clinical studies.

Under the collaboration and license agreement, as amended, in addition to leading development of selected DCs, Vir will lead commercialization of any products emerging from the collaboration that gain regulatory approval.

At clinical proof of concept, Alnylam will have an option to share equally in any profits and losses associated with the development and commercialization of each coronavirus program.

Alternatively, Alnylam may elect to earn development and commercialization milestones and royalties on net sales of any products resulting from the collaboration in amounts agreed upon for each coronavirus program.

These additional targets expand the companies’ collaboration and license agreement announced in 2017, and the subsequent amendment to that agreement announced in March 2020, to now develop novel siRNAs for up to nine infectious disease targets in total, including hepatitis B virus in the Vir-2218 (ALN-HBV02) program currently in Phase 1/2 studies.

October 2017

Alnylam Pharmaceuticals announced an exclusive licensing agreement with Vir Biotechnology for the development and commercialization of RNAi therapeutics for infectious diseases, including chronic hepatitis B virus (HBV) infection.

As part of this agreement, the companies will advance Alnylam's HBV program and also initiate a research collaboration for the development and advancement of up to four additional RNAi therapeutic programs for the treatment of other infectious diseases with high unmet needs.

As part of the agreement, Alnylam will lead ALN-HBV02 to IND filing, with Vir then progressing ALN-HBV02 through human proof of concept (POC); the companies will co-fund the program through this point.

Subsequently, Vir will fund and conduct all development through completion of Phase 2 studies.

Thereafter, Alnylam retains the right to opt into a profit-sharing arrangement prior to the start of Phase 3.

In connection with the companies' research collaboration for up to four additional infectious disease programs, Vir will fund all research and development costs, while Alnylam retains a product-by-product option on each program to opt into a profit-sharing arrangement following human POC.

Under the terms of the agreement, Alnylam will receive an upfront payment, comprised of cash and shares of Vir common stock.

Alnylam is also eligible to receive more than $1 billion in potential milestone payments related to the successful advancement of ALN-HBV02 and other infectious disease programs, as well as tiered royalties on products ultimately commercialized by Vir under the collaboration, should Alnylam elect to decline its co-development and profit share option on a per-product basis.

Valeant Pharmaceuticals has agreed to sell its CeraVe, AcneFree and AMBI skincare brands to L'Oréal for $1.3 billion in cash.

Valeant will use the proceeds from the sale to permanently repay term loan debt under its Senior Credit Facility.

CeraVe, AcneFree and Ambi will become part of L'Oréal's Active Cosmetics Division, which includes brands such as La Roche-Posay, Vichy and SkinCeuticals, L'Oréal said in a statement on its website.

The CeraVe brand portfolio offers a range of advanced skincare products, including cleansers, moisturizers, sunscreens, healing ointments and a dedicated baby line.

The AcneFree brand portfolio offers a full range OTC cleansers and acne treatments in the U.S. introduced to the market in 1966.

The AMBI brand portfolio offers a range of skincare products formulated for the needs of multicultural consumers that includes creams, cleansers and moisturizers in the face and body category.

Biogen announced that it had signed a settlement and license deal with Danish company Forward Pharma with a $1.25 billion cash payment.

The licensing agreement gives Biogen an irrevocable license to Forward’s intellectual property.

In addition, Biogen will pay Forward royalties on net sales of Biogen products for multiple sclerosis (MS) that are covered by a Forward patent and that have dimethyl fumarate (DMF) as an active pharmaceutical ingredient.

Oral arguments for a patent trial began in late November 2016.

The two companies are dueling over Biogen’s multiple sclerosis drug Tecfidera.

If Forward won the patent cases, it would receive royalties on all sales of all of Biogen’s drugs for MS that are covered by the patents.

Once the License Agreement is executed, Biogen will pay a non-refundable cash package of $1.25 billion.

If specific requirements are met, Biogen will also pay Forward future royalties on net sales of its MS drugs covered by Forward’s patent and that have DMF as an ingredient.

Celgene entered into a strategic collaboration to develop and commercialize BeiGene's investigational anti-programmed cell death protein 1 (PD-1) inhibitor, BGB-A317, for patients with solid tumor cancers in the United States, Europe, Japan and rest of world outside Asia.

BeiGene will retain exclusive rights for the development and commercialization of BGB-A317 for hematological malignancies globally and for solid tumors in Asia (with the exception of Japan).

BeiGene will acquire Celgene's commercial operations in China and gain an exclusive license to commercialize Celgene's approved therapies in China - ABRAXANE, REVLIMID and VIDAZA.

BeiGene will acquire Celgene's operations in China.

BeiGene will also license and assume commercial responsibility for Celgene's approved therapies in China, consisting of ABRAXANE (paclitaxel protein-bound particles for injectable suspension) (albumin-bound), REVLIMID (lenalidomide) and VIDAZA (azacitidine).

BeiGene is granted licensing rights in China to CC-122, under the same terms and conditions as the approved commercial products.

CC-122 is a next generation CelMOD currently in development by Celgene for lymphoma and hepatocellular carcinoma.

BeiGene plans to expand manufacturing and commercial operations in China in preparation for the potential approvals of BGB-A317 and future innovative therapies developed by BeiGene in greater China.

Celgene will maintain a strategic and R&D presence in China dedicated to long-term commercial activities, regulatory affairs and clinical development of new therapies in the country.

Celgene will also continue supporting BeiGene with management of the REVLIMID Risk Minimization Program.

BeiGene will receive upfront licensing fees totaling $263 million, and in addition Celgene will acquire an equity stake in BeiGene by purchasing 32.7 million, or 5.9 percent, of BeiGene's ordinary shares at $4.58 per share, or $59.55 per BeiGene's American Depositary Shares (ADS), representing a 35% premium to an 11-day volume-weighted average price of BeiGene's ADS.

BeiGene is eligible to receive up to $980 million in development, regulatory and sales milestone payments and royalties on future sales of BGB-A317.

AskAt announced a worldwide licensing agreement in immuno-oncology with Arrys Therapeutics for two, structurally different Prostaglandin E2 receptor 4 (EP4) antagonists [AAT-007 and AAT-008].

AskAt will receive upfront, development, and commercial milestone payments potentially exceeding (US) $1.2 billion, in addition to sales royalties.

This Agreement covers all territories except China.

May 2019

Protagonist Therapeutics announced the expansion of its worldwide license and collaboration agreement with Janssen Biotech for the co-development and commercialization of PTG-200, Protagonist's first-in-class, oral peptide IL-23 receptor antagonist, for all indications including inflammatory bowel disease (IBD).

The expanded agreement builds upon Protagonist's ongoing development collaboration with Janssen on PTG-200 and triggers a $25 million milestone payment to Protagonist.

The new agreement expands the scope of the original collaboration with Janssen established in 2017 by supporting efforts towards second generation IL-23 receptor antagonists.

Protagonist will receive a $25 million milestone payment triggered on signing of the amendment and will be eligible to receive over $1.0 billion in additional research, development, regulatory and sales milestones.

As part of the new research collaboration, Janssen will pay certain costs and milestones related to advancing pre-clinical candidates through Phase 1 studies, including funding a number of full time equivalent employees (FTEs) at Protagonist for a set period of time.

Protagonist will continue to receive clinical development, regulatory and commercial milestones if Janssen elects to retain its license following completion of Phase 2a and/or Phase 2b studies with PTG-200 and/or second generation compounds.

Janssen will receive exclusive, worldwide rights to develop and commercialize PTG-200 and any second-generation compounds derived from the research collaboration, and Protagonist will receive tiered royalties on net product sales.

Protagonist Therapeutics and Janssen will jointly conduct the development of PTG-200 through completion of Phase 2 clinical proof-of-concept (POC) in Crohn's disease.

Janssen will be responsible for further development and commercialization activities beyond Phase 2 development.

According to the terms of the agreement, Protagonist will have the right to co-detail PTG-200 and second generation compounds derived from the collaboration in the U.S. market.

May 2017

Investors in Protagonist Therapeutics are excited after Janssen inked a collaboration deal worth nearly $1 billion to develop the company’s treatment for a variety of gastrointestinal diseases, including Crohn’s and inflammatory bowel syndrome.

The two companies are joining forces to develop and market PTG-200, Protagonist's first-in-class, oral peptide Interleukin-23 receptor antagonist.

The drug is currently in preclinical studies and is expected to being in Phase I clinical trials in the second half of 2017.

If Janssen moves the drug into a Phase IIb trial, Protagonist could earn an additional $125 million.

They could earn an additional $200 million if Janssen takes the drug into a Phase III trial, according to the Form 8-K.

Under terms of the deal Johnson & Johnson Innovation (JNJ), the pharma giant’s investment arm, will provide $50 million in upfront financing for the drug’s development, with another $94 million in potential milestones.

Protagonist Therapeutics and Janssen will jointly conduct the development of PTG-200 through Phase II clinical proof-of-concept in Crohn's disease, after which time Janssen will be responsible for development and commercialization.

Per the terms of the agreement, Protagonist will have the right to co-detail PTG-200 in the United States.

Janssen Pharmaceuticals, a division of healthcare giant Johnson & Johnson, and Tokyo-based Peptidream will develop peptide-based therapies to target multiple metabolic and cardiovascular targets.

The two companies will used PeptiDream’s proprietary Peptide Discovery Platform System (PDPS) technology to identify macrocyclic/constrained peptides against the metabolic and cardiovascular targets identified by Janssen.

The companies also plan to “optimize hit peptides into therapeutic peptides or small molecule products.”

PeptiDream’s proprietary Peptide Discovery Platform System enables the production of highly diverse non-standard peptide libraries with high efficiency which then can be developed into peptide-based or small molecule-based therapeutics, according to company information.

The agreement between the two companies is worth up to $1.15 billion, the companies said, when clinical development, commercialization and sales milestones are factored into the deal.

In addition, PeptiDream is eligible to receive royalties on sales of any products that arise from the collaboration.

Under terms of the deal, PeptiDream will receive an undisclosed upfront payment, as well as research funding.

Janssen will have the right to develop and commercialize all compounds resulting from the collaboration.

PeptiDream has entered into a multi-target discovery collaboration with Germany-based Bayer.

PeptiDream will use its proprietary Peptide Discovery Platform System (PDPS) technology to identify macrocyclic/constrained peptides against multiple targets of interest selected by Bayer, and to optimize hit peptides into therapeutic peptides or small molecule products.

Bayer also holds an exercisable option to negotiate for an extension of the license to peptide-drug conjugate (PDC), diagnostic, bioimaging, and agricultural use and applications.

Bayer will have the right to develop and commercialize all compounds resulting from the collaboration.

PeptiDream would receive an undisclosed upfront payment and research funding and is eligible to receive preclinical, clinical, and commercialization milestone payments potentially totaling up to $1.11 billion (¥124.5 billion).

In addition, PeptiDream is eligible to receive royalties on sales of any products that arise from the collaboration.

The Cooper Companies has entered into a definitive asset purchase agreement with Teva Pharmaceutical Industries to acquire the global rights and business of its PARAGARD Intrauterine Device (IUD) in a $1.1 billion cash transaction.

Teva Pharmaceutical has entered into a definitive agreement under which CooperSurgical will acquire PARAGARD (intrauterine copper contraceptive), a product within its global Women’s Health business, in a $1.1 billion cash transaction.

This transaction includes Teva’s manufacturing facility in Buffalo, NY, which produces PARAGARD® exclusively.

Merrimack Pharmaceuticals announced it was selling off some of its assets to France-based Ipsen or a deal that could hit $1.025 billion, refocusing its pipeline programs, and completing laying off 80 percent of its staff.

Ipsen is paying Merrimack an upfront fee of $575 million in cash.

Another $450 million is possible in regulatory approval-based milestone payments.

It also picks up Merrimack’s generic version of doxorubicin hydrochloride (HCL) liposome injection (generic DOXIL) for ovarian cancer, AIDS-related Kaposi’s sarcoma and multiple myeloma.

Ipsen announced that it has completed its acquisition of global oncology assets from Merrimack Pharmaceuticals, in Cambridge, MA., focusing on ONIVYDE® (irinotecan liposome injection) for the treatment of patients with metastatic adenocarcinoma of the pancreas after disease progression following gemcitabine-based therapy, in combination with fluorouracil and leucovorin.1,2

Ipsen has gained exclusive commercialization rights for the current and potential future indications for ONIVYDE® in the U.S., as well as the current licensing agreements with Shire for commercialization rights ex-U.S. and PharmaEngine for Taiwan.

The acquisition also includes the Merrimack commercial and manufacturing infrastructure for ONIVYDE®, and generic doxorubicin HCl liposome injection.

Along with this acquisition, Ipsen will continue to advance the clinical development program for ONIVYDE®.

Financial terms of the acquisition include an upfront cash payment of $575 million to Merrimack Pharmaceuticals, and up to $450 million upon the approval of potential additional indications for ONIVYDE® in the U.S.

Sawai Pharmaceutical Co. Ltd., a leading Japanese generic pharmaceuticals manufacturer, and Upsher-Smith Laboratories, Inc., an established generics manufacturer based in Minnesota, U.S., announced the signing of an agreement for Sawai to purchase the generic pharmaceuticals business of Upsher-Smith, from its parent, ACOVA, Inc

Under the agreement signed, Sawai will purchase all the equity interest in the generic pharmaceuticals business of Upsher-Smith from ACOVA, for consideration of $1.05 billion.

The transaction will be financed by bank loans and available cash.

Visterra has entered into a research collaboration, exclusive license, and option agreement with Vir Biotechnology to develop and commercialize select programs for infectious diseases derived from Visterra’s Hierotope platform technology.

The strategic collaboration will combine Visterra’s novel platform for designing and engineering antibody-based biological medicines against unique disease targets with Vir’s specialized expertise in innovative research and development for infectious diseases.

Visterra’s Hierotope platform utilizes proprietary computational tools and technologies to identify specific epitopes that are critical to the function of the antigen and to design and engineer precision antibody-based biological medicines to target these epitopes that are difficult to address by traditional techniques.

Vir will exclusively license from Visterra up to five research programs for infectious diseases:

VIS-FLX, a long-acting monoclonal antibody being developed for the prevention of influenza A in high-risk individuals;

VIS-RSV, a bispecific monoclonal antibody for the treatment of respiratory syncytial virus, or RSV, that is designed to both neutralize the virus and prevent its pro-inflammatory activity;

VIS-FNG, a bispecific monoclonal antibody for the treatment of severe fungal infections that targets fungal glycans common among most human fungi, including Candida, Aspergillus and Cryptococcus; and

Vir may further expand their license by up to two additional infectious disease research programs.

In conjunction with the collaboration, Visterra has received from Vir an upfront payment, and will receive funding of costs incurred by Visterra related to the licensed programs.

Visterra will be responsible for the development of the Vir licensed programs up to a pre-determined stage, and then Vir will assume further development of these candidates.

At the point when Vir assumes development responsibilities, Visterra will be eligible to receive future development, regulatory and sales milestone payments per Vir licensed program.

Visterra will also be eligible to receive tiered royalties related to worldwide net sales of products developed under the collaboration.

Under additional terms of the collaboration, Visterra has granted Vir an option to a minority financial interest in VIS410, a monoclonal antibody in development for the treatment of hospitalized patients with influenza A.

Following exercise of the option, Vir may also elect to co-promote VIS410 in select territories.

In total, Visterra is eligible to receive over $1 billion in payments from development, regulatory, and sales milestones, and is also eligible to receive royalties on future product sales from licensed programs.

April 2021

Vertex Pharmaceuticals and CRISPR Therapeutics announced that the companies have amended their collaboration agreement to develop, manufacture and commercialize CTX001, an investigational CRISPR/Cas9-based gene editing therapy that is being developed as a potentially curative therapy for sickle cell disease and transfusion-dependent beta-thalassemia.

With this revised agreement, Vertex will deploy the breadth of its established global capabilities and proven experience in manufacturing, development, regulatory, and commercialization to maximize the potential for CTX001 to transform the lives of tens of thousands of patients in the U.S., Europe and other countries.

CRISPR Therapeutics will continue to support the development of CTX001 and invest in further innovation to maximize its potential.

Vertex will lead global development, manufacturing and commercialization of CTX001 with support from CRISPR Therapeutics.

Vertex will be responsible for 60% of program costs and will receive 60% of profits from future sales of CTX001 worldwide, representing a 10% increase in program economics compared to the previous agreement.

CRISPR will be responsible for 40% of costs and will receive 40% of profits.

CRISPR will receive a $900 million upfront payment, with potential for a $200 million payment upon the first regulatory approval of CTX001.

June 2019

Vertex and CRISPR Therapeutics have expanded their collaboration and entered into an exclusive licensing agreement to discover and develop gene editing therapies for the treatment of DMD and DM1.

Vertex will pay $175 million upfront for the exclusive worldwide rights to CRISPR Therapeutics’ existing and future intellectual property including foundational CRISPR/Cas9 technology, novel endonucleases, single and double cut guide RNAs, and AAV vectors for DMD and DM1 gene editing products.

For the DMD program, Vertex is responsible for all research, development, manufacturing, and commercialization activities and all related costs.

For the DM1 program, Vertex and CRISPR will share research costs for specified guide RNA research to be conducted by CRISPR, and Vertex is responsible for all other research, development, manufacturing, and commercialization costs.

CRISPR Therapeutics is eligible to receive payments of up to $1 billion inclusive of the upfront and potential future payments based upon the successful achievement of specified research, development, regulatory, and commercial milestones for the DMD and DM1 programs.

Vertex will pay tiered royalties on future net sales on any products that may result from this collaboration.

At IND filing, CRISPR has the option to forego the DM1 milestones and royalties to co-develop and co-commercialize all DM1 products globally.

December 2017

Vertex Pharmaceuticals and CRISPR Therapeutics announced that the companies will co-develop and co-commercialize CTX001, an investigational gene editing treatment, as part of the companies’ previously announced collaboration aimed at the discovery and development of new gene editing treatments that use the CRISPR/Cas9 technology.

CTX001 represents the first gene-based treatment that Vertex exclusively licensed from CRISPR Therapeutics as part of the collaboration.

For CTX001, CRISPR and Vertex will equally share all research and development costs and profits worldwide.

AMAG Pharmaceuticals, Inc.and Endoceutics, Inc. announced that they have entered into an exclusive license agreement that provides AMAG with U.S. commercial rights to Intrarosa™ (prasterone).

Intrarosa is the only FDA-approved, locally administered, daily, non-estrogen product for the treatment of moderate-to-severe dyspareunia (pain during intercourse), a common symptom of vulvar and vaginal atrophy (VVA), due to menopause.

Under the terms of the license agreement, AMAG will receive the right to commercialize and develop Intrarosa in the U.S. for the treatment of VVA and FSD.

At closing, AMAG will pay Endoceutics $50 million of total upfront consideration and issue Endoceutics 600,000 unregistered shares of AMAG common stock.

In addition, AMAG will pay Endoceutics up to $10 million upon delivery of adequate launch quantities of Intrarosa and $10 million upon the first anniversary of the effective date of the agreement.

Endoceutics will be entitled to certain sales milestone payments, including a first sales milestone payment of $15 million, which would be triggered when Intrarosa annual net U.S. sales exceed $150 million, and a second milestone payment of $30 million, which would be triggered when annual net U.S. sales exceed $300 million.

Should annual net U.S. sales exceed $500 million, there are additional sales milestone payments of up to $850 million, which would be triggered at various sales thresholds.

AMAG will also pay Endoceutics tiered royalties as a percent of Intrarosa net sales ranging from the mid-teens (for calendar year net sales up to $150 million) to the mid-twenties (for any calendar year net sales that exceed $1 billion).

At closing, AMAG and Endoceutics will also enter into a supply agreement, under which Endoceutics will supply Intrarosa to AMAG.

AMAG has also committed to co-fund a Phase 3 clinical program, which would be conducted by Endoceutics to support regulatory approval of Intrarosa for the treatment of certain types of FSD in post-menopausal women.

The direct costs of the potential FSD label expansion study will be shared equally by the parties and capped at up to $20 million for AMAG.

The transaction does not include the transfer of any Endoceutics employees or facilities.

Valeant Pharmaceuticals International, Inc. announced it has entered into an agreement to sell its iNova Pharmaceuticals business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group for $930 million in cash.

iNova, which markets a diversified portfolio of prescription and over-the-counter products in several areas, such as weight management, pain management, cardiology and cough and cold, operates in more than 15 countries around the world.

iNova holds leading market positions in Australia and South Africa and also has an established platform in Asia.

Valeant will maintain a strong footprint in these countries primarily through its Bausch + Lomb franchise.

Valeant will use proceeds from the sale to permanently repay term loan debt under its Senior Secured Credit Facility.

In this transaction, Goldman, Sachs & Co. served as financial advisor to Valeant, and Baker McKenzie acted as legal advisor to Valeant.

November 2020

MacroGenics announced that $25 million in milestones have been achieved under its exclusive global collaboration and license agreement with Incyte for retifanlimab, an investigational anti-PD-1 monoclonal antibody designed by MacroGenics and licensed to Incyte (as INCMGA0012).

The milestones were triggered by clinical and regulatory activities related to the further advancement of the molecule, including the recent initiation of POD1UM-303, Incyte’s Phase 3 global study in patients with metastatic squamous cell anal carcinoma (SCAC).

September 2020

MacroGenics announced that a $15 million milestone payment has been triggered under its exclusive global collaboration and license agreement with Incyte for retifanlimab (MGA012), an investigational anti-PD-1 monoclonal antibody designed by MacroGenics and licensed to Incyte (as INCMGA00012).

The milestone was triggered by the initiation of the Phase 3 POD1UM-304 clinical trial, evaluating the efficacy and safety of retifanlimab with platinum-based chemotherapy in patients with metastatic squamous and non-squamous non-small cell lung cancer (NSCLC).

October 2017

Incyte and MacroGenics have entered into an exclusive global collaboration and license agreement for MacroGenics’ MGA012, an investigational monoclonal antibody that inhibits programmed cell death protein 1 (PD-1).

Incyte has obtained exclusive worldwide rights for the development and commercialization of MGA012 in all indications, while MacroGenics retains the right to develop its pipeline assets in combination with MGA012.

Upon closing, Incyte will pay MacroGenics an upfront payment of $150 million.

Incyte will receive worldwide rights to develop and commercialize MGA012 in all indications.

Per the terms of the collaboration, MacroGenics will also be eligible to receive up to $420 million in potential development and regulatory milestones, and up to $330 million in potential commercial milestones.

If MGA012 is approved and commercialized, MacroGenics would be eligible to receive royalties, tiered from 15 percent to 24 percent, on future sales of MGA012 by Incyte.

Under the terms of the collaboration, Incyte will lead global development of MGA012.

MacroGenics retains the right to develop its pipeline assets in combination with MGA012, with Incyte commercializing MGA012 and MacroGenics commercializing its asset(s), if any such potential combinations are approved.

In addition, MacroGenics retains the right to manufacture a portion of both companies’ global clinical and commercial supply needs of MGA012.

MacroGenics intends to utilize its commercial-scale GMP facility, which is expected to be fully operational in 2018.

August 2017

Bavarian Nordic A/S announced the closing of the transaction with Janssen Pharmaceuticals, Inc., part of the Janssen Pharmaceutical Companies of Johnson & Johnson regarding the license and collaboration agreement entered into on July 27, 2017.

The transaction has been cleared under the Hart-Scott-Rodino Antitrust Improvements Act.

July 2017

Bavarian Nordic A/S announced an additional worldwide exclusive license and collaboration agreement with Janssen Pharmaceuticals, Inc., part of the Janssen Pharmaceutical Companies of Johnson & Johnson (Janssen).

This new collaboration grants Janssen the exclusive rights to Bavarian Nordic’s MVA-BN® technology for two additional programs, targeting vaccines against hepatitis B virus (HBV) and the human immunodeficiency virus (HIV-1).

Under the terms of the agreement, Janssen will provide an upfront payment of $10 million USD, and Johnson & Johnson Innovation – JJDC, Inc. will provide $33 million USD in an equity investment by subscription of new Bavarian Nordic shares.

Additionally, Bavarian Nordic will be eligible to receive milestone payments based upon the achievement of specified development, regulatory and sales milestones up to a total of $836 million USD, in addition to tiered royalties on future sales.

With the addition of programs targeting HBV and HIV-1, the companies are now collaborating on four product development programs combining Bavarian Nordic’s MVA-BN technology with Janssen’s AdVac® technology platform.

Further details on the subscription of shares will be announced separately.

Toshiba Medical Systems won a 5-year $827.6 million fixed-price, indefinite delivery and quantity contract with the US Department of Defense.

The contract will position Toshiba Medical to provide radiology systems, accessories and training to the DoD, including the Air Force, Navy, Army, Marine Corps and federal civilian agency.

Ionis Pharmaceuticals has licensed a second orally delivered Generation 2.5 antisense drug to Janssen Biotech for which Ionis earned $5 million.

IONIS-JBI2-2.5Rx is designed to locally reduce the production of an undisclosed target in the gastrointestinal (GI) tract for the treatment of a GI autoimmune disease.

Jansen will now assume all global development, regulatory, and commercialization responsibilities for IONIS-JBI2-2.5Rx for GI diseases.

Ionis is eligible to receive nearly $800 million in development, regulatory and sales milestone payments and license fees.

In addition, Ionis will receive tiered royalties that on average are double-digits on sales from any product that is successfully commercialized.

IONIS-JBI1-2.5Rx, the first collaboration target, was licensed to Janssen last year and Janssen has assumed all global development, regulatory and commercialization responsibilities related to this drug.

October 2018

Principia Biopharma announced the achievement of $10 million in additional milestones related to successful development activities conducted by Principia as part of the clinical development of PRN2246.

PRN2246, also known as SAR442168, is a Bruton’s tyrosine kinase (BTK) inhibitor that crosses the human blood-brain barrier and modulates immune cell function in the brain for the potential treatment of central nervous system (CNS) diseases. PRN2246 is being developed under a collaboration agreement with Sanofi.

November 2017

Sanofi will develop Principia Biopharma's experimental oral treatment that shows promise in multiple sclerosis (MS) and, potentially, other central nervous system (CNS) diseases.

Under the license agreement, Sanofi will develop Principia's Bruton's tyrosine kinase (BTK) inhibitor (PRN2246), which was designed to access the brain and spinal cord by crossing the blood-brain barrier and impact immune cell and brain cell signalling.

PRN2246 is currently in clinical development.

Principia will grant Sanofi an exclusive, worldwide license to develop and commercialize PRN2246.

Sanofi will pay Principia a $40 million upfront payment, future milestone payments that could total $765 million and royalties on product sales.

Principia has the option to co-fund Phase 3 development, in exchange for either increased royalties on worldwide product sales or a profit and loss sharing arrangement in the United States.

May 2019

Autifony Therapeutics announced that the second milestone has successfully been achieved under Autifony’s agreement with Boehringer Ingelheim.

This comes less than four months after achievement of the first milestone, and shortly after the companyannounced positive clinical data from its ketamine challenge study.

Boehringer Ingelheim acquired an exclusive option to purchase Autifony’s Kv3.1/3.2 positive modulator platform in December 2017. Further details of the milestone were not disclosed.

Included in the agreement is the lead molecule, AUT00206, which is currently under evaluation in a Phase Ib clinical trial in patients with schizophrenia. Further molecules are also showing significant promise with potential to treat other CNS disorders in areas of unmet medical need, such as hearing disorders and Fragile X syndrome.

December 2017

Boehringer Ingelheim and Autifony Therapeutics have signed an agreement about certain aspects of Autifony’s voltage gated potassium channel modulator platform.

Boehringer Ingelheim now has an exclusive option to purchase Autifony’s Kv3.1/3.2 positive modulator platform.

Included in the agreement is the lead compound AUT00206, a novel, orally active small molecule that is currently being evaluated in two Phase Ib studies, including one in patients with schizophrenia.

Boehringer Ingelheim will pay Autifony a €25 million upfront fee, with the possibility of further payments of up to €17.5 million during the option period based on achievement of short term milestones.

The total potential transaction may sum up to €627.5 million upon reaching development and pre-commercialisation milestones once Boehringer Ingelheim has exercised its option.

Further financial details were not disclosed.

FUJIFILM Medical Systems U.S.A., Inc., a leading provider of diagnostic imaging products and medical informatics solutions, announced that it has earned a new 10-year contract with a maximum value of $768 million as part of the Digital Imaging Network-PACS (DIN-PACS) IV project from the U.S. Department of Defense (DoD) and the U.S. Department of Veterans Affairs.

Specifically, U.S. government healthcare providers can now purchase and install various technologies from Fujifilm’s Synapse enterprise imaging portfolio including Synapse 5 PACS, Synapse Mobility Enterprise Web Viewer, Synapse 3D, Synapse CV (Cardiovascular) and Synapse VNA (Vendor Neutral Archive).

Fujifilm’s technology will play a significant role in the MHS Genesis transition—a project that will replace the current electronic health system (EHR) used by the DoD and Veterans Affairs. Specifically, MHS GENESIS integrates inpatient and outpatient best-of-suite solutions that connect medical and dental information across the continuum of care, from point of injury to the military treatment facility. MHS GENESIS will support the availability of electronic health records for more than 9.4 million DoD beneficiaries and approximately 205,000 Military Health System personnel globally. It enables the application of standardized workflows, integrated healthcare delivery, and data standards for the improved and secure electronic exchange of medical and patient data.

With a 5-year base period and a 5-year renewal option, the Fujifilm systems covered under the DIN-PACS IV contract are now available to the DoD, the U.S. Department of Veterans Affairs, and other federal agencies are eligible to purchase from DIN-PACS IV, including Indian Health Services. To date, 29 facilities have already installed Fujifilm Synapse systems globally.

Enterprise Imaging is rapidly evolving as a necessary organizational priority for health systems across the globe and Fujifilm’s Synapse portfolio is the most comprehensive solution available today. Fujifilm’s Synapse solutions under the DIN-PACS IV contract provide core technology to allow U.S. government healthcare organizations to deploy an Enterprise Imaging strategy that addresses modern IT architecture needs, security, cost savings, operational efficiencies, physician needs, improved outcomes and diagnostic imaging excellence.

Aspen Pharmacare Canada completed the transfer of Canadian commercialisation rights associated with five of AstraZeneca's anaesthetic products, significantly expanding Aspen's product portfolio.

The products included in this transaction are:

DIPRIVAN 1%® (propofol) Short-acting intravenous sedative/anaesthetic for injection.NAROPIN® (ropivacaine hydrochloride) Local anaesthesia solution for injection.SENSORCAINE® (bupivacaine hydrochloride) Short-acting local or regional anaesthetic for injection.XYLOCAINE®/XYLOCARD® (lidocaine hydrochloride) Local anaesthesia, solution for injection, formulations for topical anaesthesia and injectable anti-arrhythmic.EMLA CREAM®/EMLA PATCH ® (lidocaine + prilocaine) Topical anaesthetic, cream and patch.

All marketing and commercialisation of the newly-acquired anaesthesia products will continue seamlessly through the efforts of the Aspen team, building on the strong anaesthesia heritage established by AstraZeneca.

The originator of these brands, AstraZeneca, will continue to manufacture these products for Aspen for the foreseeable future, ensuring product consistency for the marketplace.

February 2020

KalVista Pharmaceuticals announced that the option agreement between KalVista and Merck related to intravitreal diabetic macular edema (DME) candidate KVD001 and future oral DME molecules has expired.

Merck paid a $37 million non-refundable upfront fee to KalVista.

This agreement with Merck only covered the investigational intravitreal candidate, KVD001, and future oral plasma kallikrein inhibitor programs for DME.

With the option expiration, KalVista has no obligations to Merck, and retains full ownership of all of its DME intellectual property in addition to its oral hereditary angioedema (HAE) portfolio.

KalVista intends to continue to aggressively pursue its efforts to develop multiple best-in-class oral plasma kallikrein therapies for HAE, as well as additional programs focused on other proteases.

October 2017

KalVista Pharmaceuticals has entered into a collaboration agreement with Merck, through a subsidiary, for KVD001, the Company’s investigational intravitreal (IVT) injection candidate currently in development for potential treatment of diabetic macular edema (DME), as well as future oral DME compounds based upon plasma kallikrein inhibition.

KalVista has granted to Merck certain rights including an option to acquire KVD001 through a period following completion of the Phase 2 proof-of-concept trial that KalVista intends to commence later this year.

KalVista also has granted to Merck a similar option to acquire investigational orally delivered molecules for DME that KalVista will continue to develop as part of its ongoing research and development activities.

As consideration for the agreement, Merck will pay to KalVista a $37 million non-refundable upfront fee.

KalVista is further eligible to receive payments associated with the exercise of the options by Merck and the achievement of milestones for each program that potentially total up to $715 million.

KalVista also will receive tiered royalties on net sales for therapeutic candidates commercialized under this agreement.

KalVista will fund and retain control over the planned Phase 2 clinical trial of KVD001 as well as development of the investigational oral DME compounds through Phase 2, unless Merck exercises its options earlier.

In addition to the collaboration, KalVista has entered into a separate $9.1 million private placement transaction with Merck under which Merck has acquired 1,070,589 shares of KalVista, representing a 9.9% ownership stake, at a price of $8.50 per share.

This private placement closed concurrent with execution of the Option Agreement.

Shares of Calithera Biosciences (CALA) are up more than 30 percent this morning after inking a research and licensing deal potentially worth up to $750 million with Delaware-based Incyte Corporation (INCY).

Incyte and Calithera will combine forces to develop Calithera’s experimental small molecule arginase inhibitor CB-1158 in hematology and oncology.

CB-1158 is currently being studied in a monotherapy dose escalation trial and additional studies are expected to evaluate CB-1158 in combination with immuno-oncology agents, including anti-PD-1 therapy.

Under terms of the deal Calithera will receive $53 million in upfront money.

That includes $45 million in cash and an $8 million equity investment by Incyte.

When milestones and potential royalties are factored in, the deal could be worth about $750 million for Calithera.

Incyte will receive worldwide rights to develop and commercialize CB-1158 in hematology and oncology and Calithera will retain certain rights to research, develop and commercialize certain other arginase inhibitors in certain orphan indications.

Incyte will fund 70 percent of global development and Calithera will be responsible for the remaining 30 percent.

Hologic has won a maximum $721.1 million firm-fixed-price contract for radiology systems from the US Department of Defense, according to a DoD release published yesterday.

The 5-year base indefinite-delivery, indefinite-quantity contract comes with one 5-year option period, according to the DoD release.

Bristol-Myers Squibb has entered into agreement to license BMS-986168, an anti-eTau compound in development for Progressive Supranuclear Palsy (PSP), to Biogen.

Biogen will pay to Bristol-Myers Squibb an upfront payment of $300 million with potential milestone payments of up to $410 million.

Biogen also will assume all remaining obligations to the former stockholders of iPierian, Inc. related to Bristol-Myers Squibb’s acquisition of the company in 2014.

Teva has entered into a definitive agreement under which CVC Capital Partners Fund VI will acquire a portfolio of products within its global women’s health business across contraception, fertility, menopause and osteoporosis for $703 million in cash.

The portfolio of products, which is marketed and sold outside of the U.S., includes Ovaleap, Zoely, Seasonique, Colpotrophine, Actonel and additional products.

Mallinckrodt has closed the sale of its global Nuclear Imaging business to IBA Molecular for approximately $690 million before tax, including up-front and contingent considerations and the assumption of long-term obligations.

Mallinckrodt's action to divest Nuclear Imaging continues the company's strategy to transform its portfolio with specialty pharmaceutical assets that are durable, innovative and have significant volume growth potential.

The total consideration of approximately $690 million (before tax) consists of approximately $574 million of up-front consideration, the assumption of approximately $39 million of long-term obligations, and approximately $77 million of contingent consideration.

Alexion Pharmaceuticals and Halozyme Therapeutics announced a collaboration and license agreement that enables Alexion to use Halozyme’s ENHANZE drug-delivery technology in the development of subcutaneous formulations for their portfolio of products.

The agreement provides Alexion with the opportunity for exclusive development of up to four targets, including a next generation subcutaneous formulation of ALXN1210 (ALXN1210 SC), the company’s investigational long-acting C5 complement inhibitor, to potentially further extend the dosing interval of ALXN1210 SC to once every two weeks or once per month.

Halozyme will receive an initial $40 million with the potential to earn additional payments of up to $160 million for each target developed, subject to achievement of specified development, regulatory and sales-based milestones.

Halozyme will also receive mid-single digit royalties on sales of commercialized products.

Teva has entered into a definitive agreement under which Foundation Consumer Healthcare will acquire Plan B One-Step and Teva’s value brands of emergency contraception, Take Action, Aftera, and Next Choice One Dose for $675 million in cash.

AbbVie (NYSE: ABBV), a global biopharmaceutical company, and Principia Biopharma Inc., a private, clinical-stage biopharmaceutical company, announced that they have entered a collaboration for the development of oral immunoproteasome inhibitors.

The collaboration is aimed at developing first-in-class oral therapies that bring the power of proteasome inhibition safely into the field of immunology.

The collaboration contemplates the creation and development of orally bioavailable, selective inhibitors of the immunoproteasome subunits to target autoimmunity.

AbbVie and Principia will collaborate on research and pre-clinical studies.

Upon successful completion, AbbVie will be responsible for ongoing clinical development and commercialization of viable compounds resulting from the partnership.

Financial terms were not disclosed.

December 2019

Equillium and Biocon have expanded their collaboration and license agreement for itolizumab to grant Equillium exclusive rights for developing and commercializing itolizumab in Australia and New Zealand.

May 2017

Equillium entered into a collaboration and license agreement with Biocon, as amended in September 2018, or the Biocon License, pursuant to which Biocon granted us an exclusive license in the United States and Canada, or the Equillium Territory, to develop, make, have made, use, sell, have sold, offer for sale, import and otherwise exploit EQ001 and any pharmaceutical composition or preparation containing or comprising EQ001, or collectively, a Biocon Product, that uses Biocon technology or Biocon know-how. However, unless we achieve certain regulatory and development milestones within a specific time period, the licensed rights, other than development rights, are limited to the fields of orphan indications and the treatment of asthmatic conditions.

We also have the right to sublicense through multiple tiers to third parties, provided such sublicenses comply with the terms of the Biocon License and we provide Biocon a copy of each sublicense agreement within 30 days of execution. Under the Biocon License, we granted back to Biocon a license to use our technology and know-how related to EQ001 and Biocon Products in certain countries outside of the Equillium Territory.

In consideration of the rights granted to us by Biocon, we have issued to Biocon an aggregate of 2,316,134 shares of our common stock.

In addition, we are obligated to pay Biocon up to an aggregate of $30 million in regulatory milestone payments upon the achievement of certain regulatory approvals and up to an aggregate of $565 million in sales milestone payments upon the achievement of first commercial sale of product and specified levels of product sales.

We are also required to pay quarterly tiered royalties based on a percentage from the mid-single digits to sub-teen double digits of net sales of Biocon Products, subject to adjustments in certain circumstances.

Biocon is also required to pay us royalties at comparable percentages for sales of EQ001 outside of the Equillium Territory if the approvals in such geographies included or referenced our data, including data from certain of our clinical trials, subject to adjustments in certain circumstances.

Under the Biocon License, net sales are calculated on a country-by-country basis and are subject to adjustments, including whether the Biocon Product is sold in the form of a combination product.

The Biocon License will continue until the expiration of all royalty obligations, unless terminated earlier.

Our royalty obligations expire on a product-by-product and country-by-country basis upon the later of ten years from the first commercial sale of such Biocon Product in such country, the expiration of regulatory exclusivity, and the expiration of the last-to-expire Biocon patent covering such Biocon Product in such country.

We may terminate the Biocon License unilaterally, with or without reason, upon 120 days’ prior written notice and either party may terminate the Biocon License in the event of the other party’s material breach of the Biocon License that remains uncured for 90 days after receipt of notice from the non-breaching party.

Upon termination by us unilaterally or by Biocon for our material breach, Biocon will retain its license to use our intellectual property related to EQ001 and Biocon Products in certain countries outside the Equillium Territory, and we also will grant Biocon a non-exclusive license, and a right of first negotiation to an exclusive license, to use our intellectual property related to EQ001 and Biocon Products in the Equillium Territory.

Further, we are subject to certain diligence obligations related to development, commercialization and funding activities and if we fail to comply with these obligations Biocon may, in certain circumstances, terminate the Biocon License and, in certain other circumstances, such failure may result in the permitted fields of use for licensed Biocon Products being limited to orphan indications and the treatment of asthmatic conditions.

Pieris , based in Boston, Mass., and Servier Forge, located in Suresnes, France, signed a broad collaboration deal focused on immuno-oncology.

The collaboration will begin with five bispecific therapeutic programs.

The lead program is Pieris’ PRS-332, a potential best-in-class PD-1-targeting bispecific checkpoint inhibitor.

The two companies will develop it jointly and divide commercial rights by geography.

Pieris will hold commercial rights in the U.S. Servier will hold commercial rights for the rest of the world.

The four remaining programs aren’t specified, but may combine antibodies from Servier’s portfolio with one or more of Pieris’ proprietary Anticalin protein platforms.

The companies have the option to expand the deal up to three more therapeutic programs.

In addition, Pieris has the option to co-develop and retain marketing rights in the U.S. for up to three programs beyond PRS-332.

Servier, otherwise, will be responsible for developing and commercializing the four other programs globally.

Piereis will receive about $31.3 million (US) as an upfront payment.

The company may also receive FTE funding for certain projects, an option fee if it’s expanded, and development-dependent and commercial milestone payments for PRS-332, as well as each additional program.

Various milestones for PRS-332 could reach $338 million, and about $201 million for each of the other programs.

Preclinical and clinical development costs for any co-developed programs will be split.

Pieris is eligible for tiered royalties up to low double digits on sales of any products in the Servier territories.

Pieris technology allows for the engineering of simultaneous checkpoint inhibition on the same cell.

PRS-332 is a novel PD-1 based bispecific made up of an anti-PD-1 antibody that is linked to an Anticalin protein that targets an undisclosed checkpoint target.

Torrent Pharmaceuticals to would buy more than 120 brands of Unichem Laboratories in India and Nepal and its manufacturing plant at Sikkim.

The deal, valued at 36 billion rupees ($558 million), will be funded by internal accruals and bank borrowing.

The acquisition is expected to close by the end of 2017.

Incyte Corporation and Agenus Inc.announced that the companies have amended the License, Development and Commercialization Agreement that was originally entered into January 9, 2015.

The amended agreement converts the ongoing GITR and OX40 antibody programs from co-funded development and profit-sharing arrangements to royalty-bearing programs, with Incyte now responsible for funding and conducting global development and commercialization.

Should candidates from either of these two programs be approved, Agenus would now become eligible to receive 15 percent royalties on global net sales of each approved product.

The ongoing TIM-3 and LAG-3 antibody programs remain royalty-bearing programs, at tiered rates of 6 to 12 percent, with Incyte retaining exclusive world-wide clinical development and commercial responsibilities.

Pursuant to the amended agreement, Agenus will receive today accelerated milestone payments of $20 million from Incyte related to the clinical development of INCAGN1876 (anti-GITR agonist) and INCAGN1949 (anti-OX40 agonist).

Across all programs in the collaboration, Agenus will now be eligible to receive up to a total of $510 million in future potential development, regulatory and commercial milestones.

The parties have also entered into a separate Stock Purchase agreement whereby Incyte will purchase 10 million shares of Agenus common stock today at $6 per share.

Alpine Immune Sciences has extended the research term of its worldwide research and license agreement with Kite.

The research collaboration and license agreement, initiated in October 2015, grants Kite an exclusive license to two Alpine programs from Alpine’s Transmembrane Immunomodulatory Protein (TIP) program.

The license allows Kite to further engineer these candidates into chimeric antigen receptor (CAR-T) and T cell receptor (TCR) product candidates.

The research term extension does not change the $535 million in up front and potential regulatory milestones payable to Alpine in the original agreement or royalties Alpine may earn on potential future sales of Kite products incorporating Alpine’s TIP technology.

Kite will continue to have access to two programs from Alpine’s TIP technology for use in CAR-T and TCRs during the extended research term.

Amgen and Tuebingen, Germany-based Immatics Biotechnologies GmbH, announced that they would collaborate on a research and licensing program to develop next-generation, T-cell engaging bispecific immunotherapies for multiple cancers.

As part of the deal, Immatics’ XPRESIDENT target discovery and T-cell receptor (TCR) platform will be used with Amgen’s validated Bispecific T-cell Engager (BiTE) technology to create new cancer drugs.

Amgen will handle clinical development, manufacturing and commercialization.

Amgen is paying Immatics $30 million upfront.

Immatics will be eligible for more than $500 million in various milestone payments for each program, as well as double-digit tiered royalties on net sales.

T-cell engaging bispecifics redirect the T-cell response toward cancer cells that express specific cancer antigens.

HanAll BioPharma has licensed rights to its drug that blocks pathogenic antibody recycling that causes autoimmune disease to Switzerland-based biotech startup Roivant Sciences in a deal worth US$502.5 million.

Roivant Sciences will have exclusive rights to develop and commercialize HanAll Biopharma’s drug candidate HL161BKN in North America, Latin America, EU, Middle East and North Africa.

Roivant Sciences is paying the Korean firm US$30 million upfront, US$20 million for drug development expenditure.

It has also earmarked US$452.5 million for potential milestone payments, as well as double-digit royalties on sales.

Xynomic Pharma has acquired exclusive global rights to develop, manufacture and commercialize BI 882370, a 2nd-generation RAF inhibitor, from Boehringer Ingelheim.

Xynomic will pay upfront, milestone and royalty payments up to approximately $502 million.

Sanofi and ImmuNext, Inc., announced an agreement focused on the development of a novel antibody with the potential to treat a range of autoimmune diseases including Lupus and Multiple Sclerosis.

Under the terms of the agreement, ImmuNext will grant Sanofi an exclusive, worldwide license to develop and commercialize INX-021, a CD40L monoclonal antibody in preclinical development that suppresses the activity of a cellular pathway that is overactive in many autoimmune diseases.

In addition, Sanofi and ImmuNext will initiate a research collaboration to support clinical trials. ­

Potential milestone payments to ImmuNext under the agreement could total $500 million.

ImmuNext is also eligible to receive tiered royalties up to double digits on sales of products.

Zoll Medical has received a $400 million contract from the Defense Logistics Agency to supply vital signs monitors to the U.S. Army and U.S. Air Force.

The Defense Department said the contract has a one-year base period and five one-year option periods and that Zoll will perform work in Massachusetts through June 27, 2021.

The contract was awarded through a competitive procurement process with three bids received.

Canon Inc. agreed to buy Toshiba Corp.’s medical equipment unit for 665.5 billion yen ($5.9 billion) as the world’s biggest maker of cameras seeks new growth.

The deal will be funded by existing cash and borrowings.

Canon had 654 billion yen of cash and equivalents as of Dec. 31 with total debt of 1.6 billion yen, according to data compiled by Bloomberg.

GTCR, a leading private equity firm, has entered into a partnership with Ed Fiorentino to form TerSera Therapeutics LLC .

The new company will focus on acquiring specialty pharmaceutical companies and products as part of a strategy to build a leading company in the industry.

Initial target acquisition opportunities include products which are already approved or currently marketed, as well as late-stage development assets.

GTCR's investment in TerSera will be made from GTCR Fund XI, a private equity fund with $3.85 billion of limited partner equity capital commitments.

January 2021

Sosei is to regain the worldwide rights to its muscarinic agonist programs.

The program was licensed to Allergan in April 2016, and Allergan was acquired by AbbVie in May 2020.

This decision to return worldwide rights was based on business decisions regarding AbbVie's pipeline strategy and not on any efficacy, safety or other data related to the collaboration programs.

As a result of this process, AbbVie has notified Sosei Heptares that it will be returning to Sosei Heptares all assets in development under the program, together with all associated intellectual property licensed by Sosei Heptares to Allergan, and all clinical and preclinical data generated under the partnership.

April 2016

Sosei announced that its wholly-owned subsidiary, Heptares Therapeutics has entered into a definitive agreement with Allergan under which Allergan will license exclusive global rights to a broad portfolio of novel subtype-selective muscarinic receptor agonists in development for the treatment of major neurological disorders, including Alzheimer’s disease.

Heptares will receive an upfront payment of $125 million and is eligible to receive contingent milestone payments of up to approximately $665 million associated with the successful Phase 1, 2 and 3 clinical development and launch of the first three licensed compounds for multiple indications and up to approximately $2.5 billion associated with achieving certain annual sales thresholds during the several years following launch.

Heptares is eligible to receive up to double-digit tiered royalties on net sales of all products resulting from the partnership.

Allergan is also committing up to $50 million to a research and development program to be conducted jointly by Allergan and Heptares aimed at advancing multiple candidates through Phase 2 clinical studies.

Allergan will be responsible for the development of licensed compounds upon initiation of Phase 2b studies and for subsequent manufacturing and commercialization of the products.

The agreement covers first-in-class selective small molecule agonists targeting muscarinic M1 and M4 receptors in the brain, discovered using Heptares’ proprietary StaR technology platform.

Allergan will receive exclusive rights to a broad clinical and preclinical portfolio of M1, M4 and dual M1/M4 agonists, including HTL9936 and HTL18318, selective M1 agonists currently in Phase 1 clinical development.

Incyte and Merus have entered into a global, strategic collaboration agreement focused on the research, discovery and development of bispecific antibodies utilizing Merus’ proprietary Biclonics® technology platform.

The Collaboration and License Agreement grants Incyte the exclusive rights for up to eleven bispecific antibody research programs, including two of Merus’ current preclinical immuno-oncology discovery programs.

Incyte has agreed to pay Merus an upfront payment of $120 million.

In addition, Incyte has agreed to purchase 3.2 million shares of Merus stock at $25 per share, for a total equity investment of $80 million.

The parties have agreed to collaborate on the development and commercialization of up to 11 bispecific antibody programs.

For one current preclinical program, Merus will retain all rights to develop and commercialize approved products in the United States, and Incyte will develop and commercialize approved products arising from the program outside the United States.

Following any regulatory approval of a product candidate for this particular pre-clinical program, each company has agreed to pay the other tiered royalties ranging from 6 to 10 percent on net sales of products in their respective territories.

Merus also has the option to co-fund development of product candidates arising from two other programs.

For any program for which Merus exercises its co-development option, Merus would be responsible for 35 percent of global development costs in exchange for a 50 percent share of U.S. profits and losses and tiered royalties ranging from 6 to 10 percent on ex-U.S. sales by Incyte for these programs.

Merus also has the right to elect to provide up to 50 percent of detailing activities for product candidates arising from one of these programs in the United States.

For each of the other eight programs, Incyte has agreed to independently fund all development and commercialization activities.

For these programs, Merus will be eligible to receive potential development, regulatory and sales milestone payments of up to $350 million per program, which could result in an aggregate milestone opportunity of approximately $2.8 billion if all development, regulatory and sales milestones are achieved across all such eight other programs in all territories.

Merus will also be eligible to receive tiered royalties ranging from 6 to 10 percent on global sales of any approved products under these eight programs.

Merus will retain rights to both of its clinical candidates and MCLA-158, as well as its technology platform and future programs emerging from Merus’ platform that are outside the scope of this agreement.

Biogen announced a broad collaboration and alliance with the University of Pennsylvania to advance gene therapy and gene editing technologies.

The expansive research and translational development collaboration has multiple objectives, but will primarily focus on the development of therapeutic approaches that target the eye, skeletal muscle and the central nervous system (CNS).

Another important aspect of the alliance will focus on validating next-generation gene transfer technology using adeno-associated virus (AAV) gene delivery vectors.

The collaboration will also explore the expanded use of genome editing technology -- the insertion, deletion or replacement of DNA in the genome of an organism -- as a potential therapeutic platform.

This collaboration with Penn reinforces Biogen’s commitment to gene therapy and rare diseases.

Under this broad research and development alliance, Penn will combine its extensive gene therapy resources and expertise to develop therapeutic candidates under the various collaboration programs using both existing and newly developed AAV vectors and will also aid in the development of new manufacturing approaches needed to support commercialization of gene therapy products.

Biogen will in turn, leverage both its therapeutic area and target identification expertise and drug development capabilities to help advance the collaboration programs into the clinic and toward approval.

In addition to developing AAV gene replacement programs, the collaboration will also explore new therapeutic targets using both next-generation AAV vectors and genome editing technologies.

Under the terms of the agreement, Penn may receive up to $2 billion in research funding, options and milestone payments.

Biogen will make an upfront payment to Penn of $20 million with an additional $62.5 million committed to fund R&D costs extending over the next three to five years in seven distinct preclinical research and development programs conducted by the Wilson and Bennett laboratories.

Each program may trigger milestones that range from $77.5 million to $137.5 million per product as well as royalties payable on net sales of products.

Biogen also receives an option to license next generation AAV vectors for certain indications from Penn, for Biogen’s use outside of the collaboration.

Seres Therapeutics has entered into an agreement with Nestlé Health Science for the development and commercialization outside of the United States and Canada for its product candidates in development for Clostridium difficile infection (CDI) and inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease.

The agreement will support the expansion of Seres’ portfolio in markets outside of the United States and Canada and provide substantial financial support for Seres’ ongoing research and development.

Seres retains full commercial rights to its entire portfolio of product candidates in the United States and Canada, where the company plans to build its own commercial organization.

Seres granted Nestlé Health Science commercial rights in global markets outside of the United States and Canada to SER-109 and SER-262 for CDI, and SER-287 and SER-301 for IBD.

The U.S. Food and Drug Administration (FDA) has granted SER-109 Orphan Drug, as well as Breakthrough Therapy, designations.

In exchange for commercial rights, Nestlé Health Science agreed to provide Seres with an upfront payment of $120 million in cash and a series of contingent payments for development and sales milestones and tiered royalties on sales ranging from the high single digits percentages up to the high teens for all products.

Nestlé Health Science agreed to contribute to certain development efforts, including 33 percent of expenses for potential global Phase 3 studies for SER-287, SER-301 and SER-262.

The full potential value of the up-front payment, milestones and royalties payable by Nestlé Health Science is over $1.9 billion, assuming all products receive regulatory approval and are successfully commercialized.

Seres expects to receive a total of $30 million in milestone payments in 2016 associated with the planned initiation of a Phase 1b study for SER-262 in primary CDI and the anticipated start of the Phase 3 trial for SER-109 in recurrent CDI.

The upfront payment to be received under the agreement is expected to help fund the late-stage development of Seres’ lead programs, and drive the continued growth of Seres’ pipeline in a variety of conditions where addressing the microbiome could be an effective clinical strategy.

Preclinical product candidates currently being investigated at Seres include promising new indications in infectious, inflammatory and metabolic diseases, including rare genetic diseases and immuno-oncology indications.

Hologic has entered into a definitive agreement to sell its share of its blood screening business to Grifols, for gross proceeds of $1.85 billion in cash.

The transaction has been approved by the boards of directors of both companies.

Baxalta and Symphogen announced a broad strategic immuno-oncology collaboration.

Baxalta and Symphogen will advance novel therapeutics against six checkpoint targets, with the first program to enter clinical studies in 2017.

On a product-by-product basis, following successful completion of Phase 1 clinical trials, Baxalta will have exclusive option rights to complete late-stage development and worldwide commercialization.

Symphogen will receive an upfront payment of $175 million (€160 million) from Baxalta in exchange for the exclusive option rights for six checkpoint therapies.

Symphogen will be responsible for performing R&D through Phase 1 clinical trials at its own expense.

The agreement holds a total potential value up to €1.4 billion ($1.6 billion) in option fees and milestones over the long-term, in addition to royalties on worldwide sales.

Additional terms, including therapeutic targets, were not disclosed.

Baxalta and Precision BioSciences announced a global collaboration to develop a broad series of allogeneic chimeric antigen receptor (CAR) T cell therapies directed towards areas of major unmet need in multiple cancers.

Baxalta and Precision BioSciences will develop CAR T therapies for up to six unique targets, with the first program expected to enter clinical studies in late 2017.

Precision BioSciences will be responsible for performing early-stage research activities up to Phase 2, following which Baxalta has the exclusive right to opt in for late-stage development and commercialization.

Precision BioSciences will receive an upfront payment of $105 million from Baxalta, with additional option fees, developmental, clinical, regulatory, and sales milestones, potentially totaling up to $1.6 billion, in addition to royalties on worldwide sales.

Precision also has the right to participate in the development and commercialization of any licensed products resulting from the collaboration through a 50/50 co-development and co-promotion option in the United States.

Additional terms and initial targets were not disclosed.

September 2020

Precision BioSciences in collaboration with Servier have added two additional hematological cancer targets beyond CD19 and two solid tumor targets to its CAR T development and commercial license agreement.

Under the terms of the existing development and commercial license agreement between Servier and Precision, Servier has selected two hematological and two solid tumor targets beyond those already in Precision’s allogeneic CAR T pipeline.

Precision intends to leverage its proprietary ARCUS genome editing platform and CAR T development and manufacturing expertise for early-stage research and development activities, including Investigational New Drug (IND) filing through the manufacturing of initial clinical trial material for a Phase 2 study.

Servier has the right to opt in for late-stage development and commercialization, and Precision has the right to participate in the development and commercialization of any licensed products resulting from the collaboration through a 50/50 co-development and co-promotion option in the United States.

With the addition of these new targets, Precision expects to receive milestone payments in 2020 and 2021.

Precision is also eligible for option fees, clinical, regulatory, and sales milestones in addition to royalties on product sales.

February 2016

Precision Biosciences entered into the Servier Agreement as subsequently amended, with predecessor entities of Servier.

Pursuant to this agreement, we have agreed to develop allogeneic chimeric antigen receptor T cell therapies for up to six unique antigen targets, the first of which was selected at the inception of the agreement.

Upon selection of an antigen target, we perform early-stage research and development on individual T cell modifications for the selected target, develop the resulting therapeutic product candidates through Phase 1 clinical trials and manufacture clinical trial material for use in Phase 2 clinical trials.

We received an upfront payment of $105.0 million under the Servier Agreement.

At Phase 2 readiness for any product candidate covered by the Servier Agreement, Servier may exercise a commercial option to proceed with development and commercialization of the product candidate, subject to option fees.

Following the exercise of any such commercial option, Servier must use commercially reasonable efforts to develop and commercialize the product candidate.

We have the ability to receive total payments, including the upfront payment, option fees and milestone payments, in the aggregate across all six targets that may be selected, of up to approximately $1.6 billion.

This includes up to $1.5 billion in milestone payments, consisting of up to $401.3 million in development milestone payments and up to $1.1 billion in commercial milestone payments.

We are also entitled to receive tiered royalties ranging from the mid-single digit percentages to sub-teen percentages on worldwide net sales of any products developed under the Servier Agreement, subject to customary potential reductions.

Servier’s obligation to pay royalties to us expires on a country-by-country and licensed product-by-licensed product basis upon the latest of

(1) the expiration of the last to expire valid claim of all Precision patents covering a licensed product,

(2) expiration of all regulatory exclusivity with respect to a licensed product in the applicable country of sale, and

(3) the expiration of 10 years following the first commercial sale of such licensed product in such country.

We also have the right to participate in the development and commercialization of any licensed products resulting from the collaboration through a 50/50 co-development and co-promotion option in the United States, subject to our payment of an option fee, which is exercisable after Servier’s commercial option exercise.

So long as Servier holds a commercial license with respect to any particular licensed product, we may not develop, manufacture or commercialize any engineered human T cells with chimeric antigen receptors for use in humans directed to the same antigen target as the target of that licensed product.

Unless terminated earlier, the Servier Agreement expires upon the first to occur of

(1) the expiration of the period in which Servier may nominate antigen targets, if there are no included targets under the agreement,

(2) the expiration of the period in which Servier may exercise a commercial option on a licensed product candidate, if no commercial options have been exercised by Servier, or

(3) the expiration of the last to expire royalty term for the licensed products and satisfaction of all of Servier’s payment obligations under the agreement.

Servier has the right to terminate the agreement for convenience, either in its entirety or on a target-by-target or product-by-product basis, by providing advance notice to us.

We may terminate immediately upon notice to Servier if Servier (itself or through the use of certain affiliates or a third party) or any sublicensee initiates or participates in a patent challenge against our patents licensed by Servier under the agreement.

In addition, the Servier Agreement may be terminated

(a) by either party for the other party’s material breach that remains uncured as specified in the agreement,

(b) by either party upon the occurrence of certain insolvency-related events of the other party and

(c) upon mutual agreement of the parties in the event either party suffers an event of force majeure as specified in the agreement.

If Servier terminates the agreement for our uncured material breach of provisions in the agreement that restrict development, manufacture or commercialization of engineered human T cells with chimeric antigen receptors for use in humans directed to a target selected by Servier, certain licenses we grant to Servier will become royalty-free, fully paid-up, perpetual and irrevocable with respect to the licensed product candidates and licensed products directed to the target that was the subject of such breach, and Servier will be deemed to have previously exercised its commercial option for any then-existing licensed product candidates directed to such target.

Pfizer announced it was buying part of AstraZeneca (AZN)’s antibiotics business.

Pfizer is buying the rights to commercialize and develop AstraZeneca’s late-stage small molecule antibiotics business in most global markets outside the U.S.

That includes already approved antibiotics Merrem, Zinforo and Zavicefta, and two that are in clinical development, ATM-AVI and CXL.

Allergan controls the North American rights to four of the drugs.

Pfizer is acquiring the North American rights to Merem.

Pfizer is paying AstraZeneca $550 million when the deal closes, and another $175 million in January 2019.

Also, Pfizer may pay up to $250 million in various commercial, manufacturing and regulatory milestones, as well as up to $600 million in sales-related payments, in addition to recurring, double-digit royalties on any future sales of Zaficefta and ATM-AVI in specific markets.

The deal does not include AstraZeneca’s biological anti-infective drugs portfolio, or last year’s spinout of early-stage antibiotic development, Entasis Therapeutics.

January 2020

AstraZeneca will recover the global rights to brazikumab (formerly MEDI2070), a monoclonal antibody targeting IL23, from Allergan.

Brazikumab is currently in a Phase IIb/III programme in Crohn’s disease (CD)1 and a Phase IIb trial in ulcerative colitis (UC).2

AstraZeneca and Allergan will terminate their existing license agreement and all rights to brazikumab will revert to AstraZeneca.

The transaction is expected to complete in the first quarter of 2020, subject to regulatory approvals associated with AbbVie’s proposed acquisition of Allergan and its timely completion.

October 2016

AstraZeneca announced that its biologics research-and-development unit, MedImmune, inked a licensing deal with Dublin-based Allergan for MEDI2070.

MEDI2070 is an IL-23 monoclonal antibody that is presently in a Phase IIb trial for moderate-to-severe Crohn’s disease.

It is also expected to start a Phase II trial for ulcerative colitis.

As a result, AstraZeneca will pay Amgen a third of all payments and royalties it receives from Allergan.

Amgen is also eligible for a single-digit inventor royalty.

As part of the deal, Allergan is paying AstraZeneca an upfront fee of $250 million.

Various milestone payments could hit up to $1.27 billion, and any approved therapeutics will include tiered royalties.

MedImmune will continue an ongoing Phase IIa trial of the drug in Crohn’s disease to completion, then transition the Phase IIb trial to Allergan.

Cancer Research UK is aligning with the Wellcome Trust, Syncona and BACIT to create an up to £1 billion company to invest in life sciences, with a significant allocation to oncology, subject to approval from BACIT shareholders.

Novartis has signed an agreement with Cerulean Pharma, worth a potential $1.2 billion depending on milestones met, to co-develop nanoparticle-drug conjugates (NDCs).

The combination will see Cerulean create NDCs that specifically attack tumour cells, which could then be used in conjunction with Novartis’ compounds.

The deal is broken down into $5 million upfront whilst Novartis will fund five full-time employees to work on the development of NDCs at Cerulean.

Dermavant Sciences has entered into an exclusive worldwide licensing agreement with Portola Pharmaceuticals for the development and commercialization of cerdulatinib in topical applications beyond oncology.

Under the terms of the agreement with Dermavant, Portola retains full rights to all non-topical formulations of cerdulatinib, including oral formulations.

January 2018

Saniona and Proximagen have initiated lead optimization in their ongoing drug discovery and development collaboration.

January 2016

Saniona and Proximagen have entered into a drug discovery and development collaboration.

This collaboration will focus on research of new small molecule therapeutics for neurological disorders, using Saniona’s expertise in ion channels and related technology platforms.

Proximagen is granted exclusive worldwide rights to develop, manufacture and commercialise medicines identified through the collaboration.

For Saniona, the total potential value of pre-commercial milestone payments is up to US$30 million.

While Proximagen is granted exclusive worldwide rights to develop, manufacture and commercialise medicines identified through the collaboration, Saniona will receive upfront and research funding during the research period.

Saniona expects to report approximately US$1.1 million in upfront and research funding under this agreement in 2016.

Furthermore, Saniona will receive milestone payments upon the achievement of certain research, development and regulatory milestones.

The potential value of the milestone payments is up to US$30 million.

In addition, Saniona will receive tiered royalties on net sales of any potential products commercialised by Proximagen as a result of this collaboration.

Abbott and St. Jude Medical announced an agreement in principle to sell certain products to Terumo Corporation.

The transaction reflects a purchase price of approximately $1.12 billion and is subject to the successful completion of Abbott's acquisition of St. Jude Medical and antitrust regulatory approvals.

Abbott, St. Jude Medical and Terumo are bound by the terms of an exclusivity agreement.

The divestiture is an all-cash transaction and will include the products globally for St. Jude Medical's Angio-Seal and Femoseal vascular closure products and Abbott's Vado® Steerable Sheath.

Abbott will retain its vascular closure products, which include the Perclose ProGlide® Suture-Mediated Closure System, StarClose SE® Vascular Closure System and Prostar® XL Percutaneous Vascular Surgical System.

Following Abbott's acquisition of St. Jude Medical, the combined business will compete in nearly every area of the cardiovascular market and hold top positions in high-growth segments, including atrial fibrillation, structural heart and heart failure, as well as a leading position in the high-growth neuromodulation market.

Congress late Wednesday approved federal funding that will provide $1.1 billion to fight the Zika virus, along with money necessary to keep the government running through Dec. 9.

April 2017

Akebia Therapeutics, Inc. and Otsuka Pharmaceutical Co., Ltd. announced that they have expanded their collaboration for vadadustat by entering into a collaboration and license agreement for Europe, China and other territories.

Vadadustat is an oral hypoxia-inducible factor (HIF) stabiliser currently in Phase 3 development for the treatment of anaemia associated with chronic kidney disease (CKD).

December 2016

Akebia Therapeutics and Otsuka Pharmaceutical have entered into a collaboration and license agreement in the U.S. for vadadustat, an oral hypoxia-inducible factor (HIF) stabilizer currently in development for the treatment of anemia associated with chronic kidney disease (CKD).

The collaboration provides capital for the global development program for vadadustat, and commercial resources for a U.S. launch of vadadustat upon approval by the Food and Drug Administration.

Akebia will receive $265 million in committed funds plus development and commercial milestones, representing a total transaction value that could exceed $1 billion.

The companies intend to contribute equally to commercialization efforts and share equally all costs and revenue in the U.S.

Akebia will continue to lead the ongoing global Phase 3 development program for vadadustat.

Otsuka will pay $265 million or more in committed capital.

This includes a payment of $125 million upon signing and a payment of approximately $35 million in the first quarter of 2017.

The agreement also provides for Otsuka to pay $105 million or more of the costs of the global development program for vadadustat.

Additionally, Otsuka will pay potential development and commercial milestones up to $765 million.

May 2018

Medigene announced the significant expansion of its successful strategic alliance with bluebird bio focusing on the research and development of T cell receptor-modified T cell (TCR-T) immunotherapies for the treatment of cancer.

Under the revised terms of the agreement, the number of target antigen/MHC restriction combinations for the discovery of specific TCR lead candidates by Medigene will be increased from four to six.

As part of this contractual expansion, Medigene will receive an additional one-time payment of USD 8 million.

R&D funding for all work performed by Medigene in this collaboration will grow proportionally to address the broader scope of the collaboration.

In addition, the aggregate amount of all potential development and commercial milestones as well as royalty payments has been significantly increased in line with the extended number of TCR projects.

If successfully developed and marketed through several indications and markets, Medigene could receive up to USD 250 million in milestone payments per TCR program in addition to tiered royalty payments on net sales up to a double-digit percentage.

Following the amendment of the agreement, Medigene anticipates receiving an additional payment of USD 1 million associated with the first collaboration project under the agreement.

September 2016

Medigene and bluebird bio struck a collaborative deal to develop T cell receptor (TCR) immunotherapies against four targets that could be worth more than $1 billion.

In an announcement this morning, the companies said the collaboration will combine Medigene’s TCR technology with bluebird’s lentiviral-based gene therapies, T cell immunotherapy expertise and gene editing capabilities.

Under the terms of the agreement, Medigene will be responsible for the generation and delivery of the TCRs using its TCR isolation and characterization platform.

Following the collaborative preclinical development, bluebird bio will assume sole responsibility for the clinical development and commercialization of the TCR product candidates, the companies said.

Additionally, bluebird will receive an exclusive license for the intellectual property covering the resulting TCRs.

As part of the deal, Medigene will receive an upfront payment of $15 million from bluebird.

Additional clinical and commercial milestone payments could be total more than $1 billion for Medigene.

Additionally, Medigene will receive R&D funding for all work performed in the collaboration and is eligible for tiered royalty payments on net sales up to a double-digit percentage.

Blueprint Medicines Corporation , a leader in discovering and developing highly selective kinase medicines for patients with genomically defined diseases, announced that it has entered into a worldwide collaboration and exclusive license agreement with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (collectively, Roche) for the discovery, development and commercialization of up to five small molecule therapeutics targeting kinases believed to be important in cancer immunotherapy.

Under the terms of the agreement, Blueprint Medicines will receive an upfront cash payment of $45 million and will be eligible to receive up to an additional approximately $965 million in contingent option fees and milestone payments related to specified research, preclinical, clinical, regulatory and sales-based milestones across all five potential programs.

Of the total contingent payments, up to approximately $215 million are for option fees and milestone payments for research, preclinical and clinical development events prior to licensing across all five potential programs.

In addition, the agreement provides for specified royalties and cost sharing, which are described in more detail below.

Immunokinases are intracellular targets known to regulate numerous aspects of immune response and represent an important opportunity for potentially innovative approaches to enhance the immune system's ability to recognize and eradicate tumor cells.

This collaboration seeks to develop new mechanisms of modulating the tumor immune response by targeting immunokinases with the goal of enhancing response rates and broadening the utility of using cancer immunotherapies to treat additional cancer types.

The collaboration provides for the worldwide development and commercialization of immunokinases in the field of cancer immunotherapy for up to five small molecule drug candidates as single products or possibly in combination with Roche's portfolio of therapeutics.

Roche's rights are structured as an option, triggered upon achievement of Phase I proof-of-concept, for an exclusive license to each drug candidate developed under the collaboration.

Blueprint Medicines will be primarily responsible for preclinical research and conduct of clinical development for each program prior to any exercise of Roche's option for such program.

If Roche exercises an option for a program, Roche will be responsible for subsequent global development for that program through registrational clinical trials. For up to three of the five programs, if Roche exercises its option, Roche will receive worldwide commercialization rights for the licensed product.

For up to two of the five programs, if Roche exercises its option, Blueprint Medicines will retain commercialization rights in the United States for the licensed product, and Roche will receive commercialization rights outside of the United States for such licensed product. Blueprint Medicines will also retain worldwide rights to any drug candidates for which Roche elects not to exercise the applicable option.

For any licensed product for which Roche retains worldwide commercialization rights, Blueprint Medicines will be eligible to receive tiered royalties ranging from low double-digits to high-teens on future net sales of the licensed product.

For any licensed product for which Blueprint Medicines retains commercialization rights in the United States, Blueprint Medicines and Roche will be eligible to receive tiered royalties ranging from mid-single-digits to low double-digits on future net sales in the other party's respective territories in which it commercializes the licensed product.

Blueprint Medicines and Roche will share the costs of Phase 1 development for each collaboration target.

In addition, Roche will be responsible for post-Phase 1 development costs for each licensed product for which it retains global commercialization rights, and Blueprint Medicines and Roche will share post-Phase 1 development costs for each licensed product for which Blueprint Medicines retains commercialization rights in the United States.

Mylan announced an agreement to acquire the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings, LLC for $950 million in cash at closing, plus additional contingent payments of up to $50 million, subject to customary adjustments.

The Business will bring Mylan a complementary portfolio of approximately 25 branded and generic topical products, an active pipeline of approximately 25 products, and an established U.S. sales and marketing infrastructure targeting dermatologists.

The Business also brings Mylan an integrated manufacturing and development platform and a leading topicals-focused contract development and manufacturing organization.

February 2017

ICU Medical Inc.announced that it has completed its acquisition of the Hospira Infusion Systems business from Pfizer Inc.

The Hospira Infusion Systems business includes IV pumps, solutions, and devices that, when combined with the company’s existing businesses, makes ICU Medical one of the world’s leading pure-play infusion therapy companies.

The Hospira Infusion Systems acquisition complements ICU Medical’s existing business to create a company with a complete IV therapy product portfolio from solutions to pumps to non-dedicated infusion sets.

October 2016

Pfizer announced it was selling its global infusion therapy business, Hospira Infusion Systems (HIS) to ICU Medical for $1 billion in cash and stock.

Part of the reason Pfizer sold these assets is related to regulatory requirements over the Hospira acquisition.

Under the new deal, Pfizer will receive about $400 million in newly issued shares of ICU common stock and $600 million in cash.

May 2018

Bicycle Therapeutics is expanding its collaboration with AstraZeneca to include additional targets in respiratory and cardio-metabolic diseases.

The original collaboration was signed in late 2016 and with the expansion has a potential value in excess of $1 billion.

Under the terms of the collaboration Bicycle is responsible for identifying Bicycles for an undisclosed number of respiratory, cardiovascular and metabolic disease targets specified by AstraZeneca, while AstraZeneca is responsible for further development and product commercialization.

The expansion provides additional disease targets and triggers an undisclosed milestone payment to Bicycle.

December 2016

Bicycle Therapeutics has entered into a collaboration with AstraZeneca for the identification and development of bicyclic peptides (Bicycles) for the treatment of respiratory, cardiovascular and metabolic diseases.

Bicycle is responsible for identifying Bicycles for an undisclosed number of targets specified by AstraZeneca while AstraZeneca is responsible for further development and product commercialization.

If all planned programmes reach the market, Bicycle will be eligible for over $1 billion in payments, including an upfront payment, future R&D funding, development, regulatory and commercialization milestone payments.

Bicycle would also be entitled to receive royalties on sales of products resulting from the collaboration.

December 2017

PsiOxus Therapeutics announced that the Clinical Trial Application for NG-348, an “armed” oncolytic virus for the treatment of solid tumors, has been approved and, per the licensing agreement between the parties, Bristol-Myers Squibb will make a US $15 million milestone payment to PsiOxus.

Under the terms of the December 2016 agreement, Bristol-Myers Squibb granted PsiOxus an upfront payment of $50 million.

In aggregate, PsiOxus is eligible to receive development, regulatory and sales-based milestones of $936 million, as well as royalties on net sales.

Following the completion of pre-clinical development by PsiOxus, Bristol-Myers Squibb is solely responsible for global clinical development and commercialization activities related to NG-348.

In June 2016, Bristol-Myers Squibb and PsiOxus entered into an exclusive clinical collaboration to study enadenotucirev, PsiOxus’ systemically administered “unarmed” oncolytic adenovirus therapeutic, in a multi-cohort clinical trial.

December 2016

PsiOxus Therapeutics has announced an agreement granting Bristol-Myers Squibb exclusive worldwide rights to NG-348, a pre-clinical stage, “armed” oncolytic virus which may serve as a novel mechanism to address solid tumours.

Bristol-Myers Squibb will grant PsiOxus a US$50 million upfront payment and will be solely responsible for global clinical development and commercialisation activities related to NG-348.

PsiOxus is also eligible to receive up to US$886 million in development, regulatory and sales-based milestones, and in addition, royalties on net sales.

Bristol-Myers Squibb will also be responsible for providing PsiOxus funding to support activities related to the preclinical development of NG-348.

Genentech (RHHBY), a member of the Roche Group (RHO), licensed HM95573 from Seoul, South Korea-based Hanmi Pharmaceutical Co. for a deal that could hit $910 million.

HM95573 is a pan-RAF inhibitor currently in Phase I clinical development.

The Phase I trial is being underwritten by the South Korean Ministry of Health and Welfare for $545,843 (US).

Genentech is paying an upfront fee of $80 million and up to $830 million in various milestone payments.

Hanmi will also be eligible for tiered double-digit royalties on any commercial products.

May 2019

Zymeworks announced that GSK has expanded its 2016 licensing and collaboration agreement with Zymeworks for the research, development, and commercialization of bispecific antibodies across multiple disease areas.

GSK will now have access to Zymeworks’ unique heavy-light chain pairing technology, part of its proprietary Azymetric platform. Zymeworks’ Azymetric platform enables the development of bispecific and multifunctional therapeutics while maintaining the characteristics of naturally-occurring human antibodies.

GSK will have the option to develop and commercialize bispecific drugs across different disease areas and Zymeworks will be eligible to receive increased preclinical, development and commercial milestone payments.

If all six programs are developed and commercialized, the new potential value of the collaboration would be up to US$1.1 billion.

Zymeworks is eligible to receive increased tiered royalties on worldwide sales.

April 2016

Zymeworks has entered into a new licensing agreement with GSK for the research, development, and commercialization of novel bi-specific antibodies enabled using Zymeworks’ Azymetric drug discovery platform.

GSK will have the option to develop and commercialize multiple bi-specific drugs across different disease areas.

Zymeworks will receive upfront and preclinical payments of up to USD$36 million and is eligible to receive up to USD$152 million in development and clinical milestone payments, along with commercial sales milestone payments of up to USD$720 million, and tiered royalties on potential sales.

As previously announced in December 2015, Zymeworks and GSK entered into a collaboration and license agreement to further develop Zymeworks’ Effector Function Enhancement and Control Technology (EFECT) platform and to research, develop, and commercialize novel Fc-engineered monoclonal and bi-specific antibody therapeutics that have been optimized for specific therapeutic effects.

As part of this second agreement, GSK has also gained the right to combine the Azymetric platform with novel engineered Fc domains developed under the previously announced collaboration.

Eli Lilly & Company (LLY)’s animal health unit Elanco U.S., Inc. struck an $885 million deal with Boehringer Ingelheim Vetmedica Inc. to acquire a portfolio of canine, feline and rabies vaccines, as well as a fully-integrated research and development site.

Elanco said the deal will diversify the company’s companion animal portfolio in the United States by “complementing its offerings for dogs and cats.”

The deal expands Elanco’s pipeline to include vaccines for bordetella, Lyme disease, rabies and parvovirus.

This year the company launched two new animal vaccines ULTRA Hybrid FVRCP and ULTRA Duramune Lyme, which were both included in the deal.

Other vaccines included in the deal are the Fel-O-Vax and Fel-O-Guard lines for cats.

Included in the deal is a manufacturing facility based in Fort Dodge, Iowa.

December 2016

Ipsen and Exelixis have amended the exclusive collaboration and licensing agreement for the commercialization and continued development of cabozantinib, a promising new therapy in development for renal cell carcinoma (RCC).

Moving forward, Ipsen Biopharmaceuticals Canada will have commercialization rights for cabozantinib which is not yet approved in Canada.

March 2016

Exelixis and Ipsen announced that they had inked an exclusive licensing agreement to commercialize and develop cabozantinib, Exelixis’ lead cancer drug.

Ipsen will gain exclusive rights to commercialize cabozantinib for current and future indications outside the U.S., Canada and Japan.

This applies to rights to Cometriq, which is approved in Europe for the treatment of adults with progressive, unresectable, locally advanced or metastatic medullary thyroid cancer (MTC).

In addition, the two companies will collaborate on developing cabozantinib for other indications.

Exelixis will hold exclusive commercial rights for the drug in the U.S. and Canada, and is continuing discussions to partner commercial rights in Japan.

Ipsen is paying Exelixis $200 million upfront, and Exelixis is eligible for various milestone payments, including $60 million for approval of the drug in Europe for advanced renal cell carcinoma (RCC) and $50 million when it files and gets approval for cabozantinib in Europe for advanced hematocellular carcinoma (HCC).

Additional milestones are possible, as well as up to $545 million in commercial milestone payments and tiered royalties up to 26 percent of Ipsen’s net sales of the drug.

Mersana Therapeutics and Takeda Pharmaceutical have entered a new strategic partnership granting Takeda rights to Mersana’s lead product candidate, XMT-1522, outside the United States and Canada.

The deal also expands an existing collaboration between the companies to provide Takeda with additional access to Mersana’s Fleximer antibody-drug conjugate (ADC) platform and grants Mersana an option at the end of Phase 1 to co-develop and co-commercialize one of these programs in the United States.

In addition, the companies will co-develop new payloads for use with ADCs.

Takeda and Mersana will co-develop XMT-1522, and Mersana will lead execution of the Phase 1 trial.

Mersana will retain full commercial rights in the United States and Canada while Takeda will have rights in rest of world.

Beyond development and commercialization of XMT-1522, the expanded partnership also grants Takeda access to additional targets within Mersana’s Fleximer-based ADC platform, with Mersana retaining the right to select one program at the end of Phase 1 for co-development and co-commercialization in the United States.

Takeda and Mersana will also work together, leveraging Takeda’s proprietary small molecule libraries, to identify and develop novel payloads that both parties will be able to use in new ADC therapies.

Takeda signed agreements with Mersana through its wholly owned subsidiary, Millennium Pharmaceuticals, under which, Mersana will receive an upfront payment of $40 million and an additional payment of $20 million upon clearance of the IND for XMT-1522 by the FDA.

Subject to the success of the XMT-1522 and ADC programs, Mersana is eligible to receive milestone payments of more than $750 million combined, as well as royalties.

Takeda will also invest up to $20 million in equity in future rounds of Mersana financing.

December 2016

Ionis Pharmaceuticals has earned $5 million milestone payment from Janssen Biotech associated with the validation of an undisclosed target to treat patients with a gastrointestinal (GI) autoimmune disease.

Under the collaboration, Ionis and Janssen will continue to evaluate the target with the goal of advancing an antisense drug into development.

Under the terms of the agreement, which covers three programs, Ionis is eligible to receive nearly $800 million in development, regulatory and sales milestone payments and license fees.

In addition, Ionis will receive tiered royalties that on average are double-digits on sales from any product that is successfully commercialized.

July 2016

Ionis Pharmaceuticals , which is developing RNA-targeting therapeutics, struck a licensing deal with Janssen Biotech (JNJ), Inc. for its oral gastrointestinal treatment, IONIS-JBI1-2.5.

The deal, which covers three programs, is worth $810 million, with the company already having been awarded $10 million.

The remaining potential $800 million will be awarded to Ionis based on development, regulatory and sales milestone payments and license fees for these programs.

Additionally, Ionis is expected to receive tiered royalties that on average are double-digits on sales from any product that is successfully commercialized.

Under terms of the deal, Janssen will assume all global development, regulatory and commercialization responsibilities for IONIS-JBI1-2.5 upon completion of investigational new drug enabling studies.

Ionis’ GI treatment, IONIS-JBI1-2.5, is antisense drug designed to locally inhibit an undisclosed target in the gastrointestinal (GI) tract.

The collaboration between the two companies is focused on the development and discovery of orally administered, locally acting RNA-targeted therapeutics for autoimmune diseases in the gastrointestinal tract.

Sorrento Therapeutics and France-based Servier announced that the two companies had inked a license and collaboration deal to develop, manufacture and commercialize products using Sorrento’s STI-A1110.

STI-A1110 is a fully human immuno-oncology anti-PD-1 monoclonal antibody (mAb).

Sorrento developed it using its proprietary G-MAB library platform.

In the deal, Servier receives an exclusive global license to STI-A1110 for all indications, including hematological and solid tumor cancers.

It also acquired full rights to develop, register and commercialize any products and will pay for all of the developmental and business activities.

Servier is paying an upfront cash payment of 25 million euros.

Development milestones for the initial products and each additional product are also part of the deal.

In addition, Sorrento could get up to 710 million euros based on commercial sales milestones, as well as variable royalties.

The Medicines Company has entered into a definitive agreement to sell Cleviprex® (clevidipine), Kengreal® (cangrelor) and the Company’s rights to Argatroban for Injection to Chiesi USA, Inc. and its parent company, Chiesi Farmaceutici S.p.A., for up to $792 million, consisting of $260 million in cash payable at closing, up to $480 million in sales-based milestone payments, the assumption by Chiesi of up to $50 million in milestone payment obligations and approximately $2 million for product inventory.

Purdue Pharmaand Exicure announced a strategic research collaboration, option and license agreement to discover and develop a treatment for psoriasis, and other diseases amenable to a gene regulation approach utilizing Exicure’s Spherical Nucleic Acid (SNA) technology.

Purdue Pharma, upon exercise of the options, will obtain full worldwide development and commercial rights to AST-005, and rights to three additional collaboration targets with associated intellectual property.

The lead compound, AST-005, is an investigational, topically-applied SNA that targets tumor necrosis factor (TNF), a pro-inflammatory cytokine shown to be a key mediator of psoriasis.

In a recently completed Phase 1 trial, fifteen patient volunteers with chronic plaque psoriasis were treated with AST-005 for ten days. The first trial with AST-005, based on Exicure’s proprietary SNA technology, met the safety and tolerability requirements in patients with mild to moderate psoriasis.

In addition to the safety data typically collected from the first Phase 1 trial, pharmacodynamic assessments were performed from the treated plaque area.

Exicure received an upfront payment, will receive an equity investment and could potentially receive development, regulatory and commercial milestone compensation, which together with the upfront payment and equity investment, could total up to $790 million, if all programs are fully developed, as well as royalties on potential sales of the products.

December 2020

Crescendo Biologics has expanded its global, multi-target discovery and development collaboration with Takeda Pharmaceutical after Crescendo achieved its sixth technical milestone.

Under its ongoing collaboration and license agreement, Crescendo’s proprietary transgenic platform and engineering expertise is being used to build Humabody-based therapeutics against certain targets selected by Takeda.

The collaboration expansion gives Takeda access to a range of Crescendo’s half-life extension Humabodies for use with its two Humabody programmes, previously licensed in November 2018 and July 2019, and Humabody programmes Takeda licenses in the future during the term of the collaboration expansion.

This is the sixth technical milestone achieved by Crescendo in its collaboration with Takeda.

Crescendo has successfully delivered novel oncology-targeted Humabody lead molecules using its robust in-house discovery process.

September 2019

Crescendo Biologics has achieved a fifth milestone in its collaboration with Takeda Pharmaceutical.

Under the global, strategic, multi-target collaboration and license agreement with Takeda that was announced in October 2016, Crescendo’s proprietary transgenic platform and engineering expertise is used to identify and configure Humabody-based therapeutics against certain targets selected by Takeda.

Crescendo has successfully delivered three novel oncology-targeted Humabody lead molecules.

Takeda has taken exclusive licenses to both of the first two programmes in this highly productive collaboration.

May 2019

Crescendo Biologics has achieved a fourth milestone in its collaboration with Takeda Pharmaceutical.

Under the global, strategic, multi-target collaboration and license agreement with Takeda that was announced in October 2016, Crescendo’s proprietary transgenic platform and engineering expertise is used to identify and configure Humabody-based therapeutics against certain targets selected by Takeda.

This is the fourth collaboration milestone achieved by Crescendo and relates to the progression of an immuno-oncology programme where the Humabody lead has demonstrated in vivo anti-tumour activity.

This latest milestone follows the early licensing by Takeda of Crescendo’s first oncology-targeted Humabody in November 2018.

November 2018

Crescendo Biologics announced that Takeda Pharmaceutical has exercised an option under its existing, multi-target collaboration and license agreement.

Takeda has taken an exclusive licence to Humabodies directed to one of its oncology targets.

This licence option exercise comes substantially earlier than planned and marks the highly successful delivery and further pre-clinical evaluation by Takeda of Humabody leads meeting its stringent criteria.

August 2018

Crescendo Biologics has achieved another technical milestone in its collaboration with Takeda Pharmaceutical.

This milestone, for an undisclosed amount, marks the successful delivery of another highly diverse panel of functional Humabody leads against the second of Takeda’s selected targets.

The achievement of an equivalent milestone related to the first of Takeda’s selected targets was announced in April 2018.

October 2016

Crescendo Biologics inked a deal with Takeda Pharmaceutical that could hit $790 million.

Crescendo’s Humabody platform technology will be used to discover and optimize candidates against multiple targets chosen by Takeda.

The technology platform focuses on a proprietary transgenic mouse, which allows it to develop Humabodies, which are similar to monoclonal antibodies, but are small in size, less expensive, and according to the company, offer “modular plug & play engineering options for generating novel bi- or multi-specific formats.”

Under the deal, Crescendo will receive up to $36 million in an upfront payment, investment, research funding and preclinical milestones.

Takeda will hold the right to develop and commercialize Humabody-based therapeutics that come out of the collaboration deal.

Crescendo may also receive milestone payments up to $754 million, as well as royalties on any Humabody-based product sales made by Takeda.

C4 Therapeutics had inked a strategic collaboration with Roche to develop TPD therapeutics using Degronimid technology.

The company will begin by developing TPD drugs that use Degronimid for a specific group of target proteins.

A preclinical development phase has been defined, after which Roche has the option to participate in more pre- and clinical development and commercialization.

Roche is paying an undisclosed upfront fee with additional development, regulatory and commercial milestone payments per targets.

There are also potential sales fees and tiered royalties on sales of products.

The potential value of the deal exceeds $750 million.

MacroGenics, headquartered in Rockville, Maryland, signed a global oncology collaboration and license agreement with Janssen Biotech (JNJ), a Johnson & Johnson (JNJ) company.

Janssen agrees to pay $75 million upfront, with potential clinical, regulatory and commercialization milestones that could hit $665 million.

If commercialized, MacroGenics could receive double-digit royalties.

The collaboration deal uses MacroGenics’ Dual-Affinity Re-Targeting (DART) platform that simultaneously targets CD3 and an undisclosed tumor target for possible therapeutics to treat hematological malignancies and solid tumors.

The specific product is MGD015, which is designed to redirect T cells, by way of their CD3 component, to attack specific cancer cells that overexpress an antigen that has not been disclosed.

Intas Pharmaceuticals, through its wholly owned subsidiary Accord Healthcare has entered into a definitive agreement to acquire Actavis UK Ltd. & Actavis Ireland from Teva Pharmaceutical Industries, for an enterprise value of £603 million payable in cash.

The transaction is part of the European Commission’s anti-trust divestiture requirements arising from Teva’s acquisition of Allergan’s generics business.

Conatus Pharmaceuticals has entered into an exclusive option, collaboration and license agreement for the global development and commercialization of its first-in-class, orally active pan-caspase inhibitor emricasan with Novartis.

Conatus will receive $50 million upfront, and is eligible to receive $7 million following the exercise of the license option.

Conatus can borrow up to $15 million in the form of convertible promissory notes under an investment agreement with Novartis.

Conatus is eligible to receive significant payments if certain development, regulatory and commercial milestones are met.

Conatus is eligible to receive tiered double digit royalties on emricasan single agent sales and tiered single to double digit royalties on sales of combination products containing emricasan.

Conatus has the option to co-commercialize emricasan in the United States, including combination therapies, on a cost-sharing and revenue-sharing basis in lieu of U.S. royalties and with reduced ex-U.S. royalties.

Conatus retains limited rights to develop other pan-caspase inhibitors.

Novartis will pay 50% of Conatus’ Phase 2b emricasan development costs after the option exercise, including the planned ENCORE-LF trial in decompensated NASH cirrhosis which, under the current development plan consistent with recent regulatory agency recommendations, will be conducted as Phase 2b rather than Phase 2b/3.

Phase 2b emricasan development costs also encompass the ongoing ENCORE-PH trial in primarily compensated NASH cirrhosis, POLT-HCV-SVR trial in post-transplant HCV fibrosis and cirrhosis, and ENCORE-NF trial in NASH fibrosis.

Novartis will assume full responsibility for emricasan’s Phase 3 development and all combination product development.

GlaxoSmithKline and Google ’s Verily Life Sciences have pooled their resources to form a new company focused on the development and commercialization of bioelectronics medicines, Galvani Bioelectronics.

The new partnership was formally announced on Aug. 1, with GlaxoSmithKline (GSK) being the majority partner, holding a 55 percent interest in the jointly-owned company and Verily holding the remainder.

Both GSK and Verily will provide seed funding of up to $715 million over seven years.

The funding is subject to the successful completion of discovery and developmental milestones, GSK said in a statement.

GSK will likely provide a slightly higher amount of funding given that it has the larger stake in the new bioelectronics company.

The new company will be fully consolidated in GSK's financial statements.

Bioelectronic medicine uses miniaturized and implantable devices that can modify electrical signals that pass along nerves in the body, including irregular or altered impulses that occur in many illnesses.

Mallinckrodt plc , a leading specialty pharmaceutical company, announced that it has entered into a definitive agreement under which it will sell its Nuclear Imaging business to IBA Molecular , for approximately $690 million before tax impacts, including up-front and contingent consideration and the assumption of long-term obligations.

Mallinckrodt's Nuclear Imaging business includes a portfolio of diagnostic imaging products.

The total consideration of approximately $690 million (before tax impacts) consists of approximately $574 million of up-front consideration, the assumption of approximately $39 million of long-term obligations, and approximately $77 million of contingent consideration.

August 2018

argenx announced the exercise by AbbVie of its exclusive license option to develop and commercialize ARGX-115, an antibody targeting the novel immuno-oncology target glycoprotein A repetitions predominant (GARP).

April 2016

AbbVie and argenx will collaborate to develop and commercialize ARGX-115.

ARGX-115 is argenx' preclinical-stage human antibody program targeting the novel immuno-oncology target GARP, a protein believed to contribute to immunosuppressive effects of T-cells.

argenx will conduct research and development through IND-enabling studies.

Upon successful completion of these studies, AbbVie may exercise an exclusive option to license the ARGX-115 program and assume responsibility for further clinical development and commercialization.

argenx will receive an upfront payment of $40 million from AbbVie for the exclusive option to license ARGX-115 and near-term preclinical milestones of $20 million.

argenx is also eligible to receive additional development, regulatory and commercial payments up to $625 million upon achievement of pre-determined milestones as well as tiered, up to double-digit royalties on net sales upon commercialization.

argenx has the right to co-promote ARGX-115-based products in the European Union and Swiss Economic Area and combine the product with its own future immuno-oncology programs.

Should AbbVie not exercise its option to license ARGX-115, argenx retains the right to pursue development of ARGX-115 alone.

In addition to the ARGX-115 program, and upon reaching a predetermined preclinical stage milestone, AbbVie will fund further GARP-related research by argenx for an initial period of two years.

AbbVie will have the right to license additional therapeutic programs emerging from this research, for which argenx could receive associated milestone and royalty payments.

August 2018

Arrowhead Pharmaceuticals has earned a $10 million milestone payment from Amgen following the administration of the first dose of AMG 890, formerly referred to as ARO-LPA, in a clinical study.

Amgen is evaluating AMG 890 in a Phase 1 clinical study designed to assess its safety in volunteers with elevated levels of lipoprotein (a) (Lp(a)).

Emerging research has shown that elevated levels of Lp(a) are strongly associated with cardiovascular disease.

AMG 890 is an RNAi therapeutic designed to lower Lp(a) for the treatment of cardiovascular disease.

November 2016

Shares of Arrowhead Pharmaceuticals (ARWR) are up more than 18 percent to $8 per share in pre-market trading after Amgen bought a stake worth up to $675 million in the company to develop and commercialize RNA interference (RNAi) therapies for cardiovascular disease.

Under terms of the two deals, Pasadena, Calif.-based Arrowhead will receive $35 million in up-front payments and will then be eligible for up to $617 million in milestone payments.

The company will also get an additional $21.5 million from Amgen in the form of an Amgen equity investment.

Arrowhead will also be able to receive some royalties from sales.

Arrowhead is developing its RNAi ARC-LPA program.

The engineered molecules are designed to reduce elevated lipoprotein(a), which is a genetically validated, independent risk factor for atherosclerotic cardiovascular disease.

That is the first target for the Amgen and Arrowhead agreement.

Under the second agreement, Amgen will receive an option for a worldwide and exclusive license for a RNAi therapy for an undisclosed genetically validated cardiovascular target.

Under terms of both agreements, Amgen will be wholly responsible for clinical development and commercialization.

Shares of Arrowhead Pharmaceuticals (ARWR) are up more than 18 percent to $8 per share in pre-market trading after Amgen bought a stake worth up to $675 million in the company to develop and commercialize RNA interference (RNAi) therapies for cardiovascular disease.

Under terms of the two deals, Pasadena, Calif.-based Arrowhead will receive $35 million in up-front payments and will then be eligible for up to $617 million in milestone payments.

The company will also get an additional $21.5 million from Amgen in the form of an Amgen equity investment.

Arrowhead will also be able to receive some royalties from sales.

The engineered molecules are designed to reduce elevated lipoprotein(a), which is a genetically validated, independent risk factor for atherosclerotic cardiovascular disease.

That is the first target for the Amgen and Arrowhead agreement.

Under the second agreement, Amgen will receive an option for a worldwide and exclusive license for a RNAi therapy for an undisclosed genetically validated cardiovascular target.

Under terms of both agreements, Amgen will be wholly responsible for clinical development and commercialization.

Catalent announced, through its wholly owned subsidiary, Redwood Bioscience, Inc., a research collaboration with Roche to develop next-generation molecules coupling different therapeutic modalities using Catalent's proprietary SMARTag™ technology.

Roche will gain non-exclusive access to the SMARTag platform and will have an option to take commercial licenses to develop molecules directed to a defined number of targets.

Roche will pay Catalent an up-front fee of $1 million and provide additional research funding during the initial phase of the collaboration.

Catalent has the potential to receive up to $618 million in development and commercial milestones, plus royalties on net sales of products, if Roche pursues commercial licenses and all options are exercised.

Protein Sciences Corporation announced that the Biomedical Advanced Research and Development Authority (BARDA), a division of the U.S. Department of Health and Human Services, has awarded the Company a contract that is part of the Authority's medical countermeasures against pandemic influenza and influenza strains with pandemic potential.

Protein Sciences will perform the contract using its proprietary platform technology for producing vaccines that according to the Food and Drug Administration has revolutionized influenza vaccine manufacturing and stands to receive up to $610 million through 2021 if BARDA exercises all options.

The Company's Flublok® (seasonal) and Panblok® (pandemic) influenza vaccines can be made with unprecedented speed, safety and precision.

The new contract with BARDA taps into this technology and ensures the Country will be prepared with sufficient supplies of vaccine in a timely manner should an influenza pandemic strike.

Quartet Medicine has entered into a strategic agreement with Merck in connection with Quartet's pipeline of novel small molecule drugs modulating the tetrahydrobiopterin (BH4) pathway.

Under the terms of the agreement, Quartet will receive up to $20 million split equally across an upfront payment and an undisclosed future development milestone.

This research and development funding will be used to advance Quartet's lead program through Phase 2a clinical proof-of-concept for the treatment of pain.

In return, Merck obtains an exclusive option to purchase Quartet.

If Merck exercises its option, Quartet will receive a pre-determined, undisclosed option exercise payment along with potential development, regulatory and sales milestones of up to $575 million in total.

About Tetrahydrobiopterin and its Link to Chronic Pain and Inflammation

The de novo tetrahydrobiopterin (BH4) synthesis pathway has been implicated in a range of chronic human pain and inflammatory conditions.

Up-regulation of BH4 synthesis in response to injury or inflammation increases cellular levels of BH4, an important cofactor for several classes of enzymes, that results in neuronal hypersensitivity and chronic immune cell activation.

March 2020

Celgene has formally declined to exercise its opt-in right for AG-270, a first-in-class methionine adenosyltransferase 2a (MAT2A) inhibitor development candidate currently in a Phase 1 study in combination with taxane-based therapy as a potential treatment for methylthioadenosine phosphorylase (MTAP)-deleted non-small cell lung cancer and pancreatic cancer.

In addition, the research term of the companies’ metabolic immuno-oncology collaboration, focused on altering the metabolic state of immune cells to enhance the body's immune response to cancer, will conclude at the end of the initial four-year period in May 2020.

There is one undisclosed, ongoing metabolic immuno-oncology research program that Celgene may designate for continued development within sixty days following the end of the research term; if it does so, Celgene would have an opt-in right for this program through the end of Phase 1 dose escalation.

May 2016

Agios Pharmaceuticals inked a new global collaboration deal with Celgene.

The two companies will collaborate on metabolic immuno-oncology, an offshoot from the hot field of immuno-oncology, where the immune system is programmed to attack cancer cells.

In metabolic immuno-oncology, the immune system’s metabolic rate is enhanced, which is to say, supercharged, to fight cancer.

As part of the deal, Celgene will pay Agios $200 million upfront in cash, with various milestone payments possible.

The collaboration deal is scheduled to last four years, and Agios can extend it for an additional two.

All told, the deal has the potential to surpass $1 billion.

It starts with $200 million upfront, but Celgene will have the option of picking up each program through Phase I dose escalation for a minimum of $30 million.

For the metabolic immuno-oncology programs, as part of a global co-development and co-commercialization agreement, they will split costs and Agios is eligible for up to $169 million in clinical and regulatory milestone payments for each program.

Celgene also has the chance to choose a metabolic immuno-oncology program where it will share costs and profits 65/35, for which Agios could receive up to $209 million in milestones.

And for any inflammation or autoimmune programs that might develop from the research, Celgene has an option for global licensing, development and commercialization.

Agios could receive up to $385 million in various milestones, as well as double-digit tiered royalties on any net sales.

Sarepta Therapeutics and Summit Therapeutics have entered into an exclusive license and collaboration agreement granting Sarepta rights in Europe, as well as in Turkey and the Commonwealth of Independent States, to Summit’s utrophin modulator pipeline, including its lead clinical candidate, ezutromid, for the treatment of Duchenne muscular dystrophy.

As part of the agreement, Sarepta also obtains an option to license Latin American rights to Summit’s utrophin modulator pipeline.

Summit retains commercialization rights in all other countries.

Summit will receive an upfront fee of $40 million.

In addition, Summit will be eligible for future ezutromid related development, regulatory and sales milestone payments totalling up to $522 million, including a $22 million milestone upon the first dosing of the last patient in Summit’s PhaseOut DMD trial, and escalating royalties ranging from a low to high teens percentage of net sales in the licensed territory.

Summit will also be eligible to receive development and regulatory milestones related to its next-generation utrophin modulators.

Sarepta and Summit will share specified utrophin modulator-related research and development costs at a 45%/55% split, respectively, beginning in 2018.

If Sarepta elects to exercise its option for Latin American rights, Summit would be entitled to additional fees, milestones and royalties.

August 2016

Amgen and Advaxis announced a global agreement for the development and commercialization of Advaxis' ADXS-NEO, a novel, preclinical investigational cancer immunotherapy treatment that is designed to activate a patient's immune system to respond against the unique mutations, or neoepitopes, contained in and identified from each individual patient's tumor.

This collaboration brings together Amgen's development expertise in immuno-oncology with Advaxis' MINE (My Immunotherapy Neo-Epitopes) program, which is uniquely positioned to develop a customized approach to cancer treatment.

Amgen receives exclusive worldwide rights to develop and commercialize ADXS-NEO.

Amgen will make an upfront payment to Advaxis of $40 million and purchase $25 million of Advaxis common stock.

Amgen will be fully responsible for funding clinical and commercial activities.

Advaxis will lead the clinical development of ADXS-NEO through proof-of-concept, retain manufacturing responsibilities, and receive development, regulatory and sales milestone payments of up to $475 million and potential high single digit to mid-double digit royalty payments based on worldwide sales.

October 2017

X-Chem and Bayer have further expanded their drug discovery collaboration across multiple therapeutic areas and target classes.

The latest agreement with Bayer extends their access to X-Chem’s DEX technology by including the synthesis of custom Bayer DNA-Encoded Libraries and expanding the number of potential programs.

The collaboration is focused on the discovery of innovative small molecule leads for complex drug targets in areas of high unmet medical need.

X-Chem will receive additional research and development funding, as well as pre-clinical, clinical and regulatory milestone payments for the additional programs, consistent with the 2016 agreement.

Bayer retains an exclusive option to license compounds generated in the course of the collaboration. X-Chem will also receive sales milestones and royalties for each successfully commercialized drug derived from a licensed program.

July 2016

X-Chem and Bayer have entered into an expanded global drug discovery collaboration across multiple therapeutic areas and target classes.

The new agreement extends Bayer’s access to X-Chem’s DEX™ technology which is based on DNA-encoded libraries of small molecules with more than 120 billion molecules.

The aim of the collaboration is to discover innovative lead structures for complex drug targets in areas of high unmet medical need.

Under the terms of this new agreement, X-Chem will receive an up-front payment, research and development funding, as well as potential pre-clinical, clinical and regulatory milestone payments, up to a total of $528 million.

Bayer has an exclusive option to license any programs generated in the course of the collaboration.

X-Chem will also receive royalties and sales milestones for each successfully commercialized drug that results from a licensed collaboration program.

December 2020

BioInvent International announced that Pfizer has selected antibodies directed at a previously-selected target under the companies' cancer immunotherapy research collaboration and license agreement.

July 2020

BioInvent has further extended the research term under its cancer immunotherapy research collaboration and license agreement with Pfizer until the end of 2020.

BioInvent may be eligible for further milestone payments from development of antibodies directed against these targets as well as from the selection of additional targets and the development of antibodies directed against those targets.

December 2019

BioInvent announced that Pfizer has selected the second target under the companies' cancer immunotherapy research collaboration and license agreement.

BioInvent has extended the research term under its collaboration and license agreement with Pfizer by six months.

July 2019

BioInvent announces that Pfizer has selected the first target under the companies' cancer immunotherapy research collaboration and license agreement, into which the companies entered in December 2016 to develop antibodies targeting tumor-associated myeloid cells.

The selection of a target triggers a payment from Pfizer to BioInvent of $300,000.

Under the terms of the 2016 agreement, potential selection and development of antibodies directed against this target, as well as potential selection of further targets and development of antibodies directed at them, would allow BioInvent to be eligible for further milestone payments.

December 2016

BioInvent has entered into a cancer immunotherapy research collaboration and license agreement with Pfizer to develop antibodies targeting tumour-associated myeloid cells.

Pfizer will pay BioInvent approximately $10 million in early payments, including an upfront payment, early research funding, and a $6 million equity investment in new shares of BioInvent at a subscription price of SEK 2.56 per share, which corresponds to an approximately 30% premium to the average volume weighted price for the share during the 10 trading days prior to 21 December 2016.

Assuming five antibodies are developed through to commercialization, BioInvent would be eligible for potential future payments related to certain development milestones, which could amount to more than $0.5 billion through the term of the deal, as well as up to double digit royalties related to any potential products that may result from the collaboration.

Pfizer will have the right to develop and commercialize any antibodies generated to an undisclosed number of tumour-associated myeloid cell targets.

BioInvent will leverage its cancer biology expertise, combined with its unbiased translational drug discovery approach (“F.I.R.S.T”), to identify novel oncology targets and therapeutic antibodies that inhibit cancer growth either by reversing the immunosuppressive activity of tumour-associated myeloid cells or by reducing the number of tumour-associated myeloid cells in the tumour.

TESARO and Janssen Biotech Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, announced a global collaboration and license agreement focused on the development and commercialization of niraparib specifically for the treatment of prostate cancer.

Niraparib is an oral, once daily, potent, and highly selective PARP inhibitor that is currently being evaluated in Phase 3 clinical trials for ovarian and breast cancer.

Under the terms of the agreement, Janssen will develop and commercialize niraparib for patients with prostate cancer worldwide, except in Japan.

TESARO will receive an upfront payment of $35 million, and is eligible to receive additional milestone payments of up to $415 million, contingent upon Janssen reaching certain pre-determined development, regulatory and commercial milestones, in addition to tiered, double-digit royalty payments.

Janssen will be responsible for funding all development and commercialization activities related to niraparib in prostate cancer.

Separately, Johnson & Johnson Innovation — JJDC, Inc. is making a $50 million equity investment in TESARO at a price of $44.24 per share, which is based upon the 5-day volume weighted average share price through the day prior to execution of the agreement.

June 2017

CytomX Therapeutics, Inc., a biopharmaceutical company developing investigational Probody™ therapeutics for the treatment of cancer, announced that the company has advanced CX-2029, a Probody drug conjugate (PDC) targeting CD71 and being developed in collaboration with AbbVie, into GLP toxicology studies, a key step on the path to filing an Investigational New Drug (IND) application in 2018.

Upon commencement of the GLP toxicology study, CytomX will receive a $15 million milestone payment from AbbVie as part of the 2016 strategic oncology collaboration between the companies.

About CD71 and the CytomX/AbbVie 2016 Strategic Oncology Collaboration

AbbVie also receives exclusive worldwide rights to develop and commercialize Probody drug conjugates against up to two additional, undisclosed targets.

Should AbbVie ultimately pursue these targets, CytomX is eligible to receive additional milestone and royalty payments per target on any resulting products.

April 2016

AbbVie entered into another collaborative drug development agreement bolstering its oncology pipeline.

The latest deal, worth up to $500 million, was struck Thursday with CytomX Therapeutics, Inc. to co-develop Probody Drug Conjugates against CD71, also known as transferrin receptor 1 (TfR1).

CytomX’s Probody therapeutics are designed to take advantage of unique conditions in the tumor microenvironment to enhance the tumor-targeting features of an antibody and reduce drug activity in healthy tissues.

Probody therapeutics bind selectively to tumors and avoid binding to healthy tissue, to minimize toxicity and potentially create safer, more effective therapies.

CytomX has generated preclinical data that demonstrates that Probody drug conjugates can safely and effectively target tumor antigens, such as CD71, that are not addressable by conventional antibody-drug conjugates.

Under terms of the co-development agreement, CytomX will lead preclinical and early-clinical development, with AbbVie taking over for mid- to late-stage development and possible commercialization.

CytomX will receive an upfront payment of $30 million and is eligible to receive up to $470 million in development, regulatory and commercial milestones, pending the achievement of pre-determined outcomes.

As part of the deal, AbbVie also has exclusive rights to develop and commercialize Probody drug conjugates against up to two additional, undisclosed targets.

Should AbbVie ultimately pursue these targets, CytomX is eligible to receive additional milestone and royalty payments per target on any resulting products.

Teva Pharmaceutical Industries has signed a definitive agreement with Allergan to acquire Allergan Generics in a transaction valued at $40.5 billion.

Upon closing, Allergan will receive $33.75 billion in cash and shares of Teva valued today at $6.75 billion, representing an estimated under 10% ownership stake in Teva, with the number of Teva shares determined based on Teva’s volume weighted average trading prices during the 15 days prior to the announcement and five days following the announcement.

Teva believes the acquisition will be significantly accretive to non-GAAP EPS, including expected double-digit non-GAAP EPS accretion in 2016 and more than 20% accretion in year two and year three following the close of the transaction.

The transaction was unanimously approved by the Boards of Directors of Teva and Allergan and is expected to close in the first quarter of 2016.

Capital One Financial announced the signing of a definitive agreement with General Electric Capital Corporation to acquire approximately $8.5 billion of healthcare-related loans and its Healthcare Financial Services business, one of the leading capital providers in the U.S. healthcare market, for a 6 percent premium to par value of all receivables as of June 30, 2015.

Sanofi and Boehringer Ingelheim have entered into exclusive negotiations to swap businesses.

The proposed transaction would consist of an exchange of Sanofi animal health business (“Merial”) with an enterprise value of €11.4 bn and Boehringer Ingelheim consumer healthcare (CHC) business with an enterprise value of €6.7 bn.

Boehringer Ingelheim CHC business in China would be excluded from the transaction.

The transaction would also include a gross cash payment from Boehringer Ingelheim to Sanofi of €4.7 bn.

January 2016

GO Scale Capital and Royal Philips announced that the parties have terminated their March 2015 agreement for GO Scale Capital to acquire 80.1% of Royal Philips' LED lighting components and automotive lighting business, Lumileds.

After close to one year of best efforts by GO Scale Capital and Royal Philips to obtain approval from the Committee on Foreign Investment in United States (CFIUS), the parties have been unable to resolve CFIUS' unspecified concerns.

March 2015

Go Scale Capital had acquired 80.1% of Lumileds shares, and Philips would be retaining less than 19.9% of the shares.

The transaction value is estimated to be approximately US$ 3.3 billion, and expected to be completed in the third quarter of 2015.

August 2020

Eli Lilly and Innovent Biologics announced a global expansion of their strategic alliance for TYVYT (sintilimab injection), an anti-PD-1 monoclonal antibody immuno-oncology medicine that was co-developed by Innovent and Lilly in China.

Under the terms of the expanded license agreement, Lilly will obtain an exclusive license for TYVYT for geographies outside of China and plans to pursue registration of TYVYT in the U.S. and other markets.

Innovent will receive an upfront payment of $200 million and will be eligible for up to $825 million in potential development and commercial milestones, as well as tiered double-digit royalties on net sales.

Both companies will also retain the right to study TYVYT in combination with other medicines as part of their own clinical programs.

October 2015

Eli Lilly and Innovent Biologics announced an expansion of their drug development collaboration, already one of the largest in China between a multi-national and domestic biopharmaceutical company.

Below are details of the expanded agreement:

The companies will collaborate to support the development and potential commercialization of up to three anti-PD-1 based bispecific antibodies for cancer treatments over the next decade, both inside and outside of China.

Under the previous agreement, Lilly will exercise its rights to develop, manufacture and commercialize these potential cancer treatments outside of China.

Innovent will now have the rights to develop, manufacture and commercialize these potential cancer treatments for China, subject to a Lilly opt-in right for co-development and commercialization.

Under the terms of the expanded agreement, Innovent could receive additional milestones totaling more than $1 billion if the products reach certain development, regulatory and sales milestones, both inside and outside of China.

Sales royalties and other payments would occur on certain products if commercialized outside China.

Further financial terms were not disclosed.

Lilly will create the three preclinical anti-PD-1 based bispecific antibodies using an antibody sequence contributed by Innovent.

March 2015

Eli Lilly and Innovent Biologics announced one of the largest biotech drug development collaborations in China to date between a multi-national and domestic company.

Lilly and Innovent will collaborate to support the development and potential commercialization of at least three cancer treatments over the next decade.

The agreement creates possible new treatment options for cancer patients, while strengthening the presence of both companies in the Chinese oncology market.

As a part of the agreement, Innovent will lead the development and manufacturing for the China market, while Lilly will be responsible for commercialization of the three potential medicines.

Innovent also has co-promotion rights.

Details include:

Lilly will contribute its cMet monoclonal antibody gene for possible treatment of non-small cell lung cancer.

Separate from this collaboration, Lilly will continue the development of its cMet monoclonal antibody program outside of China.

Innovent will contribute its monoclonal antibody targeting protein CD-20 for investigation in hematologic malignancies.

Innovent has received investigational new drug approval in China to begin Phase I development of this potential therapy.

Innovent will contribute a pre-clinical immuno-oncology molecule for development in China.

The companies have agreed that Lilly will be responsible for development, manufacturing and commercialization of this molecule outside of China.

Lilly will also receive rights to develop and commercialize up to three pre-clinical bispecific immuno-oncology molecules outside of China.

Under the terms of the agreement, Innovent will receive a total upfront payment of $56 million.

Lilly could also issue future payments exceeding $400 million for the pre-clinical immuno-oncology molecule if the product reaches certain development, regulatory and sales milestones.

Sales royalties and other payments would occur on certain products if commercialized.

Further financial terms were not disclosed.

Hikma Pharmaceuticals buy German drugmaker Boehringer Ingelheim's U.S. specialty generic drugs business for about $2.65 billion in cash and stock to bolster its presence in the United States.

Hikma said it will pay about $1.18 billion in cash and issue 40 million new Hikma shares, or about 16.71 per cent of its issued share capital, for Boehringer's Roxane Laboratories Inc and Boehringer Ingelheim Roxane Inc on closing of the deal.

Vertex Pharmaceuticals and CRISPR Therapeutics have entered into a strategic research collaboration focused on the use of CRISPR’s gene editing technology, known as CRISPR-Cas9, to discover and develop potential new treatments aimed at the underlying genetic causes of human disease.

The collaboration will evaluate the use of CRISPR-Cas9 across multiple diseases where targets have been validated through human genetics.

Vertex and CRISPR will focus their initial gene editing research on discovering treatments to address the mutations and genes known to cause and contribute to cystic fibrosis and sickle cell disease.

Vertex and CRISPR will also evaluate a specified number of other genetic targets as part of the collaboration.

Vertex will have exclusive rights to license up to six new CRISPR-Cas9-based treatments that emerge from the collaboration.

As part of the collaboration, Vertex made an up-front commitment of $105 million to CRISPR, including $75 million in cash and a $30 million equity investment.

CRISPR is also eligible to receive future development, regulatory and sales milestones and royalty payments on future sales.

Vertex and CRISPR will jointly use the CRISPR-Cas9 technology to discover and develop potential new treatments that correct defects in specific gene targets known to cause or contribute to particular diseases.

The initial focus of the collaboration will be on the use of CRISPR-Cas9 to potentially correct the mutations in the cystic fibrosis transmembrane conductance regulator (CFTR) gene known to result in the defective protein that causes CF and to edit other genes that contribute to the disease.

Additionally, the companies will seek to discover and develop gene-based treatments for hemoglobinopathies, including sickle cell disease. Additional discovery efforts focused on a specified number of other genetic targets will also be conducted under the collaboration.

Discovery activities will be conducted primarily by CRISPR, and the related expenses will be fully funded by Vertex.

Vertex has the option to an exclusive license for up to six gene-based treatments that emerge from the four-year research collaboration.

Vertex will fund 100 percent of the development expenses of licensed treatments.

For each of the up to six treatments in-licensed for development, Vertex will pay future development, regulatory and sales milestones of up to $420 million as well as royalty payments on future sales.

Vertex and CRISPR will collaborate on the research, development and commercialization of treatments for hemoglobinopathies that emerge from the collaboration.

Specifically for hemoglobinopathies, including treatments for sickle cell disease, Vertex and CRISPR will equally share all research and development costs and sales, with CRISPR Therapeutics leading commercialization efforts in the U.S. For all other diseases, Vertex will lead all development and global commercialization activities.

Vertex will pay CRISPR $75 million in cash as part of its up-front commitment.

Vertex will also provide a $30 million investment in CRISPR, which is a private company.

The investment will provide Vertex with an ownership stake in CRISPR.

The collaboration also provides Vertex with an observer seat on the CRISPR Board of Directors, which will be filled by Dr. Altshuler.

December 2019

Regeneron Pharmaceuticals and Sanofi announced their intent to simplify their antibody collaboration for Kevzara (sarilumab) and Praluent (alirocumab) by restructuring into a royalty-based agreement.

Sanofi is expected to gain sole global rights to Kevzara and sole ex-U.S. rights to Praluent. Regeneron is expected to gain sole U.S. rights to Praluent.

Under the proposed terms of the agreement, each party will be solely responsible for funding development and commercialization expenses in their respective territories.

These changes are expected to increase efficiency and streamline operations for the products.

The existing collaboration relating to Dupixent (dupilumab) will remain unchanged following the restructuring.

Completion of the proposed arrangement is expected to be finalized in the first quarter of 2020.

January 2019

Regeneron Pharmaceuticals and Sanofi have restructured their global Immuno-oncology Discovery and Development Agreement for new immuno-oncology cancer treatments.

The 2015 Agreement was scheduled to end in approximately mid-2020, and this revision provides for ongoing collaborative development of two clinical-stage bispecific antibody programs.

The revised agreement allows Regeneron to retain all rights to its other immuno-oncology discovery and development programs and provides Sanofi increased flexibility to advance its early-stage immuno-oncology pipeline independently.

Under the terms of the restructured Agreement:

Sanofi will pay Regeneron $462 million representing the balance of payments due under the original Immuno-oncology Agreement, which covers the Sanofi share of the immuno-oncology discovery program costs for the last quarter of 2018 and up to $120 million in development costs for the two selected clinical-stage bispecific antibodies, plus the termination fee for the other programs under the original immuno-oncology agreement.

Sanofi secures the right to opt-in to the BCMAxCD3 and MUC16xCD3 bispecific programs when proof of concept is achieved or when the allocated funding is expended.

Regeneron will commit up to $70 million to further develop the BCMAxCD3 bispecific antibody for multiple myeloma and up to $50 million to further develop the MUC16xCD3 bispecific for mucin-16 expressing cancers.

Post opt-in, Sanofi will lead development and commercialization of the BCMAxCD3 bispecific and fund 100 percent of development costs, with Regeneron reimbursing up to 50 percent out of its share of collaboration profits. Sanofi and Regeneron will share global profits equally.

Post opt-in, Regeneron will lead MUC16xCD3 bispecific development and lead commercialization in the U.S. The companies will share development costs and global profits equally. Sanofi will lead commercialization outside the U.S.The companies' ongoing collaboration for the development and commercialization of Libtayo® (cemiplimab-rwlc), a PD-1 antibody, is unaffected by the amended Discovery and Development Agreement.

Regeneron retains full rights to its other immuno-oncology programs.

Under the Immuno-Oncology License and Collaboration Agreement, the companies have developed and received U.S. Food and Drug Administration approval of Libtayo for advanced cutaneous squamous cell carcinoma (CSCC).

A regulatory application for Libtayo has also been submitted in the EU. An ongoing joint clinical program is investigating Libtayo in multiple other cancers, and includes potentially pivotal trials in lung, cervical and skin cancers.

Libtayo's safety and efficacy has not been fully evaluated by any regulatory authority for indications beyond advanced CSCC.

January 2018

Regeneron Pharmaceuticals and Sanofi will accelerate and expand investment for the clinical development of the PD-1 (programmed cell death protein 1) antibody cemiplimab in oncology, and the IL-4/IL-13 pathway-blocking antibody dupilumab in Type 2 allergic diseases.

Both of these breakthrough therapies have the potential to benefit a number of different patient populations, and this strategic investment will enable the companies to evaluate cemiplimab and dupilumab in broader clinical development programs.

Under the terms of the expansion, the investment in cemiplimab will be increased to a minimum of $1.64 billion, an increase of approximately $1 billion over the initial 2015 agreement, and Sanofi and Regeneron will continue to equally fund cemiplimab development.

The companies will also continue their investment in other immuno-oncology programs under their existing Immuno-oncology Discovery Agreement.

Investigational cemiplimab is being studied as monotherapy and in combination with other therapies in a wide range of cancers including advanced skin cancers, non-small cell lung cancer, cervical cancer and lymphomas, with more studies in other indications planned to begin in 2018.

The companies expect to submit U.S. and EU regulatory applications for cemiplimab in advanced cutaneous squamous cell carcinoma in the first quarter of 2018.

The additional investment in the dupilumab development program will help accelerate planned new studies in chronic obstructive pulmonary disease, peanut allergy and grass allergy, as well as in patients who have multiple allergic conditions.

These areas are in addition to ongoing dupilumab clinical development in pediatric atopic dermatitis, pediatric asthma, eosinophilic esophagitis and nasal polyposis.

July 2015

Regeneron Pharmaceuticals and Sanofi have entered into a new global collaboration to discover, develop and commercialize new antibody cancer treatments in the emerging field of immuno-oncology.

As part of the agreement, the two companies will jointly develop a programmed cell death protein 1 (PD-1) inhibitor currently in Phase 1 testing and plan to initiate clinical trials in 2016 with new therapeutic candidates based on ongoing, innovative preclinical programs.

Sanofi will make an upfront payment to Regeneron of $640 million, and the companies will invest $1 billion for discovery through proof of concept (POC) development (usually a Phase 2a study) of monotherapy and novel combinations of immuno-oncology antibody candidates to be funded 25 percent by Regeneron ($250 million) and 75 percent by Sanofi ($750 million).

The companies have also committed to equally fund an additional $650 million (or $325 million per company) for development of REGN2810, a PD-1 inhibitor.

In addition, Sanofi will pay Regeneron a one-time milestone of $375 million in the event that sales of a PD-1 product and any other collaboration antibody sold for use in combination with a PD-1 product exceed, in the aggregate, $2 billion in any consecutive 12-month period.

Finally, the two companies have agreed to re-allocate $75 million (over three years) for immuno-oncology antibodies from Sanofi's $160 million annual contribution to their existing antibody collaboration, which otherwise continues as announced in November 2009.

Beyond the committed funding, additional funding will be allocated as programs enter post-POC development.

The new agreement covers both monoclonal antibodies and new bi-specific antibodies, a variation of standard antibody therapeutics in which two distinct targets within the body can be bound by the same molecule, usually the cancer cell and an immune cell.

Regeneron has developed a novel and flexible manufacturing platform that enables efficient production of bi-specific antibodies that are otherwise similar to natural antibodies.

Beyond PD-1, other programs in preclinical development include antibodies to lymphocyte-activation gene 3 (LAG3), glucocorticoid-induced tumor-necrosis-factor-receptor-related protein (GITR) and a programmed death ligand (PD-L1) inhibitor.

Finally, the collaboration is advancing bi-specific antibodies that target hematologic and solid cancers, either as monotherapies or in combination regimens with other immune modulating treatments.

The framework of the new immuno-oncology collaboration is as follows:

Regeneron will be responsible for discovery, antibody generation and development through POC, at which time Sanofi will have the ability to opt-in to further development and commercialization. In the existing antibody collaboration, Sanofi has the opportunity to opt-in at the time of an Investigational New Drug application (IND).

The companies will alternate serving as the lead development and commercialization organization after Sanofi opts-in to an antibody program.

For programs where Regeneron is the lead, including REGN2810, Regeneron will serve as the U.S. commercial lead, including recording U.S. sales, and the companies will equally fund post-POC development. Sanofi will record sales and serve as the commercial lead for all countries outside the U.S. Sanofi will retain the right to co-promote in the U.S. and Regeneron will retain the right to co-promote outside the U.S.

For programs where Sanofi is the lead, Sanofi will serve as the U.S. commercial lead and fund 100 percent of post-POC development, with Regeneron reimbursing up to 50 percent of such costs through the IO collaboration development balance, which represents the amount of development funding that Regeneron is obligated to repay out of its share of profits as described below. Sanofi will record sales and serve as the commercial lead for all countries outside the U.S. Regeneron will retain the right to co-promote in the U.S. and outside the U.S.

Sanofi and Regeneron will share equally in worldwide profits from sale of collaboration immuno-oncology antibodies.

As in the existing antibody agreement, Regeneron will repay the immuno-oncology collaboration development balance from its share of overall profits of the immuno-oncology antibodies, in an annual amount equal to 10 percent of the Regeneron share of profits.

The exclusive collaboration to discover and develop potential monotherapy or novel combination immuno-oncology antibody candidates through POC will last five years with an ability to extend the collaboration for selected ongoing programs for an additional three years.

The agreement does not include Chimeric Antigen Receptors.

Additional terms, including potential therapeutic targets or mechanisms, were not disclosed.

Gilead Sciences and Galapagos had inked a deal to develop and commercialize filgotinib for inflammatory diseases.

Gilead will pay Galapagos an upfront payment of $725 million, which is made up of a $300 million license fee and a $425 million equity investment in Galapagos. Gilead will also pay Galapagos up to $1.35 billion in milestone payments, as well as tiered royalties starting at 20 percent.

Filgotinib is a JAK1-selective inhibitor.

In a Phase II clinical trial, it has proven to be effective and safe for rheumatoid arthritis (RA) and Crohn’s disease.

The two companies plan to begin Phase III clinical trials in RA and Crohn’s in 2016.

March 2018

Sosei has regained worldwide rights from Teva Pharmaceutical to develop and commercialize lead candidate HTL0022562 and other novel small molecule CGRP antagonists for the treatment of migraine and other severe headaches.

HTL0022562 is a novel, potent, and highly selective small molecule CGRP antagonist designed by Sosei’s wholly-owned subsidiary Heptares Therapeutics using its proprietary structure-based drug design platform.

The candidate emerged from a rigorous selection process under the alliance with Teva based on its highly differentiated preclinical data.

The first dosing in a Phase 1 clinical trial in healthy volunteers was expected in late 2018.

Sosei will now undertake a detailed review of the programs and update the market later this year on the new expected timing for HTL0022562’s entry into Phase 1 clinical trials following a formal handover from Teva.

The termination of the 2015 licensing and drug discovery agreement between Heptares and Teva is a result of Teva’s recent portfolio prioritization.

All licensed rights relating to the CGRP antagonist programs will be returned to Sosei.

As part of the reversion package, Sosei will also receive the full preclinical data set generated by Teva under the partnership.

In regaining the worldwide development and commercialization rights there is no immediate or material financial impact to Sosei.

Going forward, as a wholly-owned pipeline program, Sosei will be responsible for the costs associated with developing HTL0022562 or any other small molecule CGRP antagonists.

May 2017

Heptares Therapeutics, a wholly owned subsidiary of Sosei Group Corporation , has been notified by its partner Teva that a preclinical candidate calcitonin gene-related peptide (CGRP) antagonist has been nominated for advancement into further preclinical studies as an investigational treatment for migraine.

Nomination of this small-molecule candidate, discovered by Heptares using its structure-based design approach in partnership with Teva, has triggered a US$5 million payment from Teva to Heptares under the terms of their licensing and drug-discovery agreement signed in 2015.

The nominated compound emerged from a rigorous Teva candidate selection process and has a highly differentiated profile from other investigational small-molecule CGRP antagonists, representing the first milestone in a partnership to generate novel candidates for the treatment of episodic and chronic migraine.

November 2015

Heptares Therapeutics has entered into a strategic drug discovery collaboration with Pfizer to research and develop potential new medicines directed at up to 10 G protein-coupled receptor (GPCR) targets across multiple therapeutic areas.

Heptares will use its proprietary GPCR structure-guided platform to help deliver stabilised GPCRs (StaR proteins), high-resolution crystal structures and other technologies to support the discovery of potential novel agents directed to the GPCR targets selected by Pfizer.

Pfizer will be responsible for developing and commercialising any potential therapeutic agents (small molecules or biologics derived from StaR antigens) for each target and will have exclusive global rights to any potential resulting agents.

Heptares will receive an initial payment on signing the agreement in return for delivering certain StaR proteins and structures for targets selected by Pfizer that it has already generated.

Heptares is eligible to receive potential research, development, regulatory and commercial milestone payments of up to USD189 million per target.

In addition, Heptares is eligible to receive potential tiered royalties on the net sales of any products that are commercialised by Pfizer.

05 October 2015

Johnson & Johnson announced the completion of the divestiture of its Cordis business to Cardinal Health for an approximate value of $2 billion, subject to customary adjustments.

The Cordis business is a global leader in the development and manufacture of interventional vascular technology and generated net revenues of approximately $780 million in 2014.

25 May 2015

Cardinal Health announced that its March 1, 2015 binding offer to acquire Johnson & Johnson's Cordis business for $1.944 billion in cash was formally accepted. The offer was accepted after consultations with relevant works councils and trade unions.

The transaction is expected to close in the United States and key non-U.S. countries towards the end of 2015, subject to regulatory clearances and other customary closing conditions.

2 March 2015

Cardinal Health announced plans to acquire Johnson & Johnson's Cordis business, a leading global manufacturer of cardiology and endovascular devices, for $1.944 billion in cash, or approximately $1.594 billion, net of the present value of tax benefits.

The acquisition is expected to be financed with a combination of $1.0 billion in new senior unsecured notes and the remainder with existing cash.

The transaction is expected to close in the United States and key non-U.S. countries towards the end of calendar 2015.

October 2018

SQZ Biotechnologies announced the expansion of its collaboration with Roche in cellular therapy.

The expanded partnership furthers the synergistic combination of SQZ's innovation and expertise in cell therapy with Roche's cancer immunotherapy expertise.

SQZ and Roche will jointly develop and commercialize certain products based on antigen presenting cells (APCs) created by the SQZ platform for the treatment of oncology indications.

SQZ may receive up to $125 million in upfront payment and near-term milestones.

SQZ could earn up to $250 million in clinical, regulatory and sales milestones per product that emerges from the collaboration.

SQZ may receive development milestone payments of over $1 billion.

Within the collaboration, SQZ and Roche could share commercial rights for certain approved products.

The companies will expand the 2015 Roche collaboration to jointly develop therapeutics derived from peripheral blood mononuclear cells (PBMCs).

December 2015

SQZ Biotech announced a partnership with Roche to develop a cell therapy platform that would empower a patient’s own immune cells to fight a broad range of cancers.

The deal leverages SQZ’s pioneering technology to engineer B cells as a therapeutic platform for oncology – a novel approach with the potential to overcome many of the shortcomings of current cell-based therapies.

The agreement provides for over $500M in upfront and potential clinical, regulatory and sales milestone-based payments for advancement of all products across all planned indications, in addition to royalties on potential future products.

September 2019

Lexicon Pharmaceuticals announced the termination of its alliance with Sanofi for the development and commercialization of ZynquistaTM (sotagliflozin) and the settlement of its related disputes with Sanofi, each effective September 9, 2019.

In connection with the termination, Lexicon will regain all rights to Zynquista and assume full responsibility for the worldwide development and commercialization of Zynquista in both type 1 and type 2 diabetes.

Under the terms of the settlement, Sanofi will pay Lexicon $260 million, of which $208 million is payable upfront and the remainder is payable within twelve months, and coordinate with Lexicon in the transition of responsibility for ongoing clinical studies and other activities.

November 2015

Sanofi and Lexicon Pharmaceuticals have entered into a collaboration and license agreement for the development and commercialization of sotagliflozin, an investigational new oral dual inhibitor of sodium-glucose cotransporters 1 and 2 (SGLT-1 and SGLT-2), which could be a potential treatment option for people with diabetes.

Lexicon will receive an upfront payment of $300 million and is eligible to receive development, regulatory and sales milestone payments of up to $1.4 billion.

Lexicon is also entitled to tiered, escalating double digit percentage royalties of net sales of sotagliflozin.

Sanofi obtains an exclusive worldwide license to develop, manufacture and commercialize sotagliflozin.

Lexicon will continue to be responsible for all clinical development activities relating to type 1 diabetes and will retain an exclusive option to co-promote and have a significant role, in collaboration with Sanofi, in the commercialization of sotagliflozin for the treatment of type 1 diabetes in the United States.

Sanofi will be responsible for all clinical development and commercialization activities of sotagliflozin for the treatment of type 2 diabetes worldwide and will be solely responsible for the commercialization of sotagliflozin for the treatment of type 1 diabetes outside the United States.

Lexicon will share in the funding of a portion of the planned type 2 diabetes development costs over the next three years, up to an aggregate of $100 million.

Amgen and Xencor have entered into a research and license agreement to develop and commercialize novel therapeutics in the areas of cancer immunotherapy and inflammation.

The research collaboration brings together Amgen's capabilities in target discovery and protein therapeutics with Xencor's XmAb bispecific technology platform.

The collaboration includes molecular engineering by Xencor and the preclinical development of bispecific molecules for five programs proposed by Amgen, leveraging XmAb bispecific Fc domains to make half-life extended T cell engagers and dual targeting bispecific antibodies.

The agreement also includes a preclinical bispecific T cell engager program directed at CD38 and CD3 for multiple myeloma.

Amgen will be fully responsible for preclinical and clinical development and commercialization worldwide.

Xencor will receive a $45 million upfront payment and up to $1.7 billion in clinical, regulatory and sales milestone payments in total for the six programs.

Xencor is eligible to receive mid to high single-digit royalties for candidates directed against Amgen's targets, and high single to low double-digit royalties for Xencor's CD38 bispecific T cell engager.

January 2018

Five Prime Therapeutics announced that a development milestone for cabiralizumab has been achieved, triggering a $25 million payment from Bristol-Myers Squibb Company (BMS) (NYSE:BMY) under the license and collaboration agreement between the companies established in 2015.

The milestone was triggered by initiation of a multi-arm Phase 2 clinical trial (NCT03336216), sponsored by Bristol-Myers Squibb Company, evaluating cabiralizumab and Opdivo (nivolumab) with and without chemotherapy in patients with advanced pancreatic cancer.

October 2015

Bristol-Myers Squibb and Five Prime Therapeutics have entered into an exclusive worldwide license and collaboration agreement for the development and commercialization of Five Prime's colony stimulating factor 1 receptor (CSF1R) antibody program, including FPA008 which is in Phase 1 development for immunology and oncology indications.

This agreement replaces the companies' existing clinical collaboration agreement to evaluate the safety, tolerability and preliminary efficacy of combining Opdivo (nivolumab), Bristol-Myers Squibb's programmed-death 1 (PD-1) immune checkpoint inhibitor, with FPA008 in six tumor types.

Under the terms of the license and collaboration agreement, Bristol-Myers Squibb will make an upfront payment of $350 million to Five Prime.

Bristol-Myers Squibb will be responsible for development and manufacturing of FPA008 for all indications, subject to Five Prime's option to conduct, at its own cost, certain future studies including registrational studies to support approval of FPA008 in PVNS and FPA008 in combination with Five Prime's internal pipeline assets in immuno-oncology.

Five Prime will continue to conduct the current Phase 1a/1b trial evaluating the combination of Opdivo and FPA008 in six tumor settings, which was announced as part of the companies' initial clinical collaboration in November 2014, through to completion.

Bristol-Myers Squibb will be responsible for global commercialization, and Five Prime will retain rights to a U.S. co-promotion option.

In addition to the upfront payment, Five Prime will be eligible to receive up to $1.05 billion in development and regulatory milestone payments per anti-CSF1R product for oncology indications (including combinations with Opdivo and any other agent), and up to $340 million in development and regulatory milestone payments per anti-CSF1R product for non-oncology indications, as well as double digit royalties, such royalties to be enhanced in the U.S. in the event that Five Prime exercises its co-promotion option.

Endo International has entered into a definitive agreement with Boston Scientific, under which Boston Scientific will acquire Endo's American Medical Systems' (AMS) Men's and Prostate Health businesses for up to $1.65 billion, with $1.6 billion in cash payable at closing.

Endo is also eligible to receive a potential milestone payment of $50 million in cash conditioned on Boston Scientific achieving certain product revenue milestones in the Men's Health and Prostate Health businesses in 2016.

In addition, Endo is currently evaluating strategic alternatives for the AMS Women's Health business.

January 2019

BioNTech has extended its research collaboration with Sanofi initiated in late 2015 and Sanofi is investing EUR 80 million (approximately USD 91.5 million) in equity in BioNTech.

November 2015

Sanofi and BioNTech have entered into a multiyear exclusive collaboration and license agreement.

This research collaboration between Sanofi and BioNTech will leverage the scientific expertise of the two organizations to discover and develop up to five cancer immunotherapies, each consisting of a mixture of synthetic messenger RNAs (mRNAs).

Sanofi and BioNTech have agreed to $60 million in upfront and near-term milestone payments, payable to BioNTech under the terms of the agreement.

BioNTech could receive over $300 million in development, regulatory and commercial milestones and other payments per product.

If commercialized successfully, BioNTech would also be eligible for tiered royalties on net sales up to double digits.

BioNTech has the option to co-develop and co-commercialize two of the five mRNA therapeutics products with Sanofi in the European Union and the United States.

Complementing Sanofi’s global oncology footprint and scientific expertise, BioNTech will combine the use of its proprietary mRNA technology platform with its extensive capabilities in developing immune-stimulating pharmaceuticals.

As part of this effort, BioNTech will utilize its mRNA formulation technology, which enables targeted mRNA delivery in vivo, to generate novel cancer immunotherapies.

BioNTech will also supply part of the mRNA material needed for development activities from its in-house GMP manufacturing unit.

GlaxoSmithKline announced that its global HIV business, ViiV Healthcare, has reached two separate agreements with Bristol-Myers Squibb, to acquire its late-stage HIV R&D assets; and to acquire Bristol-Myers Squibb’s portfolio of preclinical and discovery stage HIV research assets.

Under the terms agreed in the two transactions, ViiV Healthcare will acquire:

Late stage assets, including fostemsavir (BMS-663068), an attachment inhibitor, currently in phase III development for heavily treatment experienced patients. Fostemsavir has received a Breakthrough Therapy Designation from the FDA and is expected to be filed for regulatory approval in 2018.

The second late stage asset is a maturation inhibitor (BMS-955176), currently in phase IIb development for both treatment-naive and treatment experienced patients.

A back-up maturation inhibitor candidate (BMS-986173) is also included in the purchase.

Assets in preclinical and discovery phases of development including a novel biologic (BMS-986197) with a triple mechanism of action, a further maturation inhibitor, an allosteric integrase inhibitor and a capsid inhibitor.

A number of Bristol-Myers Squibb drug discovery employees will also be offered the opportunity to transfer to ViiV Healthcare.

These potential therapies have novel modes of action and would offer significant new treatment options to patients with HIV.

In addition to being developed as standalone treatment options, these new assets complement ViiV Healthcare’s existing portfolio and therefore offer multiple opportunities for development as combination therapies.

The late-stage asset purchase comprises an upfront payment of $317 million, followed by development and first commercial sale milestones of up to $518M, and tiered royalties on sales.

The purchase of preclinical and discovery stage research assets comprises an upfront payment of $33 million, followed by development and first commercial sales milestones of up to $587M, and further consideration contingent on future sales performance.

Sorrento Therapeutics announced that NantPharma agreed to acquire the rights to Cynviloq through the acquisition of Igdrasol, a wholly-owned subsidiary of Sorrento, which has been developing Cynviloq (paclitaxel nanoparticle polymeric micelle) in a bio-equivalence trial.

Dr. Soon-Shiong was the founder of Abraxis BioScience and inventor and developer of the blockbuster drug Abraxane (albumin-bound paclitaxel), currently approved for the treatment of breast, lung, and pancreatic cancers.

Sorrento will receive more than $90 million in an up-front cash payment plus the potential for more than $600 million in regulatory and $600 million in sales milestone payments.

Sorrento will also receive additional transfer pricing payments from total unit sales.

Furthermore, Sorrento has the option to co-develop and/or co-market Cynviloq on terms to be negotiated.

In May 2015, Sorrento entered into a stock sale and purchase agreement with NantPharma pursuant to which we agreed to sell to NantPharma all of our equity interests in IgDraSol, a wholly-owned subsidiary of ours and the holder of the rights to Cynviloq, a polymeric micelle based Cremophor free paclitaxel injectable finished formulation.

NantPharma agreed to pay us an upfront payment of $90.05 million, of which $80 million is obligated to fund the Company’s joint ventures.

In addition, we will be entitled to receive up to $620 million in regulatory milestone payments and up to $600 million in sales milestone payments should certain events occur.

We will also receive specified additional per unit payments in excess of cost of supply from total unit sales.

In addition, during the first three years after closing, we have the option to co-develop and/or co-market Cynviloq on terms to be negotiated.

The Agreement contains customary representations, warranties and covenants for us and NantPharma.

Upon the closing of the agreement in July, the specified development milestone was satisfied and we issued 1,306,272 million shares to former IgDraSol shareholders.

Sorrento Therapeutics will team up with NantBioScience to develop 'first-in-class' small molecules as way to head off cancer growth using therapies like stem cells, the companies said Thursday.

The project has been dubbed “Moonshot.”

The deal will give Sorrento $90 million in an upfront cash payment plus the potential for more than $600 million in regulatory and $600 million in sales milestone payments.

The statement said NantWorks plans to use the drug in multiple cancer indications as part of its buyout of Igdrasol

Today’s partnership will build on that relationship.

Innate Pharma has signed a co-development and commercialization agreement with AstraZeneca, along with MedImmune, to accelerate and broaden the development of Innate Pharma's proprietary anti-NKG2A antibody, IPH2201, including in combination with MEDI4736, an anti-PD-L1 immune checkpoint inhibitor developed by MedImmune. Currently in Phase II development, IPH2201 is a potential first-in-class humanized IgG4 antibody.

NKG2A is a checkpoint receptor that inhibits the anti-cancer functions of Natural Killer (NK) and cytotoxic T-cells.

The financial terms of the signed agreement include cash payments of up to $1.275 billion to Innate Pharma as well as double digit royalties on sales.

The initial payment is $250 million, which includes a consideration for the exclusive global rights to AstraZeneca to co-develop and commercialize IPH2201 in combination with MEDI4736 and access to IPH2201 in monotherapy and other combinations in certain areas.

AstraZeneca will pay to Innate a further $100 million prior to initiation of Phase III development, as well as additional regulatory and sales-related milestones of up to $925 million.

AstraZeneca will book all sales and will pay Innate double-digit royalties on net sales.

The arrangement includes the right for Innate to co-promote in Europe for a 50% profit share in the territory.

The initial development plan includes: Phase II combination clinical trials with MEDI4736 in solid tumors; multiple Phase II trials planned by Innate to study IPH2201 both as monotherapy and in combination with currently approved treatments across a range of cancers; and the development of associated biomarkers.

The combination of IPH2201 with MEDI4736 adds to the broad programme of immuno-oncology combination trials that AstraZeneca and MedImmune have planned and underway.

The studies aim to address multiple immune pathways, harnessing AstraZeneca's own extensive pipeline and working in partnership to explore the significant potential of immunotherapies in transforming the way cancer patients are treated.

SCRA Applied R&D announced that the National Spectrum Consortium has entered into a 5-year, $1.25B, Section 845 Prototype Other Transaction Agreement (OT) with U.S. Army Contracting Command-New Jersey (ACC-NJ).

This agreement enables SCRA, acting on behalf of the NSC, to execute and administer the efforts for this program. Dr. Vanu Bose of Vanu, Inc. will serve as the consortium’s industry lead.

The group will work to meet the increasing demands for using the existing electromagnetic spectrums.

The Consortium will mature technologies that assist in improved electromagnetic spectrum awareness, sharing and use; experiment to better inform the best allocation of equipment for public and private objectives; validate new innovations to increase trust among spectrum stakeholders and develop policies to ensure new technology does not outpace the appropriate guidance for its best use.

Biogen and AGTC announced a broad collaboration and license agreement to develop gene-based therapies for multiple ophthalmic diseases.

The collaboration will focus on the development of a portfolio of AGTC’s therapeutic programs, including both a clinical stage candidate and a pre-clinical candidate for orphan diseases of the retina that can lead to blindness in children and adults.

The agreement also includes options for early stage discovery programs in two ophthalmic diseases and one non-ophthalmic condition, as well as an equity investment in AGTC by Biogen and a license agreement for manufacturing rights.

The lead development programs in the collaboration include a clinical candidate for X-linked Retinoschisis (XLRS) and a pre-clinical candidate for the treatment of X-Linked Retinitis Pigmentosa (XLRP).

XLRS, a disease affecting young males beginning during the teenage years, can lead to serious complications such as vitreous hemorrhage or retinal detachment during adulthood.

XLRP usually causes night blindness by the age of ten and progresses to legal blindness by an individual’s early forties.

Both conditions represent significant unmet needs that may be addressed by replacing the single, faulty gene causing each disease.

Biogen will make an upfront payment in the amount of $124 million to AGTC, which includes a $30 million equity investment in AGTC at a price equal to $20.63 per share and certain prepaid research and development expenditures.

Biogen will be granted a license to the XLRS and XLRP programs and the option to license discovery programs for three additional indications at the time of clinical candidate selection.

AGTC is eligible to receive upfront and milestone payments exceeding $1 billion.

This includes up to $472.5 million collectively for the two lead programs, which also will carry royalties in the high single digit to mid-teen percentages of annual net sales.

In addition, Biogen will make payments up to $592.5 million across the discovery programs, along with royalties in the mid single digits to low teen percentages of annual net sales.

Biogen obtains worldwide commercialization rights for the XLRS and XLRP programs.

AGTC has an option to share development costs and profits after the initial clinical trial data are available, and an option to co-promote the second of these products to be approved in the United States.

AGTC will lead the clinical development programs of XLRS through product approval and of XLRP through the completion of first-in-human trials.

Biogen will support the clinical development costs, subject to certain conditions, following the first-in-human study for XLRS and IND-enabling studies for XLRP.

Under the manufacturing license, Biogen will receive an exclusive license to use AGTC’s proprietary technology platform to make AAV vectors for up to six genes, three of which are in AGTC’s discretion, in exchange for payment of milestones and royalties.

21 April 2015

Concordia Healthcare has completed the previously announced acquisition by the Company of 18 products, being comprised of 12 branded products and five authorized generic contracts and a product distributed by a third party in Australia pursuant to the terms of a distribution agreement, from Covis Pharma for $1.2 billion in cash (the "Acquisition").

All financial references are in U.S. dollars unless otherwise noted.

9 March 2015

Concordia Healthcare has entered into a definitive asset purchase agreement to acquire substantially all of the commercial assets of privately held Covis Pharma and Covis Injectables for US$1.2 billion in cash.

The Covis drug portfolio being acquired consists of 18 branded and authorized generic products with stable revenue, strong margins and free cash flow.

The distinctive product portfolio includes branded pharmaceuticals, injectables and authorized generics that address life threatening and other serious medical conditions in various therapeutic areas including cardiovascular, central nervous system, oncology and acute care markets.

Key products are Nilandron, for the treatment of metastatic prostate cancer; Dibenzyline, for the treatment of pheochromocytoma; Lanoxin, for the treatment of mild-to-moderate heart failure and atrial fibrillation; and, Plaquenil, for the treatment of lupus and rheumatoid arthritis.

The acquisition is structured as an all-cash transaction with a purchase price of US$1.2 billion for the Portfolio being acquired.

The Company plans to pay for the acquisition through a mix of term loans, bonds and equity.

The Company has entered into a commitment letter with Royal Bank of Canada (“RBC”), pursuant to which, RBC has agreed to provide credit facilities and bridge commitments of up to US$1.6 billion (the “Credit Facilities”) to fully pay for the acquisition price and refinance all outstanding Concordia debt.

The Credit Facilities are subject to a number of customary conditions.

All obligations of the Company under the term loans will be secured by first priority perfected security interests in the assets of the Company and the assets of and equity interests in its subsidiaries.

The bridge commitments will be unsecured.

The Company is targeting leverage to be below 5x at the closing of the acquisition and expects net leverage to fall to ~3x by year end 2016.

The transaction is expected to be over 50% accretive to Concordia Adjusted EPS in 2015.

The acquisition, which is expected to close in the second quarter of 2015, is subject to satisfaction of customary closing conditions (including receipt of required regulatory approvals).

The Board of Directors of all parties to the transaction have approved the acquisition.

Halozyme Therapeutics has inked a $1.19 billion deal with AbbVie to develop and sell treatments that marry AbbVie’s drugs to Halozyme’s drug delivery technology.

News of the deal push Halozyme’s shares up 7 percent in premarket trading, a gain that continued into mid-morning.

Halozyme will receive $23 million upfront, with potential milestone payments of around $130 million per collaboration target met, with as many as nine possible targets.

Vertex Pharmaceuticals has added cystic fibrosis fighting drugs it $80 million for the rights to two promising drugs from Parion Sciences.

The drugs, dubbed P-1037 and P-1055, are epithelial sodium channel (ENaC) inhibitors that have shown some initial success in treating cystic fibrosis.

It also has the option to buy a third, similar drug for an additional $230 million.

P-1037 is currently being tested as a monotherapy in a Phase IIa, but Vertex said today it hopes to combine it with its own lead candidates, ivacaftor and lumacaftor, in a combo mid-stage trial.

That study will treat patients who have duplicate copies of a genetic mutation that has been linked to CF, F508del.

Vertex will also offer tiered royalties based on milestones met at the regulatory and clinical levels.

Vertex agreed to pay Parion $80 million upfront, and up to an additional $490 million in payments tied to development and regulatory milestones—a figure that includes $360 million related to global filing and approval milestones.

Parion could also receive up to $370 million in development and regulatory milestone payments for P-1037 and P-1055 in non-CF pulmonary indications; plus another $230 million in development and regulatory milestones should Vertex develop an additional ENaC inhibitor from Parion's research program.

Bayer will sell its diabetes business to Panasonic’s healthcare unit for around $1.15 billion, as the company begins shedding nonessential assets as part of a mission to refocus on life sciences.

The deal will close in the first quarter of 2016, said the companies.

The products included in the sale include Bayer’s Contour portfolio, including Contour Next, Contour Plus, Contour and Contour TS.

It also encompasses the sale of Breeze2, Brio, Entrust, Elite and Microlet lancing devices.

Amgen and Kite Pharma have entered into a strategic research collaboration and license agreement to develop and commercialize the next generation of novel Chimeric Antigen Receptor (CAR) T cell immunotherapies based on Kite's engineered autologous cell therapy (eACT) platform and Amgen's extensive array of cancer targets.

The collaboration brings together Amgen's commitment to and capabilities in advancing new approaches in immuno-oncology and Kite's industry-leading presence in CAR T cell therapy.

Under the terms of the agreement, Amgen will contribute cancer targets, and Kite will leverage its proprietary CAR platform, research and development (R&D) and manufacturing capabilities, and expertise.

Kite will be responsible for conducting all preclinical research and cell manufacturing and processing through Investigational New Drug (IND) filing.

Each company will then be responsible for clinical development and commercialization of their respective CAR therapeutic candidates, including all related expenses.

Kite will receive from Amgen an upfront payment of $60 million, as well as funding for R&D costs through IND filing.

Kite will be eligible to receive up to $525 million in milestone payments per Amgen program based on the successful completion of regulatory and commercialization milestones, plus tiered high single- to double-digit royalties for sales and the license of Kite's intellectual property for CAR T cell products.

Amgen is eligible to receive up to $525 million in milestone payments per Kite program, plus tiered single-digit sales royalties.

Further terms of the agreement are not being disclosed.

September 2017

Achillion Pharmaceuticals announced that on Saturday, September 9, 2017, it received notice of termination of the worldwide license and collaboration arrangement on hepatitis C with Janssen Pharmaceuticals.

The notice follows the decision by Janssen to discontinue the development of the investigational hepatitis C treatment regimen JNJ-4178, a combination of three direct acting antivirals: AL-335, odalasvir and simeprevir.

May 2015

Achillion Pharmaceuticals has entered into a worldwide license and collaboration arrangement with Janssen Pharmaceuticals to develop and commercialize one or more of Achillion's lead hepatitis C virus (HCV) assets which include ACH-3102, ACH-3422, and sovaprevir.

Achillion will grant Janssen an exclusive, worldwide license to develop and, upon regulatory approval, commercialize HCV products and regimens containing one or more of Achillion's HCV assets.

Achillion is eligible to receive a number of payments based upon achievement of specified development, regulatory and sales milestones.

Achillion is also eligible to receive tiered royalty percentages between mid-teens and low-twenties based upon future worldwide sales.

Janssen will be responsible for all of the development costs within the collaboration and all subsequent costs related to commercialization of the HCV assets.

A key objective of the collaboration will be to develop a short-duration, highly effective, pan-genotypic, oral regimen for the treatment of HCV.

An initial regimen that will be explored will feature Achillion's ACH-3102, a second-generation NS5A inhibitor currently in Phase 2 clinical studies that has been granted Fast Track designation by the U.S. Food and Drug Administration, in combination with an NS3/4A HCV protease inhibitor plus an NS5B HCV polymerase inhibitor from the collaboration.

Johnson & Johnson Innovation will invest $225 million in Achillion and, in return, receive approximately 18.4 million newly issued, unregistered shares of Achillion at a price of $12.25 per share.

Depomed has entered into a definitive agreement to acquire the U.S. rights to the NUCYNTA franchise from Janssen Pharmaceuticals for $1.05 billion.

The NUCYNTA franchise includes NUCYNTA ER (tapentadol) extended release tablets indicated for the management of pain, including neuropathic pain associated with diabetic peripheral neuropathy (DPN), severe enough to require daily, around-the-clock, long-term opioid treatment, and NUCYNTA (tapentadol), an immediate release version of tapentadol, for management of moderate to severe acute pain in adults.

NUCYNTA (tapentadol) oral solution is an approved oral form of tapentadol that has not been launched. The deal will make NUCYNTA the flagship asset in Depomed's growing portfolio of pain and neurology specialty pharmaceuticals.

Depomed will make a cash payment to Janssen of $1.05 billion.

In return, Depomed will assume the U.S. license and related royalty obligations for NUCYNTA to Grunenthal, the originator of tapentadol.

At signing, Depomed placed $500 million into an escrow account which will be released to Janssen upon closing of the transaction.

Depomed expects to raise the remaining capital to complete the transaction through a combination of debt, equity and equity-linked financing prior to closing, with the goal of limiting the dilution impact for existing shareholders.

The transaction has been unanimously approved by Depomed's board of directors.

The deal is expected to close in the second quarter of 2015, following termination or expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and completion of financing and other customary closing conditions.

The transaction is expected to be immediately accretive and to significantly increase Depomed's product revenue, cash flow, earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted earnings per share for 2015, 2016 and beyond.

Depomed intends to provide investors with guidance for the combined company promptly after the completion of the transaction.

GlaxoSmithKline announced an agreement with Novartis Pharma to divest its rights in ofatumumab for auto-immune indications, including multiple sclerosis.

The consideration payable by Novartis Pharma to GSK may reach up to $1,034 million and comprises a series of milestone payments as follows:

$300 million payable at closing;

$200 million payable subject to the start of a phase III study in relapsing remitting multiple sclerosis by Novartis;

further contingent payments of up to $534 million payable on the achievement of certain other development milestones.

Novartis Pharma will also pay royalties of up to 12 per cent to GSK on any future net sales of ofatumumab in auto-immune indications.

Bristol-Myers Squibb and uniQure announced an agreement that provides Bristol-Myers Squibb with exclusive access to uniQure’s gene therapy technology platform for multiple targets in cardiovascular diseases.

The collaboration includes uniQure’s proprietary gene therapy program for congestive heart failure that is intended to restore the heart’s ability to synthesize S100A1, a calcium sensor and master regulator of heart function, and thereby improve clinical outcomes for patients with reduced ejection fraction.

Beyond cardiovascular diseases, the agreement also includes the potential for target-exclusive collaboration in other disease areas.

In total, the companies may collaborate on ten targets, including S100A1.

uniQure will lead discovery efforts and be responsible for manufacturing of clinical and commercial supplies using its vector technologies and its industrial, proprietary insect-cell based manufacturing platform.

Bristol-Myers Squibb will lead development and regulatory activities across all programs and be responsible for all research and development costs.

Bristol-Myers Squibb will be solely responsible for commercialization of all products from the collaboration.

Bristol-Myers Squibb will make near-term payments of approximately $100 million, including an upfront payment of $50 million to be made at the closing of the transaction, a $15 million payment for the selection of three collaboration targets, in addition to S100A1, to be made within three months of the closing and an initial equity investment in uniQure for a number of shares that will equal 4.9% of the total number of shares outstanding following such issuance, at a purchase price of $33.84 per share, or at least $32 million in total.

Bristol-Myers-Squibb will acquire an additional 5.0% ownership before December 31, 2015, at a 10% premium, and will be granted two warrants to acquire up to an additional 10% equity interest, at a premium, based on additional targets being introduced into the collaboration.

The parties have also agreed to enter into a supply contract, under which uniQure will undertake manufacturing of all gene therapy products under the collaboration.

uniQure will be eligible to receive research, development and regulatory milestone payments, including up to $254 million for the lead S100A1 therapeutic and up to $217 million for each other gene therapy product potentially developed under the collaboration.

uniQure is also eligible to receive net sales based milestone payments and tiered single to double-digit royalties on product sales.

3M announced has entered into a definitive agreement with Polypore International Inc. to acquire the assets and liabilities associated with Polypore’s Separations Media business for a total purchase price of $1.0 billion.

Polypore’s Separations Media business is a leading provider of microporous membranes and modules for filtration in the life sciences, industrial and specialty segments with trailing 12-month sales of $210 million as of Sept. 27, 2014.

BioAtla LLC has entered into a license and option agreement with Pfizer to advance the development and commercialization of a new class of antibody therapeutics based on BioAtla's CAB platform and utilizing Pfizer's proprietary antibody drug conjugate payloads.

Under the agreement, BioAtla and Pfizer will each have a license to the other's respective technology to pursue the development and commercialization of several CAB-ADC antibodies.

Pfizer also gains an exclusive option to develop and commercialize BioAtla CAB antibodies that target CTLA4, a validated immuno-oncology target in humans.

BioAtla and Pfizer are both eligible to receive milestone payments and royalties based on individual CAB-ADC antibody candidates developed and commercialized by the other party.

Including the CTLA4 option and license, BioAtla is eligible to receive a potential total of more than $1.0 billion in up-front, regulatory and sales milestone payments as well as tiered marginal royalties reaching double digits on potential future product sales.

May 2016

Mundipharma Medical Company Limited and its independent associated company, Purdue Pharma L.P., announced that, following completion of Phase II studies, they have exercised their option and taken over full responsibility from Laboratorios Esteve, S.A.U. (ESTEVE) for the clinical, regulatory and commercial development of a potential first-in-class sigma-1 antagonist (S1A or MR309/E-52862).

January 2015

Mundipharma Laboratories, Purdue Pharmaceuticals have entered into a global multi programme discovery and development collaboration with Laboratorios Esteve, to bring to market important next generation products for the management of pain.

Under the agreements Mundipharma and Purdue could potentially make payments to Esteve exceeding $ 1 bn if all development, regulatory and sales milestones are met across the different programmes.

The agreements bring together mid-sized, privately owned companies in a strategic collaboration that leverages their individual strengths, combining Mundipharma’s and Purdue’s commitment to the development and commercialisation of novel pain treatments together with Esteve’s extensive pain focused research and development expertise, particularly in the field of sigma-1 receptor biology, where they have been R&D leaders for over 10 years.