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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Eisai Company 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.

LENVIMA is currently approved as monotherapy for use in the treatment of thyroid cancer, as well as in combination with everolimus for the treatment of patients with renal cell carcinoma (RCC) who have failed previous therapy.

Applications for regulatory approval of LENVIMA monotherapy for the treatment of hepatocellular carcinoma have been submitted in Japan, the United States, Europe, China and other countries.

A Phase 3 study (Study 307), sponsored by Eisai, is ongoing to evaluate separate combinations of LENVIMA with KEYTRUDA (pembrolizumab) or LENVIMA with everolimus versus chemotherapy alone for the treatment of RCC.

In January 2018, the companies announced that the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation for the LENVIMA/KEYTRUDA combination in advanced and/or metastatic RCC.

This was based on interim results from an ongoing Phase 1b/2 trial (Study 111/KEYNOTE-146), evaluating the combination in select solid tumors (including RCC and endometrial cancer), which provided evidence for synergistic effects on the observed overall response rate, regardless of treatment experience or PD-L1 tumor expression.

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.

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.

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.

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.

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.

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.

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.

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.

Ms. Boyce, who has been leading the inotersen launch, will bring to Akcea extensive, global experience in the life sciences industry where she established organizations from inception and built high performing teams.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 plc, a leading specialty pharmaceutical company, announced today that it has closed the sale of its global Nuclear Imaging business to IBA Molecular (IBAM) 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.

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.

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.

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.

AstraZeneca (AZN) announced that its biologics research-and-development unit, MedImmune (AZN), inked a licensing deal with Dublin-based Allergan (AGN) 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.

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.

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.

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.

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.

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.

Cambridge, Massachusetts-based Agios Pharmaceuticals inked a new global collaboration deal with Summit, New Jersey-based 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.

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.

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.

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.

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.

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.

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.

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.

One of the highly innovative assets covered by the collaboration is E-52862, a first-in-class new chemical entity targeting the sigma-1 receptor pathway, which is currently in Phase 2 trials covering multiple neuropathic pain indications.

The collaboration also includes access to MuMo-1, the lead asset of Esteve´s Multi-Modal (MuMo) technology platform which is currently in preclinical development with the potential to enhance sigma-1 asset properties through the introduction of additional characteristics that are tailored for specific disease states. Mundipharma and Purdue will have primary commercial rights for this asset and Esteve retains rights in certain territories.

Also included in the agreement is E-58425, a novel first-in-class patented API:API co-crystal of tramadol and celecoxib, which leverages the efficacy properties of both compounds while lowering the component dosages and associated adverse effects.

A Phase 2 study in acute postoperative pain has shown that E-58425 demonstrated superior efficacy and safety over both placebo and a standard of care. The collaboration envisages Esteve commercialising E-58425 in the USA and Mundipharma in the rest of the world.

For Mundipharma and Purdue, the partnership will see the companies expand their pain franchise into neuropathic, acute and moderate pain in addition to existing expertise in opioids and severe pain.

For Esteve, the agreements validate its consistent investment into innovative R&D as well as its continued emphasis on identifying novel approaches to treat the significant unmet medical needs of people living with pain.

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.

Celgene and Juno Therapeutics have launched a 10-year global collaboration to develop and commercialize cancer and autoimmune diseases immunotherapies.

The deal will generate about $1 billion for Juno, which could see Celgene's investment stake in the company grow from 10% to almost one-third.

The companies will develop treatments with an initial focus on chimeric antigen receptor technology (CAR-T) and T cell receptor (TCR) technologies.

Celgene has the option to serve as commercialization partner for Juno's oncology and cell therapy autoimmune product candidates, including Juno's CD19- and CD22-directed CAR-T product candidates.

The collaboration will not develop products targeting B-cell maturation antigen (BCMA), the focus of a Celgene collaboration with bluebird bio that the companies revised nearly a month ago.

For Juno-originated programs co-developed through the collaboration, Juno will oversee R&D in North America and will retain commercialization rights there.

Celgene will be responsible for development and commercialization elsewhere in the world, and has agreed to pay Juno high single-digit to mid-teens royalties on sales in those territories depending on development stage, the companies said.

Celgene has initial rights to select two programs—except for CD19 and CD22—with both subject to a global profit sharing agreement under which the companies will share worldwide expenses and profits equally, except in China.

Celgene may also select a third program, subject to additional obligations, the companies said.

Juno will have the option to enter into a co-development and co-commercialization agreement on some Celgene-originated development candidates that target T cells.

For any such programs, the companies have agreed to share global costs and profits with 70% for Celgene and the remaining 30% for Juno.

Celgene will lead global development and commercialization efforts, subject to a Juno co-promote option in the U.S. and certain EU territories.

In addition to the $150 million in upfront cash, Celgene agreed to buy more than 9.1 million shares of Juno's common stock—roughly 10% of the company’s shares as of June 26—at an aggregate price of about $850 million, or $93 per share.

Bavarian Nordic and Bristol-Myers Squibb announced an agreement that provides Bristol-Myers Squibb an exclusive option to license and commercialize PROSTVAC, Bavarian Nordic’s investigational Phase 3 prostate-specific antigen (PSA)-targeting cancer immunotherapy in development for the treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer (mCRPC).

Bavarian Nordic will receive an upfront payment of $60 million.

Bristol-Myers Squibb can exercise the option in its sole discretion within a designated time after data is available from the ongoing Phase 3 trial.

Bavarian Nordic would be entitled to a payment of $80 million upon exercise of the option plus additional incremental payments starting at $50 million, but with a potential to exceed $230 million should the median overall survival benefit of PROSTVAC exceed the efficacy seen in Phase 2 results.

Furthermore, Bavarian Nordic could receive regulatory milestone payments of $110 million, up to $495 million in sales milestones as well as tiered double-digit royalties on future sales of PROSTVAC.

The parties have also agreed to enter into a supply contract, under which Bavarian Nordic will undertake the future commercial manufacturing of PROSTVAC.

Intrexon and Merck Serono announced an exclusive strategic collaboration and license agreement to develop and commercialize Chimeric Antigen Receptor T-cell (CAR-T) cancer therapies.

This collaboration advances Merck Serono's comprehensive, science-driven strategy to develop innovative therapies that modulate the immune system's natural ability to fight tumors.

Utilizing Intrexon's cell engineering techniques and RheoSwitch platform, the collaboration aims to develop leading-edge products that empower the immune system in a regulated manner to overcome the current challenges of CAR-T therapy.

The agreement provides Merck Serono exclusive access to Intrexon's proprietary and complementary suite of technologies to engineer T-cells with optimized and inducible gene expression, as recently strengthened by a license agreement with the University of Texas MD Anderson Cancer Center.

Intrexon will be responsible for all platform and product developments until IND filing.

Merck will nominate targets of interest for which CAR-T products will be developed.

Merck will also lead the IND filing and pre-IND interactions, clinical development and commercialization.

In addition, Intrexon has the opportunity to explore targets independently, granting Merck opt-in rights during clinical development.

Intrexon will receive an upfront payment of $115 million.

For the first two targets of interest selected by Merck Serono, Intrexon will receive research funding and is eligible to receive up to $826 million development, regulatory and commercial milestones, as well as tiered royalties on product sales.

In addition, Intrexon is also eligible to receive further payments upon achievement of certain technology development milestones.

Janssen Pharmaceuticals, Inc.announced that it has obtained worldwide rights, excluding China and Korea, to develop and commercialize oxyntomodulin-based therapies including HM12525A, a biologic that is completing phase 1 and expected to enter phase 2 studies next year, from Hanmi Pharmaceutical Co., Ltd.

HM12525A is an oxyntomodulin-based therapy (GLP-1/glucagon receptor dual agonist) that has shown evidence of improving multiple metabolic parameters that lead to improved blood glucose, body weight, and insulin sensitivity.

This asset has the potential, as a once weekly therapy, to be a best-in-class oxyntomodulin-based therapy.

Baxalta has completed the acquisition of the ONCASPAR (pegaspargase) portfolio from Sigma-Tau.

The acquisition includes ONCASPAR, an important biologic treatment for patients with acute lymphoblastic leukemia (ALL), the novel investigational biologic calaspargase pegol, and established global clinical and commercial resources.

Baxalta announced plans to acquire the portfolio for approximately $900 million.

ONCASPAR is a biologic cancer therapy used as a component of multi-agent chemotherapeutic regimens to treat acute lymphoblastic leukemia (ALL), a rapidly progressing cancer of the white blood cells responsible for more than 80 percent of childhood leukemia cases.

ONCASPAR is primarily marketed in the United States, Germany, Poland and certain other countries and is currently under centralized marketing authorization review with the European Medicines Agency.

Baxalta will pursue a number of opportunities to expand the value of the ONCASPAR portfolio for the oncology community, including the development of new formulations and new indications, as well as calaspargase pegol.

Baxalta will also leverage its global presence to seek marketing authorizations in additional countries.

June 2019

Voyager Therapeutics announced a restructuring of its gene therapy relationship with Sanofi Genzyme.

Voyager gains worldwide rights to the VY-HTT01 Huntington’s disease program and ex-U.S. rights to the VY-FXN01 Friedreich’s ataxia program.

The ex-U.S. rights to VY-FXN01 are, in turn, transferred from Voyager to Neurocrine Biosciences under the terms of the collaboration agreement between Voyager and Neurocrine Biosciences announced in January 2019.

Sanofi Genzyme obtains exclusive option rights to select novel AAV capsids owned or controlled by Voyager for exclusive use for up to two non-central nervous system (non-CNS) indications.

In consideration of the rights returned, Voyager has agreed to make a $10 million upfront payment to Sanofi Genzyme.

This upfront payment is partially offset by a $5 million payment from Neurocrine Biosciences to Voyager to facilitate the transfer of the ex-U.S. rights to VY-FXN01 from Voyager to Neurocrine Biosciences.

An additional $10 million milestone payment is due to Sanofi Genzyme from Voyager upon filing of an investigational new drug (IND) application for VY-HTT01 or, if applicable, certain backup compounds for the treatment of Huntington’s disease.

Preclinical studies are underway with VY-HTT01 which, if successful, are expected to support a potential filing of an IND application in late 2019.

In connection with the restructuring of the gene therapy relationship with Sanofi Genzyme, and to focus its resources on the now wholly owned Huntington’s disease program and additional new discovery efforts, Voyager intends to seek a partner to advance its preclinical program for SOD1 ALS.

Given this portfolio decision, Voyager no longer expects to file an IND application for VY-SOD102 in 2019.

October 2017

Voyager Therapeutics announced an update to its VY-AADC program for advanced Parkinson’s disease.

Under Voyager’s Collaboration Agreement with Sanofi Genzyme, Sanofi Genzyme had an exclusive option for ex-U.S. development and commercial rights to VY-AADC.

Based on Voyager’s understanding that because this option did not include rights in the U.S., Sanofi Genzyme informed Voyager that it has decided not to exercise its rights to this program.

As a result, Voyager gains full worldwide development and commercial rights to VY-AADC for the treatment of advanced Parkinson’s disease.

February 2015

Voyager Therapeutics and Genzyme announced a major strategic collaboration to discover, develop and commercialize novel gene therapies for severe CNS disorders.

The collaboration will leverage Genzyme’s long-standing commitment and scientific leadership in the field of adeno-associated virus (AAV) gene therapy and Voyager’s industry-leading AAV product engine to develop breakthrough therapies for patients suffering from severe CNS disorders.

The alliance will encompass multiple gene therapy programs, including programs for Parkinson’s disease, Friedreich’s ataxia and Huntington’s disease, as well as other CNS disorders.

Each program targets a severe, debilitating disease and has the potential to deliver transformational therapeutic benefit for patients.

The collaboration portfolio created will combine programs and intellectual property from both companies.

Voyager will drive research and development activities for all programs, working with Genzyme in a highly collaborative way.

Genzyme will have the option to license several programs following completion of an initial proof-of-concept human clinical trial.

However, Voyager will retain all U.S. rights to its lead product programs in Parkinson’s disease (VY-AADC01) and Friedreich’s ataxia (VY-FXN01).

Voyager will split U.S. profits with Genzyme for the Huntington’s disease program (VY-HTT01).

In addition, Voyager’s lead amyotrophic lateral sclerosis (ALS) program (VY-SOD101) is not part of the collaboration and Voyager retains worldwide rights to this program.

Genzyme will make an upfront commitment of $100 million to Voyager, including $65 million in cash, a $30 million equity investment in Voyager and additional in-kind contributions.

Voyager is eligible to receive future potential development and sales milestone payments of up to $745 million, as well as tiered royalties on product sales.

Isis Pharmaceuticals has entered into a global collaboration with Janssen Biotech to discover and develop antisense drugs to treat autoimmune disorders of the gastrointestinal (GI) tract.

The collaboration brings together Isis' RNA-targeted technology platform and the expertise of Janssen in autoimmune disorders and therapeutic formulation to discover and develop antisense drugs that can be locally administered, including oral delivery, to treat autoimmune disorders in the GI tract.

Under the terms of the agreement, which covers three programs, Isis will receive $35 million in upfront payments, including a payment to initiate human lead optimization on the first collaboration target.

Isis is eligible to receive nearly $800 million in development, regulatory and sales milestone payments and license fees for these programs.

In addition, Isis will receive tiered royalties that on average are double-digits on sales from any product that is successfully commercialized.

Janssen has the option to license a drug from each of the programs once a development candidate is identified.

If Janssen exercises its option, it will assume global development, regulatory and commercialization responsibilities.

AstraZeneca announced a co-commercialisation agreement with Daiichi Sankyo for MOVANTIK (naloxegol) in the US, in line with the Company’s strategy of delivering value through its own development and commercial capabilities as well as through external collaboration.

MOVANTIK is a first-in-class once-daily oral peripherally-acting mu-opioid receptor antagonist (PAMORA) for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain.

MOVANTIK was approved by the US Food and Drug Administration in September 2014.

It was descheduled by the US Drug Enforcement Administration in January 2015 and is no longer labelled as a controlled substance.

The launch of MOVANTIK in the US is planned for early April 2015.

Daiichi Sankyo will pay a $200 million up-front fee and subsequent sales-related payments of up to $625 million.

AstraZeneca will be responsible for manufacturing, will book all sales and will make sales-related commission payments to Daiichi Sankyo.

Both companies will be jointly responsible for commercial activities.

AstraZeneca’s 2015 financial guidance, provided on 6 March 2015, is unaffected by today’s announcement.

Halozyme Therapeutics announced a global collaboration and license agreement with Eli Lilly and Company (NYSE: LLY) to develop and commercialize products combining proprietary Lilly compounds with Halozyme's ENHANZE platform.

Under the terms of the agreement, Halozyme will receive an initial $25 million payment, followed by milestone payments of up to $160 million for each of up to five collaboration targets valued at up to $800 million.

These payments are subject to Lilly's achievement of specified development, regulatory and sales-based milestones.

In addition, Lilly will pay Halozyme mid-single digit royalties if products under the collaboration are commercialized.

The Halozyme ENHANZE platform is based on a proprietary recombinant human hyaluronidase enzyme (rHuPH20) that temporarily degrades hyaluronan -- a chain of natural sugars in the body -- to aid in the dispersion and absorption of other injected therapeutic drugs.

ENHANZE is Halozyme's proprietary drug delivery platform based on its patented recombinant human hyaluronidase enzyme (rHuPH20).

Mylan has, through its Indian subsidiary Mylan Laboratories Limited, signed a definitive agreement to acquire certain female health care businesses from Famy Care Limited, a specialty women's health care company with global leadership in generic oral contraceptive products for $750 million in cash plus additional contingent payments of up to $50 million.

The acquisition will build on Mylan's existing partnerships with Famy Care in North America, Europe and Australia, and provide Mylan with an enhanced and now vertically integrated platform that will accelerate the company's growth in the important global women's health care space.

This transaction especially complements Mylan's pending acquisition of Abbott's non-U.S. developed markets specialty and branded generics business, which also includes a women's health care portfolio and sales and marketing capabilities.

Additionally, the acquisition of the Famy Care businesses will make Mylan a hormonal contraceptives leader in high-growth emerging markets around the world.

Under the terms of the transaction, which has been unanimously approved by both companies' boards of directors, Mylan will acquire certain female reproductive health care businesses from Famy Care for $750 million in cash at closing, subject to certain adjustments, plus an additional payment of up to $50 million, contingent upon achievement of certain development and regulatory milestones.

Under the proposed transaction structure, Famy Care will spin off its female health care businesses under a court approved scheme of demerger.

AstraZeneca aims to build up its already strong position in China by making and developing more medicines locally, and will invest more than $800 million (527.8 million pounds) in the country over the next 10 years.

The British drugmaker's decision to step up investment in China, notably through a strategic alliance with local firm WuXi AppTec, chimes with Beijing's desire to see more treatments made in China.

The upside for AstraZeneca should be that locally produced medicines win faster approval from the China Food and Drug Administration, rather than being delayed for years as often happens with imported products.

In future foreign firms will be more reliant on new, patented medicines, analysts believe, although the scale of demand for such expensive products is uncertain in a country with only basic health insurance cover.

One element involves WuXi AppTec producing new biotech medicines locally in China, with AstraZeneca having the option to acquire WuXi’s manufacturing capacity through an overall investment of $100 million.

AstraZeneca is also spending $50 million on developing traditional "small molecule" drugs in China and is creating a new global hub for pharmaceutical development in and around Shanghai.

Incyte Corporation announced a global license and collaboration agreement with Jiangsu Hengrui Medicine Co., Ltd. for the development and commercialization of SHR-1210, an investigational anti-PD-1 monoclonal antibody.

Under the agreement, Incyte will have the exclusive development and commercialization rights to SHR-1210 worldwide, with the exception of Mainland China, Hong Kong, Macau, and Taiwan.

SHR-1210 is expected to enter proof-of-concept studies for the treatment of patients with advanced solid tumors in the coming months.

Under the terms of the agreement, Incyte will acquire development and commercialization rights to SHR-1210 worldwide, with the exception of Mainland China, Hong Kong, Macau, and Taiwan, in exchange for an upfront payment of $25 million.

The terms also include potential milestone payments of up to $770 million to Hengrui, consisting of $90 million for regulatory approval milestones, $530 million for commercial performance milestones, and $150 million based on clinical superiority.

The terms also include tiered royalties to Hengrui on net sales of SHR-1210 in Incyte territories.

Under the Agreement, Incyte and Hengrui will assume all financial obligations associated with the development and commercialization of SHR-1210 in their respective territories.

Monoclonal antibodies targeting PD-1 enhance anti-tumoral immunity and are being developed for the treatment of cancer.

Incyte announced a global license and collaboration agreement with Jiangsu Hengrui Medicine for the development and commercialization of SHR-1210, an investigational anti-PD-1 monoclonal antibody.

Incyte will have the exclusive development and commercialization rights to SHR-1210 worldwide, with the exception of Mainland China, Hong Kong, Macau, and Taiwan.

SHR-1210 is expected to enter proof-of-concept studies for the treatment of patients with advanced solid tumors in the coming months.

Incyte will acquire development and commercialization rights to SHR-1210 worldwide, with the exception of Mainland China, Hong Kong, Macau, and Taiwan, in exchange for an upfront payment of $25 million.

The terms also include potential milestone payments of up to $770 million to Hengrui, consisting of $90 million for regulatory approval milestones, $530 million for commercial performance milestones, and $150 million based on clinical superiority.

The terms also include tiered royalties to Hengrui on net sales of SHR-1210 in Incyte territories.

Under the Agreement, Incyte and Hengrui will assume all financial obligations associated with the development and commercialization of SHR-1210 in their respective territories.

Astellas Pharma and Anokion announced an agreement to collaborate in the fields of type 1 diabetes and celiac disease.

Key components of the agreement include:

A new company, Kanyos Bio has been created to develop clinical candidates in the two selected indications, with an option for Astellas to add a third autoimmune indication as part of the collaboration.

Astellas will provide non-dilutive research funding to Kanyos and holds an option to acquire Kanyos after reaching certain milestones.

Total potential deal value of about $760 Million includes R&D funding, option exercise and milestone payments.

Astellas will also participate, along with Anokion’s existing investors, in a $16 Million equity financing for Kanyos.

The creation of Kanyos will enable preclinical development of products for type 1 diabetes and celiac disease.

Roche, Meiji Seika Pharma and Fedora have entered into a license agreement for the development and commercialization of OP0595, a beta-lactamase inhibitor in phase I clinical development.

Roche obtains worldwide rights from both companies for development and commercialization with the exception of Japan, where Meiji will retain sole commercialization rights.

Beta-lactamase inhibitors restore or potentiate the activity of beta-lactam antibiotics.

The combination of OP0595 with a beta-lactam antibiotic targets severe infections caused by Enterobacteriaceae, including multi-drug-resistant strains.

Meiji and Fedora will receive upfront plus development, regulatory and sales event milestone payments totaling potentially up to $750 million.

In addition, Meiji and Fedora are entitled to receive tiered royalties on sales of products originating from this collaboration.

Aduro Biotech announced the establishment of a major collaboration with Novartis for the worldwide research, development and commercialization of novel immuno-oncology products derived from Aduro’s cyclic dinucleotide (CDN) approach to target the STING (Stimulator of Interferon Genes) receptor, that, when activated, is known to initiate broad innate and adaptive tumor-specific immune responses.

Novartis will make an upfront payment of $200 million to Aduro and, if all development milestones are met, Aduro is eligible to receive up to an additional aggregate amount of $500 million.

In addition, Novartis has made an initial 2.7 percent equity investment in Aduro for $25 million, with a commitment for another $25 million investment at a future date.

Aduro will lead commercialization activities and will book sales in the United States for any products developed and commercialized pursuant to this collaboration, with Novartis leading commercialization activities in all other regions.

The companies will share in profits, if any, in the United States, Japan and major European countries.

Novartis will pay Aduro a mid-teens royalty for sales in the rest of the world.

September 2016

Just a day after Seoul, South Korea-based Hanmi Pharmaceutical Co. announced a deal with Genentech (RHHBY), a member of the Roche Group (RHO), Boehringer Ingelheim terminated a license deal because of patient deaths.

In July 2015, the two companies announced a license and collaboration deal to develop a third-generation EGFR drug to treat EGFR mutation positive lung cancer. Under that deal, Hanmi received a $50 million (US) upfront fee and was entitled to milestone payments up to $680 million, as well as tiered double-digit royalties on future net sales.

It was at that time being investigated in a Phase II trial in patients with non-small cell lung cancer (NSCLC) with T790M mutations that had developed resistance to other EGFR targeting drugs.

In a filing, Hanmi indicates that Boehringer Ingelheim ended the deal after two patients died because of a serious skin reaction.

Boehringer returned the license, but Hanmi is not required to return the $65 million it has received so far.

June 2015

Boehringer Ingelheim and Hanmi Pharmaceutical announced an exclusive license and collaboration agreement for the development and global commercialization rights, except South Korea, China and Hong Kong, of HM61713, a novel 3rd generation EGFR targeted therapy for the treatment of a specific type of lung cancer.

Hanmi will receive an initial payment of USD 50 million and is entitled to potential milestone payments of USD 680 million plus tiered double-digit royalties on future net sales.

The agreement is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, similar requirements outside the U.S., and other customary closing conditions.

HM61713 is a novel 3rd generation, orally active, irreversible EGFR mutation selective tyrosine kinase inhibitor (TKI).

At this year's ASCO Annual Meeting, interim results of the Phase I/II clinical trial were presented and showed strong efficacy signals, combined with a favorable safety profile.

The compound is currently in Phase II clinical development for patients with non-small cell lung cancer (NSCLC) with T790M mutations who have developed resistance to previous EGFR targeting agents.

Preparations have begun for a broader Phase III trial program to be initiated in 2016.

HM61713 is another important pillar in Boehringer Ingelheim's global lung cancer franchise, which builds on two products, GIOTRIF/GILOTRIF (afatinib) and VARGATEF® (nintedanib), approved in various countries.

With the inclusion of HM61713, Boehringer Ingelheim now has more than 10 compounds in clinical development in a wide variety of oncology indications, including immune oncology approaches like an mRNA based therapeutic vaccine under development in collaboration with CureVac.

Juno Therapeutics inked a massive $727 million deal with Editas Medicine, the gene editing company, for a partnership that will forge three research programs marrying Editas’ technologies, including CRISPR/Cas9, to Juno’s CAR and TCR technologies.

Juno will shell out $25 million up front and up to $22 million in research support over the next five years across the three programs.

Editas will also be eligible to receive more than $230 million in future research, regulatory and commercial sales milestone payments.

If any of these products come to market, Editas is also eligible to receive tiered royalties.

AstraZeneca announced that MedImmune, its global biologics research and development arm, has entered into a license agreement and collaboration with Inovio Pharmaceuticals, a biotechnology company developing DNA-based immunotherapies for cancer and infectious diseases.

MedImmune will acquire exclusive rights to Inovio’s INO-3112 immunotherapy, which targets cancers caused by human papillomavirus (HPV) types 16 and 18.

INO-3112, which is in phase I/II clinical trials for cervical and head and neck cancers, works by generating killer T-cell responses that are able to destroy HPV 16- and 18-driven tumours.

These HPV types are responsible for more than 70 per cent of cervical pre-cancers and cancers.

MedImmune intends to study INO-3112 in combination with selected immunotherapy molecules within its pipeline in HPV-driven cancers.

Emerging evidence suggests that the benefits from immuno-oncology molecules, such as those in MedImmune’s portfolio, can be enhanced when they are used in combination with cancer vaccines that generate tumour-specific T-cells.

MedImmune will make an upfront payment of $27.5 million to Inovio as well as potential future payments upon reaching development and commercial milestones totaling up to $700 million.

MedImmune will fund all development costs.

Inovio is entitled to receive up to double-digit tiered royalties on INO-3112 product sales.

Within the broader collaboration, MedImmune and Inovio will develop up to two additional DNA-based cancer vaccine products not included in Inovio’s current product pipeline, which MedImmune will have the exclusive rights to develop and commercialise.

Inovio will receive development, regulatory and commercialisation milestone payments and will be eligible to receive royalties on worldwide net sales for these additional cancer vaccine products.

Patterson Companies announced a definitive agreement to sell its medical business (Patterson Medical) to Madison Dearborn Partners (MDP), a leading private equity firm based in Chicago, for gross proceeds of approximately $715 million in cash.

The sale is expected to close in the fiscal second quarter, following the satisfaction of regulatory requirements and other customary closing conditions.

AstraZeneca and Actavis have entered into a definitive agreement under which AstraZeneca will acquire the rights to Actavis’ branded respiratory business in the US and Canada for an initial consideration of $600 million on completion and low single-digit royalties above a certain revenue threshold.

Upon completion of the transaction, AstraZeneca will own the development and commercial rights in the US and Canada to Tudorza Pressair (aclidinium bromide inhalation powder), a twice-daily long-acting muscarinic antagonist (LAMA) for chronic obstructive pulmonary disease, and Daliresp (roflumilast), the only once-daily oral PDE4 inhibitor currently on the market for COPD.

AstraZeneca will also own development rights in the US and Canada for LAS40464, the combination of a fixed dose of aclidinium with formoterol long acting beta agonist (LAMA/LABA) in a dry powder inhaler, which is approved in the EU under the brand name Duaklir Genuair.

The strategic transaction strengthens AstraZeneca’s respiratory franchise globally and builds on the acquisition of Almirall’s respiratory portfolio in 2014 by extending the company’s development and commercialisation rights into the US for both Tudorza Pressair and Duaklir Genuair.

The acquisition of Tudorza Pressair and Daliresp will immediately add on-market revenues and complements AstraZeneca’s respiratory portfolio by broadening the choice of treatments and formulations offered to patients and physicians.

AstraZeneca will also pay Actavis an additional $100 million and Actavis has agreed to a number of contractual consents and approvals, including certain amendments to the ongoing collaboration agreements between AstraZeneca and Actavis.

January 2018

Alligator Bioscience announced that a development milestone payment of USD 6 million has been triggered under the partnership agreement for ADC-1013 (JNJ-64457107) with Janssen Biotech.

The milestone payment is for the partnership agreement to initiate a clinical combination study of ADC-1013 with one of Janssen's proprietary PD-1 inhibitors.

This is the first out of a number of pre-defined milestones, related to the start of combination or phase II studies as part of the ADC-1013 clinical program, which all together have an aggregated potential value of 35 MUSD.

The licensing agreement with Janssen Biotech encompasses milestone payments up to a potential total value of USD 695 million.

Alligator is also eligible to receive tiered royalties on worldwide net sales upon successful launch and commercialization of ADC-1013.

August 2015

Janssen Biotech announced an exclusive, worldwide license agreement with Alligator Bioscience AB for ADC-1013, an immuno-oncology agent currently in Phase 1 clinical studies.

The agreement was facilitated by Johnson & Johnson Innovation, London.

Janssen will attain rights to develop and commercialize ADC-1013, an agonistic fully human monoclonal antibody.

ADC-1013 targets CD40, an immuno-stimulatory receptor found on antigen-presenting cells such as dendritic cells. Stimulating this receptor initiates a process leading to an increase in T cells attacking a tumor.

Alligator Bioscience will receive an upfront payment plus additional milestone payments contingent upon reaching certain pre-determined development, regulatory and commercial milestones.

Alligator Bioscience will complete the current Phase 1 dose escalation study and Janssen will be responsible for all subsequent development of ADC-1013, including research, development, manufacturing, regulatory and commercialization activities.

In a separate transaction, Johnson & Johnson Innovation - JJDC will subscribe for new shares of Alligator stock.

Eli Lilly and Hanmi Pharmaceutical have entered into an exclusive license and collaboration agreement for the development and commercialization of Hanmi's oral Bruton's tyrosine kinase (BTK) inhibitor, HM71224, for the treatment of autoimmune and other diseases.

The agreement is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, similar requirements outside the U.S., and other customary closing conditions.

This small molecule is ready to enter Phase II and the parties plan to investigate the molecule for the potential treatment of rheumatoid arthritis, lupus, lupus nephritis, Sjögren's syndrome, and other related conditions.

Lilly will receive worldwide rights to the molecule for all indications excluding China, Hong Kong, Taiwan, and Korea. Lilly will take development, regulatory, manufacturing, and commercial leadership for the molecule in the Lilly territories.

Hanmi will receive an initial payment of $50 million and is eligible for up to $640 million in potential development, regulatory, and sales milestones.

If the BTK inhibitor is successfully commercialized, Hanmi would also be eligible for tiered double-digit royalty payments.

November 2017

Arvinas has expanded its ongoing license agreement with Genentech for the development of new therapeutics using Arvinas’ novel PROTAC technology.

The multi-year strategic license agreement, initiated in October 2015, will encompass additional disease targets and expand the collaboration.

Under the revised terms of the agreement, Arvinas is eligible to receive development and commercialization milestone payments in excess of $650 million based on achievement of certain predetermined milestones.

In addition, Arvinas is eligible to receive tiered-royalties on sales of products resulting from the license agreement.

Full financial terms have not been disclosed.

October 2015

Arvinas entered into a license agreement with Genentech for the development of new therapeutics using Arvinas’ novel PROTAC technology.

The multi-year strategic license agreement encompasses multiple disease targets.

Arvinas will receive an undisclosed upfront payment.

Arvinas is eligible to receive development and commercialization milestone payments in excess of $300 million based on achievement of certain predetermined milestones.

In addition, Arvinas is eligible to receive tiered-royalties on sales of products resulting from the license agreement.

Full financial terms have not been disclosed.

At Genentech’s discretion, it may elect to expand the collaboration to include additional disease targets for additional consideration.

Seattle Genetics and Unum Therapeutics have entered into a strategic collaboration and license agreement to develop and commercialize novel antibody-coupled T-cell receptor (ACTR) therapies for cancer.

Unum’s proprietary ACTR technology enables programming of a patient’s T-cells to attack tumor cells when co-administered with tumor-specific therapeutic antibodies.

Seattle Genetics, through its extensive work in the field of antibody-drug conjugates, has a substantial portfolio of cancer targets and tumor-specific monoclonal antibodies from which programs will be selected for the collaboration.

Seattle Genetics will make an upfront payment of $25 million and an equity investment of $5 million in Unum’s next round of private financing.

The companies will initially develop two ACTR products incorporating Seattle Genetics’ antibodies, and Seattle Genetics has an option to expand the collaboration to include a third ACTR product.

Unum will conduct preclinical research and clinical development activities through phase 1 with funding from Seattle Genetics.

The companies will work together to co-develop and jointly fund programs after phase 1 unless either company opts out.

Seattle Genetics and Unum will co-commercialize and share profits 50/50 on any co-developed programs in the United States.

Seattle Genetics will retain exclusive commercial rights outside of the United States, paying Unum high single to mid-double digit royalties on ex-U.S. sales.

Potential option fee and progress-dependent milestone payments to Unum under the collaboration may total up to $615 million across all three ACTR programs.

As a result of the amounts paid up front and the additional development activities expected under this deal, Seattle Genetics will provide revised 2015 financial guidance in connection with announcing its second quarter financial results currently planned for July 30, 2015.

Pfizer has acquired a minority equity interest in AM-Pharma and secured an exclusive option to acquire the remaining equity in the company.

The option becomes exercisable upon completion of a Phase II trial of recAP in the treatment of Acute Kidney Injury (AKI) related to sepsis.

Under the terms of the agreement, Pfizer has made an upfront payment of $87.5 million for the minority equity interest and exclusive option, with additional potential payments of up to $512.5 million upon option exercise and potential launch of any product that may result from this agreement.

Other terms of the transaction were not disclosed.

AbbVie and Boehringer Ingelheim that they have inked a global collaboration deal to develop and market BI 655066 for psoriasis.

AbbVie is paying Boehringer Ingelheim $595 million upfront with additional development and regulatory milestones and royalties if the product makes it to market.

BI 655066 is an anti-IL-23 monoclonal biologic antibody that is currently being studied for psoriasis in a Phase III clinical trial.

It is also in a Phase II trial for Crohn’s disease and asthma, and is expected to start a Phase II trial for psoriatic arthritis.

In addition to BI 655066, AbbVie gained the rights to BI 655064, an anti-CD-40 antibody that is currently in Phase I development.

It is being studied as a potential treatment for lupus nephritis, Crohn’s disease and ulcerative colitis.

AstraZeneca has entered into a definitive agreement to acquire the core respiratory business of Takeda Pharmaceutical Company.

The deal will include the expansion of rights to roflumilast (marketed as Daliresp in the US and Daxas in other countries), the only approved oral PDE4 inhibitor for the treatment of chronic obstructive pulmonary disease (COPD).

AstraZeneca will make a payment of $575 million.

Approximately 200 staff will transfer to AstraZeneca upon completion.

June 2019

BioMarin Pharmaceutical earned a $15 million milestone payment from Pfizer.

This milestone payment was triggered by the European Commission (EC) approval of TALZENNA (talazoparib) as monotherapy for the treatment of adult patients with germline breast cancer susceptibility gene (gBRCA) 1/2-mutations, who have human epidermal growth factor receptor 2-negative (HER2-) locally advanced (LA) or metastatic breast cancer (MBC).

Patients should have been previously treated with an anthracycline and/or a taxane in the (neo)adjuvant, locally advanced or metastatic setting unless patients were not suitable for these treatments.

Patients with hormone receptor-positive (HR+) breast cancer should have been treated with a prior endocrine-based therapy, or be considered unsuitable for endocrine-based therapy.

This milestone payment is part of an agreement made with Medivation when Medivation purchased talazoparib.

Medivation was acquired by Pfizer in September 2016.

June 2018

BioMarin Pharmaceutical received $20 million in milestone payments from Pfizer.

These milestone payments were triggered by the U.S. Food and Drug Administration (FDA) acceptance of Pfizer's New Drug Application (NDA) submission for talazoparib and by the European Medicines Agency (EMA) acceptance of Pfizer's submission of a Marketing Authorization Application (MAA) for talazoparib.

These milestone payments are part of an agreement made with Medivation when the company purchased talazoparib.

Medivation was acquired by Pfizer.

August 2015

Medivation and BioMarin Pharmaceutical have entered into an asset purchase agreement under which Medivation will acquire all worldwide rights to talazoparib (formerly referred to as BMN 673), a highly-potent, orally-available poly ADP ribose polymerase (PARP) inhibitor currently in a Phase 3 study for the treatment of patients with deleterious germline BRCA 1 or BRCA 2 mutations and locally advanced and/or metastatic breast cancer.

Medivation will be responsible for all research, development, regulatory and commercialization activities for all indications on a global basis.

Medivation will pay BioMarin $410 million upfront, up to an additional $160 million upon the achievement of regulatory and sales-based milestones and mid-single digit royalties for talazoparib.

At the closing of the transaction, Medivation will assume all financial obligations associated with the development and commercialization of talazoparib.

Curadev Pharma has entered into a research collaboration and exclusive license agreement with Roche for the development and commercialization of IDO1 and TDO inhibitors.

The agreement covers the development of the lead preclinical immune tolerance inhibitor and a research collaboration with Roche's research and early development organization to further explore the IDO and TDO pathways.

Under the terms of agreement, which includes a research collaboration with Roche's research and early development organization to further extend Curadev's findings, Curadev will receive an upfront payment of $25 million and will be eligible to receive up to $530 million in milestone payments based on achievement of certain predetermined events and sales levels as well as escalating royalties potentially reaching double digits for the first product from the collaboration developed and commercialized by Roche.

Curadev would also be eligible for milestones and royalties on any additional products resulting from the research collaboration.

Roche will fund future research, development, manufacturing and commercialization costs and will also provide additional research funding to Curadev for support of the research collaboration.

Nurix has entered into a strategic collaboration with Celgene for the discovery, development and commercialization of novel small molecule therapeutics in oncology, inflammation and immunology, including the rapidly evolving field of immuno-oncology.

Nurix will work exclusively with Celgene in these therapeutic areas to advance new therapies that function through the ubiquitin proteasome system (UPS) to modulate protein homeostasis, a fundamental cellular process controlling protein levels.

Mutations in UPS genes are common drivers of many human cancers. In addition, certain UPS genes function in normal physiology encoding key checkpoints in the immune response.

Celgene will make an upfront payment to Nurix of $150 million, plus an undisclosed equity investment, for an option to license future programs, with the ability to extend the option to license term for additional payments.

During the option to license term, Nurix may focus on investigating E3 ubiquitin ligases and E2 conjugating enzymes to identify the most promising drug discovery programs for use in oncology or inflammation and immunology therapeutic applications.

Nurix will control and is responsible for all drug discovery and development activities through the end of Phase 1 clinical trials.

Celgene may license global development and commercialization rights to a program in exchange for an option fee, potential clinical, regulatory and sales milestone payments totaling up to $405 million, as well as future tiered single-digit to low double-digit royalties on global sales.

Celgene will have worldwide rights to collaboration products, with the exception of certain collaboration products for which Nurix retains U.S. development and commercialization rights.

These rights include the opportunity for the companies to co-develop and co-commercialize up to two programs in the U.S. (50:50 profit / loss split), with Celgene retaining ex-US rights, in exchange for an option fee, milestone payments and royalties on ex-U.S. sales on a program-by-program basis. For candidates not optioned by Celgene under the collaboration, Nurix retains worldwide rights.

Biogen announced an agreement to exclusively license MT-1303, a late stage experimental medicine with potential in multiple autoimmune indications, from Mitsubishi Tanabe Pharma.

MT-1303 is an oral compound that targets the sphingosine 1-phosphate (S1P) receptor.

Biogen will receive worldwide rights to MT-1303, excluding Asia.

Biogen will be responsible for global commercialization and also cover development costs outside of Asian territories.

MTPC will receive an upfront payment of $60 million from Biogen and may receive up to $484 million in additional milestone payments for multiple indications and territories.

MTPC has the right to participate in Biogen’s global clinical trials and has an option to co-promote non-MS indications in the U.S.

Kite Pharma has entered into a worldwide research and license agreement with Alpine Immune Sciences to discover and develop protein-based immunotherapies targeting the immune synapse to treat cancer.

AIS will grant Kite an exclusive license to two programs from its transmembrane immunomodulatory protein (TIP) technology, which Kite plans to further engineer into chimeric antigen receptor (CAR) and T cell receptor (TCR) product candidates.

This collaboration will accelerate Kite's efforts to establish the next generation of engineered T cell therapies specifically designed to overcome the inhibitory mechanisms present in the tumor microenvironment.

Kite will make an upfront payment to AIS of $5 million and additional payments to support AIS' research.

AIS will be eligible to receive milestone payments based upon the successful achievement of pre-specified research, clinical, and regulatory milestones totaling $530 million plus low single-digit royalty payments on product sales.

Kite will receive an exclusive, worldwide license to research, develop and commercialize engineered autologous T cell therapies incorporating two programs coming from the AIS platform.

Astellas Pharma and Chromocell have entered into a license and collaboration agreement for the development and commercialization of therapeutics to treat neuropathic and other pain conditions.

Astellas obtains worldwide rights to commercialize CC8464 and back-up drug candidates to treat pain that have been identified through Chromocell's Chromovert technology platform.

Chromocell receives $15 million as an up-front payment and is eligible to receive over $500 million, including development and commercial milestones, as well as double digit royalties on sales if CC8464 is successfully commercialized.

Chromocell will conduct all development of CC8464 through the initial Phase 2a proof-of-concept clinical trial in neuropathic pain.

Astellas will lead all further development activities through to commercialization of CC8464 for the treatment of peripheral neuropathic pain.

Aside from those development activities, Chromocell may propose, and may initiate, studies for certain additional indications such as rare diseases and non-oral formulations of the drug candidate.

Astellas has the right to opt-in for development for such additional indications, which triggers additional payments to Chromocell, and, in certain cases, co-promotion rights in the U.S.

XOMA has exclusively licensed the global development and commercialization rights to its anti-transforming growth factor-beta (TGFb) antibody program to Novartis.

XOMA will receive $37.0 million in the form of an upfront payment and is eligible to receive up to $480.0 million if all development, regulatory, and commercial milestones are met.

XOMA is eligible to receive royalties on product sales that range from the mid-single digits to the low double digits.

In connection with this license agreement, Novartis has agreed to extend the maturity date on the approximately $13.5 million of outstanding debt under the secured note agreement, which bears interest at the six-month LIBOR plus 2% (currently 2.53%), to September 30, 2020.

XOMA has also agreed to reduce the royalty rate to XOMA associated with Novartis' clinical stage anti-CD40 antibodies.

February 2018

Sosei Group announced that its immuno-oncology collaboration with AstraZeneca is progressing well.

The first patient has been dosed in an expansion cohort in the Phase 1b segment of the Phase 1 study in advanced solid tumours.

Furthermore, a new clinical study including AZD4635 to investigate novel combination therapies in EGFRm non-small cell lung cancer is expected to begin in the first quarter 2018.

April 2017

Sosei Group reported that its subsidiary, Heptares Therapeutics has announced that it has achieved an important milestone in its immuno-oncology collaboration with AstraZeneca, which is focused on the development of AZD4635 (HTL-1071) as a potential new treatment for a range of cancers.

As a result, Heptares has been notified today that the achievement has triggered a US$12 million payment from AstraZeneca.

AZD4635 is a potent and selective, orally available, small molecule adenosine A2A receptor antagonist discovered by Heptares and licensed to AstraZeneca in 2015.

The milestone was triggered by the successful completion of a preclinical programme that demonstrated a clear effect of AZD4635 in reversing adenosine-mediated T-cell suppression and enhancing anti-tumour immunity.

AZD4635 is currently in a Phase 1 clinical trial as a single agent and in combination with AstraZeneca’s durvalumab (anti-PD-1L antibody) in patients with solid malignancies.

July 2016

Heptares Therapeutics , announces it has been notified by its partner AstraZeneca that the first subject has been dosed with immuno-oncology candidate HTL1071 (AZD4635) in a Phase 1 clinical study, triggering a US$10 million payment from AstraZeneca.

August 2015

Heptares Therapeutics has entered into a licensing agreement with AstraZeneca under which AstraZeneca will acquire exclusive global rights to develop, manufacture and commercialise the adenosine A2A receptor antagonist, HTL-1071, a small molecule immuno-oncology candidate, and potential additional A2A receptor-blocking compounds.

AstraZeneca will focus on exploring HTL-1071 and any additional compounds across a range of cancers, including in combination with its existing portfolio of immunotherapies.

Heptares will grant AstraZeneca an exclusive license to research, develop, manufacture and commercialise HTL-1071.

The companies will also collaborate to discover further A2A receptor-blocking compounds for development in cancer immunotherapy.

Heptares will receive an upfront payment of $10 million and is eligible to receive additional, significant near term milestone payments based on agreed pre-clinical and/or clinical events.

Subject to successful completion of development and commercialisation milestones, Heptares is also eligible to receive more than $500 million, as well as up to double-digit tiered royalties on net sales.

Royal Philips announced a multi-year, USD 500 million partnership to transform and improve healthcare for millions of patients across New York’s Hudson Valley.

The partnership is based on an enterprise managed services model through which Philips will provide WMCHealth with a comprehensive range of clinical and business consulting services, as well as advanced medical technologies such as imaging systems, patient monitoring, telehealth and clinical informatics solutions.

Moreover, the collaboration aims to redefine how quality care is delivered in all areas, including radiology, cardiology, neurology, oncology and pediatrics, as WMCHealth expands beyond a single-campus academic medical center into a multi-location regional healthcare provider.

The partnership underscores Philips’ commitment to provide new solutions for hospitals and health systems driven by a fundamental shift in U.S. healthcare management towards strategic partnerships for creating long-term patient value, while managing costs, complexity and risk. In similar long-term partnerships with Philips, hospitals have been able to significantly improve radiology volumes and cut MRI waiting times in half.

Gencia and Takeda Pharmaceutical announced a partnership to develop a new class of small molecule drugs as potential treatments for hematological and inflammatory diseases.

Called Mitochondrial Agonists of the Glucocorticoid Receptor (MAGR), such compounds may offer the therapeutic potential of conventional glucocorticoid drugs (steroids).

However, MAGR are chemically distinct and may function differently than steroids.

The initial aim of the collaboration will be joint research and development leading to two preclinical drug candidates, one each in the areas of inflammation and oncology.

Takeda will explore opportunities to conduct clinical trials for drug candidates identified by the partnership.

Gencia will receive upfront payments and preclinical milestones for the two compounds and aggregate clinical, commercialization and sales milestones with the potential for approximately $500 million in payments by Takeda.

Gencia also will receive royalties on sales of any successfully commercialized products arising from the partnership.

Further details of the agreement were not disclosed.

Novartis announced today that it has reached a definitive agreement with GlaxoSmithKline to exchange certain assets, building global leadership in key segments and focusing the company's portfolio.

Novartis would strengthen the company's innovative pharmaceuticals business by acquiring GSK oncology products, and would divest Vaccines (excluding flu) to them.

The two companies would also create a joint venture, combining their consumer divisions to create a world-leading consumer healthcare business.

Novartis has agreed to acquire GSK oncology products for a USD 14.5 billion payment and up to USD 1.5 billion contingent on a development milestone.

Novartis would have opt-in rights to GSK's current and future oncology R&D pipeline.

Bayer has agreed to acquire the consumer care business of Merck & Co for a purchase price of USD 14.2 billion (EUR 10.4 billion).

The acquisition will give Bayer the global number two position in non-prescription (over-the-counter, OTC) products following recently announced consolidations in this highly attractive and growing healthcare industry segment, and will significantly enhance Bayer's business across multiple therapeutic categories and geographies.

Merck & Co consumer care business includes leading brands such as Claritin, Coppertone and Dr. Scholl's.

Pro forma sales of the combined businesses in 2013 amounted to USD 7.4 billion (EUR 5.5 billion) with Merck & Co., Inc.'s business contributing approximately USD 2.2 billion.

The purchase price of USD 14.2 billion includes a payment associated with sales of Claritin and Afrin in certain countries where these products are still prescription-only.

The purchase price represents a 2013 pro forma EBITDA multiple of 21x.

The acquisition will be primarily treated as an asset purchase, for which Bayer expects to receive significant tax savings from the first year after closing.

Novartis announced today that it has reached a definitive agreement with GlaxoSmithKline to exchange certain assets, building global leadership in key segments and focusing the company's portfolio.

Novartis would strengthen the company's innovative pharmaceuticals business by acquiring GSK oncology products, and would divest Vaccines (excluding flu) to them.

Novartis has agreed to divest its Vaccines business to GSK, currently excluding its flu business, for USD 7.1 billion plus royalties.

The USD 7.1 billion consists of USD 5.25 billion upfront and up to USD 1.8 billion in milestones.

As a part of a value-maximization strategy in the context of the portfolio review, Novartis has initiated a separate sales process for its flu business.

The terms of the divestment of the Vaccines business would maximize the value of its pipeline, including Bexsero.

Novartis has agreed to divest its Animal Health Division to Lilly for approximately USD 5.4 billion.

This transaction is the result of a competitive process, which upon completion would create a leading animal health business under Lilly's ownership and would optimize the value of the asset in the interest of Novartis shareholders.

Lilly will acquire all assets of Novartis Animal Health for a total purchase price of approximately $5.4 billion, including anticipated tax benefits.

Lilly plans to fund this acquisition with approximately $3.4 billion of cash-on-hand and $2.0 billion in debt to be issued.

23 October 2014

Abbott Laboratories and Mylan are likely still planning to merge despite the failure of a similar tax-friendly deal to go through between AbbVie and Shire Pharmaceuticals last week, the companies indicated this week.

Mylan announced slight changes to the terms of the deal on Wednesday, a sign analysts and industry sources are taking to mean that the $5.3 billion deal is still on the table and heading towards closure.

14 July 2014

Mylan will acquire Abbott's non-U.S. developed markets specialty and branded generics business ("the Assets") in an all-stock transaction. Upon closing, Abbott will receive 105 million shares of the combined company worth approximately $5.3 billion based on Mylan's closing price of $50.20 on Friday, July 11, 2014, representing an approximately 21% ownership stake.

The transaction will instantly further diversify Mylan's business and strengthen its commercial platform outside the U.S., building new opportunities for growth and additional sales channels in the acquired markets.

It also is expected to provide Mylan with significant additional financial firepower to pursue future opportunities, an additional $600 million of annual post-close EBITDA, an optimized global tax structure and enhanced balance sheet capacity.

The Assets, which are being acquired on a debt-free basis, include an attractive portfolio of more than 100 specialty and branded generic pharmaceutical products in five major therapeutic areas (cardio/metabolic, gastrointestinal, anti-infective/respiratory, CNS/pain and women's and men's health) and include several patent protected, novel and/or hard-to-manufacture products with continued growth potential. With a strong presence in Europe, Japan, Canada, Australia and New Zealand, the Assets are expected to provide approximately $1.9 billion in annual additional revenues at deal close.

The business includes an active sales organization of approximately 2,000 representatives in more than 40 non-U.S. markets, as well as two high-quality manufacturing facilities.

This transaction further diversifies Mylan's business outside of the U.S. by adding a differentiated and attractive portfolio of durable specialty and branded generic products and providing entry into the over-the-counter market.

Key products include Creon, Influvac, Brufen, Amitiza and Androgel, among others.

Abbott will carve out the Assets and transfer them to a new public company ("New Mylan") organized in the Netherlands. Immediately following the transfer, Mylan will merge with a wholly owned subsidiary of New Mylan, and New Mylan will become the parent company of Mylan.

Abbott will receive 105 million shares of New Mylan upon closing, resulting in Mylan shareholders owning approximately 79% of New Mylan and Abbott indirectly owning approximately 21% of New Mylan.

Mylan shareholders will recognize gain for U.S. federal income tax purposes on the exchange of Mylan common shares for New Mylan ordinary shares.

Edison Pharmaceuticals has entered into a strategic alliance valued up to $4.295 billion with Dainippon Sumitomo Pharma for the development of drugs targeting cellular energy metabolism.

DSP will gain select development and commercialization rights in Japan and North America to jointly discovered drugs in exchange for $10M upfront and $40M payment in R&D support.

DSP will fully fund the development of 10 new jointly discovered drugs through IND filing and broaden its rights to EPI-589, currently in phase 1B, to include North America.

Edison will be eligible to receive in total between $30M and $105M per indication associated with successful development of EPI-589 in North America;

between $10M and $30M per indication in development milestones associated with successful development of jointly discovered compounds in Japan and North America;

up to $3.86 billion in commercial milestone payments for jointly discovered compounds and EPI-589 in total;

and double-digit royalties on commercial sales.

DSP will also invest $50M in Edison through a preferred stock purchase agreement.

At the discretion of Edison, DSP shall invest an additional $50M in the period between the first and fifth anniversaries of the initial equity closing.

The research and development program is directed at the characterization of the redox control energy system critical to the generation and regulation of cellular energy metabolism.

The parties believe that the cellular redox "network" is an untapped reservoir of new drug targets, especially for high energy-consuming organs such as the brain.

DSP and Edison will work together under a novel collaborative framework to discover, characterize, and translate drugs into clinical development.

Leidos was awarded a prime contract by the U.S. Defense Threat Reduction Agency to conduct research and development to combat weapons of mass destruction.

The multiple-award indefinite delivery/indefinite quantity contract has a five-year base period of performance, a five year option, and a total value of approximately $4 billion for all awardees, if all options are exercised.

The contract was awarded under the Combating Weapons of Mass Destruction Research and Technology Development ID/IQ contract.

In October 2012, PositiveID entered into a Teaming Agreement with Leidos, which paired Leidos' system engineering and integration capabilities with PositiveID's bio-threat detection technologies.

PositiveID will offer both its Firefly Dx handheld diagnostic system ("Firefly") as well as its M-BAND (Microfluidics-based Bioagent Networked Detector) airborne bio-threat detector as part of the Teaming Agreement.

Merck KGaA has entered into a global agreement with Pfizer to co-develop and co-commercialize MSB0010718C, an investigational anti-PD-L1 antibody currently in development by Merck KGaA as a potential treatment for multiple tumor types to accelerate the two companies’ presence in immuno-oncology.

The asset will be developed as a single agent as well as in various combinations with Pfizer’s and Merck KGaA, Darmstadt, Germany,’s broad portfolio of approved and investigational pipeline candidates.

The two companies will also combine resources and expertise to advance Pfizer’s anti-PD-1 antibody into Phase 1 trials.

As part of the agreement, Merck KGaA will co-promote Pfizer’s XALKORI, a medicine to treat non-small cell lung cancer, in the United States and several other key markets.

Merck KGaA, Darmstadt, Germany, will receive an upfront payment of $850 million (around € 680 million) and is eligible to receive regulatory and commercial milestone payments up to $ 2.0 billion.

Both companies will jointly fund all development and commercialization costs and all revenues obtained from selling any anti-PD-L1 or anti-PD-1 products generated from this collaboration will be shared.

Siemens to sell its hearing aid unit to the European private-equity firm EQT Partners for about $2.69 billion.

As a result, Siemens said it would not pursue a public listing of the unit, Siemens Audiology Solution.

As part of the deal, Siemens would continue to hold €200 million in preferred equity in the business and have a seat on the board of the buyer group.

The new owners would be allowed to use the Siemens name for its products in the medium term, Siemens said.

Celgene entered into a global license agreement with Nogra Pharma to develop and commercialize GED-0301, an oral antisense DNA oligonucleotide targeting Smad7 mRNA for the treatment of moderate-to-severe Crohn’s disease and other indications.

A double-blind, placebo-controlled, multicenter phase II trial of three doses of GED-0301 in 166 patients with active Crohn’s disease has been completed.

The data have been submitted to a major medical journal and will be presented at an upcoming medical congress.

Based upon these results, Celgene plans to initiate a phase III registration program by year-end 2014.

Nogra Pharma Limited will receive an upfront payment of $710 million, regulatory, development and net sales milestone payments and tiered royalties.

Aggregate payments for regulatory and development milestones could potentially be $815 million for multiple indications.

Starting from global annual net sales levels of $500 million, aggregate tiered sales milestones could total a maximum of $1,050 million if annual net sales reach $4,000 million.

October 2015

Ablynx has achieved pre-clinical proof-of-concept with a Nanobody construct as part of its immuno-oncology collaboration with Merck & Co, triggering a €3.5 million milestone payment to Ablynx.

This collaboration with Merck includes the discovery and development of up to 17 Nanobody programmes against individual protein targets and target combinations (mono-specific and multi-specific Nanobodies) for application in immuno-oncology indications.

July 2015

Ablynx announced an expansion of its immuno-oncology collaboration with a subsidiary of Merck & Co, to address an increased number of immune checkpoint modulator targets.

The original collaboration announced in February 2014 focused on the discovery and development of five pre-defined Nanobody candidates (including multi-specific Nanobody combinations) directed towards immune checkpoint modulator targets for evaluation as immunotherapies for cancer.

As part of this expansion of the 2014 agreement, Ablynx will be responsible for the discovery and development of up to 12 additional Nanobody programmes against individual protein targets and target combinations (mono-specific and multi-specific Nanobodies) through to the in vivo pre-clinical proof-ofconcept stage, after which Merck will have the option to advance specified lead candidates.

Under the terms of this four year expansion, Ablynx will receive a €13 million upfront payment comprising exclusivity fees and FTE payments as well as further research funding over the term of the collaboration.

In addition, Ablynx will be eligible to receive additional exclusivity fees, depending on the number of programmes for which Merck decides to exercise its licensing option, plus development, regulatory and commercial milestone payments of up to €340 million per programme, as well as tiered royalties on annual net sales upon commercialisation of any Nanobody products.

Merck will be responsible for clinical development, manufacturing and commercialisation of any products resulting from the collaboration.

3 February 2014

Ablynx has entered into a second research collaboration and licensing agreement with a subsidiary of Merck & Co.

This new exclusive collaboration and licensing agreement is focused on the discovery and development of several predefined Nanobody candidates (including bi- and tri-specifics) directed toward so called “immune checkpoint modulators,” proteins believed to provide potential targets for the development of cancer immunotherapies, a rapidly emerging approach to the treatment of a wide range of cancer types.

Ablynx will receive an upfront payment of €20 million ($27.01 million).

Up to €10.7 million ($14.5 million) in research funding during the initial three year research term of the collaboration.

Ablynx is eligible to receive development, regulatory and commercial milestone payments on achieved sales thresholds for a number of products with ultimate potential to accrue as much as €1.7 ($2.3 billion) billion plus tiered royalties.

Merck will be responsible for the development, manufacturing and commercialisation of any products resulting from the collaboration.

Immuno-oncology is a new area of medicine that aims to develop immunotherapies that enhance the host immune response against cancer cells.

AstraZeneca’s respiratory franchise with a complementary pipeline and inhaled device capabilities in asthma and COPD

AstraZeneca today announced that it has entered an agreement to transfer to the company the rights to Almirall’s respiratory franchise for an initial consideration of $875 million on completion.

And up to $1.22 billion in development, launch, and sales-related milestones.

AstraZeneca has also agreed to make various sales-related payments.

AstraZeneca will own the rights for the development and commercialisation of Almirall’s existing proprietary respiratory business, including rights to revenues from Almirall’s existing partnerships, as well as its pipeline of investigational novel therapies.

The franchise includes Eklira (aclidinium); LAS40464, the combination of aclidinium with formoterol which has been filed for registration in the EU and is being developed in the US;

LAS100977 (abediterol), a once-daily long-acting beta2-agonist (LABA) in Phase II;

an M3 antagonist beta2-agonist (MABA) platform in pre-clinical development (LAS191351, LAS194871) and Phase I (LAS190792);

and multiple pre-clinical programmes.

Almirall Sofotec, an Almirall subsidiary focused on the development of innovative proprietary devices, will also transfer to AstraZeneca.

Bayer and Merck & Co agreed to enter into a strategic pharma collaboration in the area of cardiovascular diseases with a focus on sGC modulation.

Cardiovascular diseases represent one of the most significant therapeutic areas.

Novel modulators of the sGC pathway may have the potential to address this need.

However, major development efforts and clinical programs are required to fully explore the benefits of these novel compounds.

This collaboration brings together two leading companies in this field.

The collaboration includes Adempas (Riociguat), which is already approved for the treatment of certain classifications of pulmonary hypertension and is being developed in additional life cycle indications, as well as vericiguat, an investigational compound that is currently being developed in two Phase IIb studies in worsening chronic heart failure.

Furthermore, the parties agreed that sGC modulators presently in earlier stages of research and development may be included in the collaboration.

Bayer and Merck & Co will equally share costs and profits from the sGC modulators and implement a joint development and commercialization strategy.

Bayer will lead the commercialization for Adempas in the Americas while Merck & Co will lead the commercialization outside the Americas.

For vericiguat and other potential investigational sGC modulators, Bayer will lead the commercialization outside the Americas while Merck & Co will lead the commercialization in the Americas.

Both companies will have the option to co-promote Adempas and the follow-on sGC modulators in each others' territories.

Merck & Co will make payments to Bayer of up to USD 2.1 billion (EUR 1.5 billion), comprising an up-front payment of USD 1.0 billion (EUR 0.7 billion), and sales milestone payments of up to USD 1.1 billion (EUR 0.8 billion) related to future collective sales of certain collaboration compounds including Adempas.

June 2018

AbbVie and Calico announced an extension of their collaboration to discover, develop and bring to market new therapies for patients with age-related diseases, including neurodegeneration and cancer.

Under the terms of the agreement, the collaboration between the two companies is now extended for an additional three years.

Calico will be responsible for research and early development until 2022 and will advance collaboration projects through Phase 2a through 2027.

AbbVie will continue to support Calico in its early R&D efforts and, following completion of Phase 2a studies, will have the option to manage late-stage development and commercial activities.

Both parties will share costs and profits equally.

AbbVie and Calico will each commit to contribute an additional $500 million to the collaboration.

September 2014

AbbVie and Calico announced a collaboration agreement, which will include an R&D facility in the San Francisco Bay area.

AbbVie is a research-based specialty biopharmaceutical company with a major portfolio of drugs in the areas of immunology and virology.

Calico will establish an R&D facility that focuses on drug discovery and early drug development.

AbbVie will work on scientific and clinical development support as well as commercialization expertise and infrastructure.

Both companies will each pony up $250 million initially, with both companies possibly tossing an additional $500 million into the collaboration.

During the first five years, Calico will handle R&D and advance projects through phase 2a for a ten-year period.

AbbVie will support early R&D, and after completion of phase 2a studies, will have the opportunity to manage late-stage development and commercialization.

Both companies will split costs and profits equally.

10 May 2014

Valeant Pharmaceuticals International has completed the sale to Galderma of all rights to Restylane, Perlane, Emervel, Sculptra, and Dysport owned or held by Valeant for $1.4 billion in cash, pursuant to the previously announced agreement with Nestle S.A, which recently completed its acquisition of Galderma.

28 May 2014

Valeant Pharmaceuticals International has entered into an agreement with Nestle to sell all rights to Restylane, Perlane, Emervel, Sculptra, and Dysport owned or held by Valeant for $1.4 billion in cash.

Galderma Laboratories has entered into an agreement with Valeant Pharmaceuticals International and related entities, through which Galderma will become the distributor of several key products in aesthetic dermatology.

Galderma will gain full rights to commercialize Restylane, Perlane, Emervel, Sculptra and Dysport for use in aesthetic dermatology in the U.S. and Canada.

Restylane, Perlane and Emervel are manufactured by Galderma and sold by its subsidiaries globally, except in the U.S. and Canada, where Valeant holds the distribution rights under terms of a pre-existing agreement with Medicis, which was acquired by Valeant in 2012.

Through this transaction, Galderma will be able to further develop and supply these innovative and leading brands globally.

19 September 2014

Cerner announced the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as amended, in connection with the company's purchase of the assets of Siemens' health information technology business unit, Siemens Health Services, for $1.3 billion in cash.

The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending acquisition.

The transaction remains subject to other customary closing conditions and is still expected to close in the first quarter of 2015.

5 August 2014

Cerner signed a definitive agreement for Cerner to acquire the assets of Siemens' health information technology business unit, Siemens Health Services, for $1.3 billion in cash.

By combining investments in R&D, knowledgeable resources, and complementary client bases, the acquisition creates scale for future innovation.

Cerner and Siemens will form a strategic alliance to bring new solutions to market that combine Cerner's health IT leadership and Siemens' strengths in medical devices and imaging.

NewLink Genetics Corporation have entered into an exclusive worldwide license agreement with Genentech, a member of the Roche Group, for the development of NLG919, NewLink's IDO pathway inhibitor.

The parties also entered into a research collaboration for the discovery of next generation IDO/TDO compounds.

Under the terms of the agreement, NewLink will receive an upfront payment of $150 million.

NewLink will be eligible to receive in excess of $1 billion in milestone payments based on achievement of certain predetermined milestones as well as escalating double-digit royalties on potential commercial sales of multiple products by Genentech.

Genentech will fund future research, development, manufacturing and commercialization costs.

Genentech will also provide research funding to NewLink for support of the research collaboration.

NewLink will continue to pursue development activities associated with NLG919 in combination with its novel HyperAcute vaccine platform.

NewLink will retain the option for co-promotion rights for NLG919 and potential next generation IDO/TDO compounds in the U.S.

The completion of the agreement is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

24 March 2014

GE has completed the acquisition of Thermo Fisher’s HyClone cell culture media and sera, and gene modulation and magnetic beads businesses.

The acquisition allows GE to expand its offering of tools, technologies and services for the discovery and manufacture of innovative new medicines, vaccines and diagnostics in its growing Life Sciences business.

06 January 2014

Thermo Fisher Scientific has signed an agreement to sell its cell culture (sera and media), gene modulation and magnetic beads businesses to GE Healthcare.

For approximately $1.06 billion.

The businesses will become part of GE Healthcare's Life Sciences division.

Intarcia Therapeutics announced the successful start of a strategic partnership with Servier outside the United States and Japan, to develop and commercialize ITCA 650, Intarcia’s phase 3 investigational therapy for the treatment of type 2 diabetes.

If successful in its remaining phase 3 trials, ITCA 650 would become the world’s first and only injection-free GLP-1 agonist given just once or twice yearly in a small, matchstick sized mini-pump placed sub-dermally.

A qualified physician, nurse or physician’s assistant can place ITCA 650 in a simple five-minute procedure in a doctor’s office.

Intarcia is to receive an upfront payment and total potential development, regulatory and sales milestone payments totaling more than $1 billion.

Intarcia will also receive ex-U.S./Japan tiered sales-related payments.

The parties will also share future global development-related investments for the life cycle management of ITCA 650, including new head-to-head superiority studies against leading diabetes medications, as well as planned novel combination regimens.

Intarcia will continue to lead the global ITCA 650 phase 3 pivotal trials, which are on track to support global filings in the first half of 2016.

Intarcia also will continue its lead role in the potential registration of ITCA 650 in the U.S., while Servier will seek regulatory approvals outside the U.S. and Japan, with the support of Intarcia.

Intarcia grants Servier exclusive rights to ITCA 650 in ex-U.S./Japan territories; Intarcia retains full control of ITCA 650 in the United States and plans another partner in Japan.

Intarcia upfront and potential milestone payments total more than $1B; Includes $401M near-term with an upfront payment of $171M and three early stage regulatory milestones of $230M; with $650M in additional development, regulatory and sales milestones.

Intarcia will receive tiered net sales-related payments with commercial success ranging from the low double digits to the mid-30s as a percentage of sales of product supplied through the manufacturing and supply agreement.

Both parties will co-invest in an additional manufacturing site outside the U.S.

Both parties will share global development costs on new superiority studies and combination regimens planned and agreed upon.

Servier will wholly fund any territory-specific trials required for marketing approvals.

November 2015

Ophthotech announced that Genentech has elected to exercise its option to participate in the financial arrangements relating to Novartis’ rights under the Ophthotech/Novartis ex-US agreement for Fovista (pegpleranib) to treat wet age-related macular degeneration (AMD).

Roche’s option originates from a pre-existing agreement between Roche and Novartis.

Ophthotech’s agreement with Novartis and its financial terms remain unchanged including potential payments to Ophthotech of over $1 billion in upfront and milestone payments, and future royalties on ex-US Fovista sales.

Ophthotech continues to retain sole rights to Fovista® in the United States.

March 2015

Ophthotech has achieved a second $50 million enrollment milestone from Novartis Pharma as part of the ex-US licensing and commercialization agreement between the two companies focused on the treatment of wet age-related macular degeneration (AMD).

This second enrollment milestone from Novartis was triggered as a result of Ophthotech reaching the second enrollment goal under the agreement in its pivotal, multi-national Fovista® Phase 3 clinical program.

To date, Ophthotech has attained $300 million in upfront fees and milestone payments.

These amounts consist of a $200 million upfront fee upon the execution of the agreement in May of last year and $100 million of $130 million in potential enrollment-based milestones under the agreement.

Fovista, Ophthotech’s anti-platelet-derived growth factor (PDGF) compound, is being studied in combination with anti-vascular endothelial growth factor (VEGF) therapy for the treatment of wet AMD.

The $50 million milestone will result in $40.6 million of revenue to be recorded in the quarter ending March 31, 2015.

The remaining $9.4 million will be deferred and recognized as revenue on a proportional basis through 2017.

Under the agreement signed in May 2014, Ophthotech granted Novartis exclusive rights to commercialize Fovista in markets outside the United States, with Ophthotech retaining sole rights to commercialize Fovista in the United States.

Potential payments to Ophthotech under the agreement could total over $1 billion in upfront and milestone payments, not including future royalties on ex-US Fovista sales.

In addition to the upfront fee and enrollment-based milestone payments, Ophthotech is eligible to receive contingent future ex-US marketing approval milestones totaling up to $300 million and ex-US sales milestones up to $400 million.

In addition, Ophthotech is entitled to receive royalties on ex-US Fovista sales.

Fovista is the most advanced anti-PDGF agent in development for the treatment of wet AMD and, if approved, Ophthotech expects it to be first to market in this class of therapies for wet AMD.

8 September 2014

Ophthotech has achieved a $50 million enrollment milestone payment from Novartis Pharma as part of the ex-US licensing and commercialization agreement between the two companies focused on the treatment of wet age-related macular degeneration (AMD).

This enrollment milestone payment from Novartis was triggered as a result of Ophthotech reaching the first enrollment goal under the agreement in its pivotal, multi-national Fovista Phase 3 clinical program and is the first of a total of $130 million in potential enrollment-based milestones under the agreement.

Fovista, Ophthotech’s anti-platelet-derived growth factor (PDGF) compound, is being studied in combination with anti-vascular endothelial growth factor (VEGF) therapy for the treatment of wet AMD.

Ophthotech granted Novartis exclusive rights to commercialize Fovista in markets outside the United States, with Ophthotech retaining sole rights to commercialize Fovista in the United States.

20 May 2014

Novartis has acquired from Ophthotech exclusive rights to market the eye drug candidate Fovista outside the U.S., while retaining U.S. marketing rights, under a licensing and commercialization agreement that could net Opthotech more than $1 billion.

Novartis agreed to pay Ophthotech $200 million upfront, and $130 million in payments tied to Phase III patient enrollment milestones.

In addition, Ophthotech is eligible to receive up to $300 million contingent on winning future marketing approval milestones outside the U.S., and up to $400 million tied to sales milestones outside the U.S. million.

Ophthotech is entitled to royalties on ex-US sales of Fovista.

Fovista is an anti-PDGF aptamer now under study in combination with anti-VEGF agents for patients suffering from wet age-related macular degeneration (wet AMD).

Fovista offers a new mechanism of action designed to further improve visual acuity and potentially slow disease progression.

Novartis will seek to develop and commercialize alternative delivery technologies for Fovista, such as a prefilled syringe, and will also develop a co-formulation of Fovista with one of its undisclosed anti-VEGF compounds.

October 2017

Sutro Biopharma has received a manufacturing milestone payment from Celgene and has completed production of STRO-001, its first internally-developed antibody drug conjugate, or ADC, using Sutro's proprietary cell-free protein synthesis technology.

STRO-001 has been manufactured for the planned first quarter 2018 initiation of clinical trials for the treatment of multiple myeloma and aggressive and indolent lymphomas.

This is the second manufacturing milestone achieved by Sutro under its collaboration with Celgene that was established in 2014.

Sutro achieved the milestone as a result of its successful scale-up to 1,000-liter cGMP production of XpressCF+TM, a proprietary cell-free protein synthesis technology, at Sutro's cGMP manufacturing center in San Carlos, California the world's only such facility.

August 2017

Sutro Biopharma is refocusing its 2014 immuno-oncology collaboration with Celgene on four programs that are advancing through preclinical development, including an antibody drug conjugate (ADC) program targeting B-Cell maturation antigen (BCMA) previously disclosed by Celgene.

Sutro may also produce both GLP and cGMP material as the BCMA ADC program progresses.

September 2016

Sutro Biopharma Inc. announced that it has received two milestone payments from drug discovery and development partner Celgene Corporation (Celgene) for achievements in preclinical development and manufacturing under the company's 2014 immuno-oncology collaboration with Celgene.

Financial terms of the milestones are not being disclosed.

These payments support acceleration of Sutro's pipeline from the late-stage preclinical phase into clinical development, as well as expansion of the company's cell-free manufacturing capability.

The payments fall under a September 2014 collaboration agreement in which Celgene paid Sutro $95 million, including an equity investment, and agreed to pay up to an additional $75 million for research and manufacturing milestones during an initial research phase.

October 2014

Sutro Biopharma has entered a collaboration and option agreement with Celgene to discover and develop antibodies and antibody drug conjugates.

This agreement follows a collaboration dating back to 2012 between the two companies that focused on immuno-oncology.

The two companies will establish on focused targets including PD-1 and PD-L1, as well as new targets that use Sutro’s biologic department platforms.

Across all product candidates, Sutro will be eligible to receive approximately $1 billion in total payments upon the achievement of clinical and regulatory milestones.

Sutro will be responsible for the early pre-clinical development of all the collaboration multispecific antibodies, as well as the manufacturing of pre-clinical product candidates.

The company will also retain worldwide rights to drugs, in the event that Celgene does not exercise its option to acquire Sutro.

March 2017

CytomX Therapeutics and Bristol-Myers Squibb (BMY) are strengthening their relationship with the expansion of a 2014 collaboration agreement.

This morning, the companies announced a plan to include up to eight additional targets, six in oncology and two in non-oncology areas, using CytomX’s proprietary Probody platform.

Under terms of the agreement, CytomX will receive an infusion of $200 million in upfront cash and will be eligible to receive up to $448 million in future development, regulatory and sales milestone payments for each collaboration target.

The price per target increases even more when tiered royalties are factored into the equation.

December 2016

CytomX Therapeutics announced that Bristol-Myers Squibb has selected a clinical candidate for its CTLA-4 Probody program under the strategic oncology collaboration established in May 2014.

Achieving this milestone results in a $2 million payment to CytomX.

December 2016

CytomX Therapeutics announced the selection of the fourth target by Bristol-Myers Squibb under the companies’ current strategic oncology collaboration established in 2014.

As a result, Bristol-Myers Squibb will pay CytomX $15 million.

This constitutes the final target selection under this agreement.

May 2014

Bristol-Myers Squibb and CytomX Therapeutics announced the companies have signed a worldwide research collaboration and license agreement to discover, develop and commercialize novel therapies against multiple immuno-oncology targets using CytomX’s proprietary Probody Platform.

Probodies are monoclonal antibodies that are selectively activated within the cancer microenvironment, focusing the activity of therapeutic antibodies to tumors and sparing healthy tissue.

The unique selectivity of Probodies expands the therapeutic window for both validated and novel targets, and has the potential to create multiple new classes of safer and more effective therapies.

CytomX will grant Bristol-Myers Squibb exclusive worldwide rights to develop and commercialize Probodies for up to four oncology targets including CTLA-4, a clinically validated immune inhibitory checkpoint receptor.

Bristol-Myers Squibb will have certain additional rights to substitute up to two collaboration targets.

Bristol-Myers Squibb will make an upfront payment of $50 million to CytomX and provide research funding over the course of the research term.

CytomX will also be eligible to receive additional preclinical payments and up to $298 million in future development, regulatory and sales milestone payments for each collaboration target, as well as tiered mid-single-digit rising to low-double-digit royalty payments on net sales of each product commercialized by Bristol-Myers Squibb.

Closing of the transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Ligand Pharmaceuticals announces the licensing of rights to five programs to Viking Therapeutics.

The therapeutic programs covered in the license agreement include Ligand's FBPase inhibitor program for type 2 diabetes, a Selective Androgen Receptor Modulator (SARM) program for muscle wasting, a Thyroid Hormone Receptor-ß (TRß) Agonist program for dyslipidemia, an Erythropoietin Receptor (EPOR) Agonist program for anemia, and an Enterocyte-Directed Diacylglycerol Acyltransferase-1 (DGAT-1) Inhibitor program for dyslipidemia.

The FBPase Inhibitor program was the subject of an option originally granted to Viking in 2012.

Each licensed program includes a fee to be paid to Ligand in Viking equity at the time of a private or public financing, milestone payments and royalties on future net sales.

Viking is responsible for all development activities under the license.

As part of this transaction, Ligand has agreed to extend a $2.5 million convertible loan facility to Viking that can be used to pay Viking’s operating and financing-related expenses.

Baxter International had entered into an exclusive licensing and collaboration agreement with Merrimack Pharmaceuticals to develop and commercialize lead cancer drug MM-398.

The drug, nanoliposomal irinotecan injection), is also labeled “nal-IRI.”

Baxter will hold exclusive commercialization rights for possible uses outside the U.S. and Taiwan.

Merrimack holds commercialization rights in the U.S. Taiwanese rights are held separately.

Merrimack will receive an upfront payment from Baxter of $100 million.

Merrimack may receive $120 million in regulatory milestones related to the first pancreatic cancer therapeutic, as well as a potential $280 million in developmental and regulatory milestone payments for anadditional indication of cancer of the pancreas.

For two more indications, Merrimack could receive another $220 million and yet another $250 million in sales milestones.

Merrimack is prepping an NDA for MM-398 in the U.S. for possible treatment of metastatic pancreatic cancer patients, specifically in patients previously treated by gemcitabine.

January 2015

MannKind has earned a total of $50 million in milestone payments in connection with the satisfaction of manufacturing milestones specified in its collaboration and licensing agreement with Sanofi.

29 September 2014

MannKind had received a $150 million upfront payment in connection with an exclusive worldwide collaboration and licensing agreement with Sanofi for development and commercialization of Afrezza (insulin human) Inhalation Powder, a new rapid-acting inhaled insulin therapy for adults with type 1 and type 2 diabetes.

25 September 2014

MannKind announced the closing of a worldwide exclusive collaboration and licensing agreement with Sanofi for development and commercialization of Afrezza (insulin human) Inhalation Powder, a new rapid-acting inhaled insulin therapy for adults with type 1 and type 2 diabetes.

The closing follows completion of the US Federal Trade Commission's review of the transaction under the Hart-Scott-Rodino Act and the completion of documentation related to the $175 million loan facility being provided to MannKind by an affiliate of Sanofi in connection with the collaboration and license agreement.

MannKind will receive a $150 million upfront payment within ten days of the closing.

11 August 2014

Sanofi and Mannkind had entered into a collaboration and license agreement to commercialize Afrezza Inhalation Powder.

Afrezza is a dry formulation of human insulin that the patient takes via a small inhaler.

It is administered at the beginning of a meal and dissolves quickly during inhalation to the deep lungs and subsequently rapidly delivers insulin to the bloodstream.

It has been approved for use in adults with type 1 and type 2 diabetes.

The deal calls for MannKind Corporation to receive an upfront payment of $150 million with various milestones that could rise to $775 million dependent upon regulatory and development targets in addition to sales goals.

The two companies will share profits and losses globally with Sanofi retaining 65% and MannKind 35%.

Sanofi agreed to advance up to $175 million to MannKind as a share of the collaboration’s expenses.

September 2018

Janssen Biotech announced its decision not to continue the collaboration and license agreement with Geron for imetelstat.

The decision not to continue the collaboration is the result of a strategic portfolio evaluation and prioritization of assets within the robust Janssen portfolio.

Janssen will work with Geron to transition the imetelstat program back to the company.

Patients currently enrolled in the ongoing imetelstat clinical trials will continue to be supported through the respective trial protocols, including treatment and follow-up.

November 2014

Geron has entered into an exclusive worldwide license and collaboration agreement with Janssen Biotech to develop and commercialize, imetelstat, Geron's telomerase inhibitor product candidate, for oncology, including hematologic malignancies, and other human therapeutics uses.

Imetelstat is a modified oligonucleotide that is currently in early phase clinical development for myelofibrosis (MF) and may have activity in other hematologic myeloid malignancies such as myelodysplastic syndrome (MDS) and acute myelogenous leukemia (AML).

Geron will receive an initial payment of $35 million due after the applicable waiting periods under the Hart-Scott Rodino Act and is eligible to receive additional payments up to a potential total of $900 million for the achievement of development, regulatory and commercial milestones, as well as royalties on worldwide net sales.

Certain regulatory, development, manufacturing and promotional activities will be managed through a joint governance structure, with Janssen responsible for operational implementation of these activities.

All sales will be booked by Janssen.

Development of imetelstat will proceed under a mutually agreed clinical development plan, which is expected to include Phase 2 studies in MF and MDS as initial studies, additional registration studies in MF and MDS, and exploratory Phase 2 and potential follow-on Phase 3 studies in AML.

Geron expects the initial Phase 2 study in MF to be initiated in mid-2015, followed later by a Phase 2 MDS study.

Development costs for these two studies will be shared between the companies on a 50/50 basis.

AIBioTech is pleased to announce that it is acting as a subcontractor to Leidos, which was awarded a contract by the U.S. Air Force to provide research, development, testing and evaluation for Homeland Defense and Security Technical Area Tasks (HD TAT) to the Department of Defense (DoD) community of interest.

The cost-plus-fixed-fee, firm-fixed-price, multiple-award, indefinite-delivery/indefinite-quantity contract has a one-year base period of performance, four one-year options and a total value of approximately $900 million if all options are exercised.

Leidos is one of 12 contractors eligible to compete for task orders under the contract.

The DOD Information Analysis Centers (IACs), administered by the Defense Technical Information Center, operate a portfolio of task order contracts for technical research and analysis.

Leidos team will provide research, development, test and evaluation and advisory and assistance services related to research and development efforts within the chemical, biological, radiological and nuclear defense, homeland defense and security, critical infrastructure protection, weapons of mass destruction, biometrics, medical, cultural studies and alternative energy focus areas.

The scope of work under the contract will encompass new and emerging adversary threats that could degrade U.S. (and allied) capabilities, new or extended capabilities in existing military systems and new technology applications to military problems.

University of Colorado faculty researchers attracted $861.04 million in research awards in the 2013-14 fiscal year, based on preliminary figures.

That total investment in exploration taking place at CU campuses represents a stunning jump of 11.7 percent over the previous year’s total, $770.53 million, which came at an especially competitive time for research institutions given tightening federal budgets.

This year’s figure is bested by just one other in CU history, FY2010, when one-time federal stimulus dollars helped fuel research awards of $884.1 million.

Three of the four CU campuses were beneficiaries of research award increases this year, with the University of Colorado Boulder seeing the greatest dollar increase over the previous year – $60.2 million.

Following are the totals in sponsored research funding at CU campuses, along with examples of the life-changing work such awards enable:

• University of Colorado Boulder, $412.10 million, including a $5.5 million grant from the National Institutes of Health for research by Leslie Leinwand, Ph.D., into cardiac myosin genes.

She studies genetic mutations that cause severe genetic heart disease, including hypertrophic cardiomyopathy – the leading cause of sudden death in young athletes.

• University of Colorado Colorado Springs, $9.40 million, including a two-year, $325,000 grant from the U.S. Department of Health and Human Services, Health Resources and Services Administration.

The Department of Psychology will use the Graduate Psychology Education grant to prepare doctoral students in the clinical psychology program to deliver mental health services to older adults within integrated medical settings.

• University of Colorado Denver, $13.57 million, including a grant of just under $1 million that will boost the number of minority Ph.D. candidates in science, technology, engineering and mathematics – the STEM disciplines – at the University of Colorado Denver

• University of Colorado Anschutz Medical Campus, $425.97 million, including a $2.5 million award from the American Heart/Stroke Association and the Bugher Foundation.

It forms the basis of the new University of Colorado Denver | Anschutz Medical Campus ASA/Bugher Foundation Stroke Collaborative Research Center of Excellence.

Richard J. Traystman, Ph.D., and his research group are looking for a better understanding of and innovative treatments for stroke in children, who often are left with devastating lifelong consequences.

October 2018

Aduro Biotech received written notices of termination from Janssen Biotech for its Research and License Agreements pertaining to the Company’s proprietary attenuated strains of Listeria for treatment of lung and prostate cancers.

Specifically, Janssen delivered notice for the following agreements:

(i) the Research and License Agreement, dated as of October 13, 2014, as amended by that certain Amendment to Research and License Agreements, dated as of November 11, 2015;

(ii) the Research and License Agreement, dated as of May 27, 2014, as amended by the Amendment; and (iii) the GVAX Prostate License Agreement, dated as of May 27, 2014. The terminations are effective December 24, 2018.

Under the terms of the Janssen Agreements, the Company granted Janssen an exclusive, worldwide license to research, develop, manufacture, use, sell and otherwise exploit products containing ADU-214, ADU-741 and GVAX Prostate for any and all uses.

Additionally, the Company granted Janssen exclusive rights to develop products utilizing the Company’s proprietary attenuated strains of Listeria for treatment of lung and prostate cancers.

The Company previously received upfront license fees and milestone payments upon completion of various development activities and was eligible to receive future contingent payments based on development, regulatory and commercial milestones as well as royalties on any net sales of licensed products by Janssen under each of the Janssen Agreements.

Pursuant to the terms of the Janssen Agreements, upon Janssen’s termination, the Company regains worldwide rights for the development and commercialization of products containing ADU-214, ADU-741 and GVAX Prostate for any and all uses.

In addition, Janssen will have certain obligations as set forth in the Janssen Agreements, including

(i) immediately ceasing its use of any Company intellectual property and

(ii) promptly returning or destroying any materials related to the development or manufacturing of the products containing ADU-214, ADU-741 and GVAX Prostate.

October 2015

Aduro Biotech has received a milestone payment from Janssen Biotech for Aduro’s submission of an Investigational New Drug (IND) Application to the U.S. Food and Drug Administration for ADU-214, a LADD immunotherapy in development for the treatment of non-small cell lung cancer.

The IND will enable Janssen, Aduro’s license partner for ADU-214, to initiate a multi-center Phase 1 trial to evaluate the safety and immunogenicity of intravenous administration of ADU-214.

October 2014

Aduro BioTech entered into its second agreement with Janssen Biotech, granting an exclusive, worldwide license to certain product candidates engineered for the treatment of lung cancer and certain other cancers based on its novel LADD immunotherapy platform.

Under the agreement, facilitated by the Johnson & Johnson Innovation center in California, Aduro will receive a $30 million up-front payment and is eligible to receive significant development, regulatory and commercialization milestone payments up to a potential total of $817 million.

In addition, Aduro is eligible to receive high single-digit to double-digit tiered royalties on worldwide net sales upon successful launch and commercialization.

Janssen will have exclusive rights to develop and commercialize LADD product candidates in lung cancer and will assume responsibility for all research, development, manufacturing, regulatory and commercialization activities for the licensed products.

Aduro may provide assistance in any of these areas upon request and will receive additional fees for these support activities.

Infinity Pharmaceuticals and AbbVie have entered into a global collaboration to develop and commercialize duvelisib (IPI-145), Infinity’s oral inhibitor of phosphoinositide-3-kinase (PI3K)-delta and PI3K-gamma, for the treatment of patients with cancer.

Duvelisib has shown clinical activity across a broad range of blood cancers, including indolent non-Hodgkin lymphoma (iNHL) and chronic lymphocytic leukemia (CLL).

Infinity is conducting registration-focused trials evaluating the safety and efficacy of duvelisib, including DYNAMOTM, a Phase 2 study in patients with iNHL, and DUOTM, a Phase 3 study in patients with CLL.

Infinity will receive an upfront payment of $275 million and is eligible to receive up to $530 million in additional payments for the achievement of development, regulatory and commercial milestones, including up to $405 million for the achievement of milestones through the first commercial sale of duvelisib.

In the U.S., the companies will jointly commercialize duvelisib and will share equally in any potential profits. Outside the U.S., AbbVie will be responsible for the conduct and funding of commercialization of duvelisib, and Infinity is eligible to receive tiered double-digit royalties on net product sales.

May 2019

Alnylam and Sanofi have agreed to conclude the research and option phase of the companies’ 2014 RNAi therapeutics alliance in rare genetic diseases.

The material collaboration terms for patisiran, vutrisiran, and fitusiran, as previously announced, will continue unchanged.

Alnylam will advance a selected investigational asset in an undisclosed rare genetic disease through the end of IND-enabling studies.

Sanofi will be responsible for any potential further development or commercialization of this asset.

If this product is approved, Alnylam will be eligible to receive tiered double-digit royalties on its global net sales.

In addition, Alnylam and Sanofi have agreed to amend certain terms of the companies’ equity agreement, with Sanofi obtaining a release of its lock-up of Alnylam stock holdings, subject to certain trading restrictions, amongst other provisions.

January 2018

Alnylam and Sanofi announced a strategic restructuring of their RNAi therapeutics alliance to streamline and optimize development and commercialization of certain products for the treatment of rare genetic diseases.

Alnylam will obtain global development and commercialization rights to its investigational RNAi therapeutics programs for the treatment of ATTR amyloidosis, including patisiran and ALN-TTRsc02.

Sanofi will receive royalties based on net sales of these ATTR amyloidosis products.

Sanofi will obtain global development and commercialization rights to fitusiran, an investigational RNAi therapeutic, currently in development for the treatment of people with hemophilia A and B.

Global commercialization of fitusiran, upon approval, will be done by Sanofi Genzyme, the specialty care global business unit of Sanofi.

Alnylam will receive royalties based on net sales of fitusiran products.

With respect to other products falling under the RNAi therapeutics alliance, the material terms of the 2014 Alnylam-Sanofi Genzyme alliance remain unchanged.

November 2016

Alnylam Pharmaceuticals announced that, pursuant to the companies’ global alliance signed in January 2014, Sanofi Genzyme elected to opt in to co-develop (through Sanofi R&D) and co-commercialize fitusiran, an investigational RNAi therapeutic for the treatment of hemophilia and rare bleeding disorders (RBD), in the United States, Canada and Western Europe.

This expanded right is in addition to their previously exercised opt-in decision to develop and commercialize fitusiran in their rest of world territories.

The opt in decision was based on recent promising interim clinical results from a Phase 1 study of fitusiran presented at the World Federation of Hemophilia (WFH) in late July and additional data that will be presented at the American Society of Hematology (ASH) meeting in December.

Alnylam is on track to initiate the fitusiran Phase 3 program in early 2017.

Alnylam and Sanofi Genzyme will now co-develop and co-commercialize fitusiran in the Co-Commercialization Territory (United States, Canada and Western Europe), while Sanofi Genzyme will retain exclusive rights to develop and commercialize the product in the Sanofi Genzyme Territory (rest of world).

Certain development and sales and marketing costs for fitusiran will be shared 50/50 between Sanofi Genzyme and Alnylam.

In addition, Sanofi Genzyme will be required to make payments totaling up to $75 million upon the achievement of development and regulatory milestones for fitusiran.

Upon the initiation of the first global Phase 3 clinical trial for fitusiran, Alnylam will earn a milestone payment of $25 million.

Sanofi Genzyme also will be required to pay tiered double-digit royalties up to twenty percent on annual fitusiran net sales in the Sanofi Genzyme Territory.

The companies will share profits equally in the Co-Commercialization Territory, where Alnylam expects to book product sales.

Sanofi Genzyme has elected not to opt in for ALN-AS1, an investigational RNAi therapeutic for acute hepatic porphyrias.

The clinical dataset informing the Sanofi Genzyme decision consisted of Part A and Part B results from the ongoing ALN-AS1 Phase 1 study, recently presented at the Society for the Study of Inborn Errors of Metabolism (SSIEM) meeting in September.

Based on this decision, Alnylam intends to develop and commercialize ALN-AS1 globally upon product approval.

Alnylam will present initial results from Part C of the ongoing Phase 1 study at the ASH meeting in December.

27 February 2014

Alnylam Pharmaceuticals announced alliance with Genzyme has closed.

The two companies formed the collaboration for the development and commercialization of RNAi therapeutics as genetic medicines on January 11, 2014.

In consideration for the rights granted to Genzyme under the alliance and pursuant to the terms of a stock purchase agreement, Genzyme purchased 8,766,338 shares of newly issued Alnylam common stock, representing an approximately 12% ownership position, and paid the company $700.0 million in aggregate cash consideration.

13 January 2014

Gnzyme and Alnylam Pharmaceuticals have significantly expanded their strategic agreement to develop and commercialize treatments for rare genetic diseases.

Genzyme will have significant rights to Alnylam’s portfolio of clinical and pre-clinical stage drug candidates.

Alnylam will retain most product rights in North America and Western Europe, and will have significantly expanded development and commercial opportunities for its genetic medicine pipeline through Genzyme’s established global infrastructure in rare diseases.

Genzyme will obtain rights to commercialize worldwide three products in Alnylam’s pipeline.

Genzyme and Alnylam will co-develop and co-commercialize ALN-TTRsc, a product currently in Phase 2 development for the treatment of familial amyloid cardiomyopathy, in North America and Western Europe.

While Genzyme commercializes the product in the rest of world.

Genzyme will have the rights to two additional products after the completion of early clinical trials and will be able to choose between full global rights or co-commercialization rights, depending on the product.

Genzyme will have the option up until 2020, with the possibility of extension through the end of 2021,to develop and commercialize outside of North America and Western Europe all products being developed to treat rare genetic diseases from Alnylam’s pipeline.

Alnylam retains its rights to co-develop and co-commercialize its genetic medicine pipeline in North America and Western Europe.

Genzyme will become a major Alnylam shareholder with a stake of approximately 12% percent through a $700 million investment at a price of approximately $80/share.

Which represents a 27% premium as compared to the average share price over the last 30 days.

Alnylam will receive R&D funding, starting on January 1, 2015, for programs where Genzyme has elected to opt-in for development and commercialization.

Alnylam is eligible to receive milestones and royalties.

Mersana Therapeutics and Merck KGaA announced an agreement to collaboratively develop next-generation antibody-drug conjugates (ADCs).

ADCs are composed of an antibody linked to cytotoxic drugs, whereby the antibody specifically targets and delivers the cytotoxic drug to cancer cells, which could lead to higher drug levels at the tumor site.

Mersana and the biopharmaceutical division of Merck KGaA will leverage Mersana’s Fleximer technology to generate ADCs for multiple undisclosed targets.

Both parties have agreed to test a variety of ADCs by utilizing Mersana’s platform technologies and several cytotoxic agents as conjugates.

Merck KGaA will provide monoclonal antibodies to Mersana, which will generate the Fleximer-ADCs and conduct drug discovery and preclinical development activities.

Merck KGaA will be responsible for clinical development and commercialization of any products under an exclusive license from Mersana.

In addition to an upfront payment, Mersana is eligible to receive milestones plus royalties on worldwide net sales of products.

Medtronic has reached a global patent settlement agreement with Edwards Lifesciences.

Under the terms of the cross-license settlement agreement, the parties will dismiss all of the pending litigation matters and patent office actions between them, and grant each other broad releases to patent litigation claims.

Medtronic will pay Edwards a one-time payment of $750 million, and ongoing royalty payments through April 2022 based on a percentage of CoreValve sales, in payments of no less than $40 million annually.

In addition to settling the pending lawsuits with cross-licenses, Medtronic and Edwards have agreed that neither party will sue the other for patent matters anywhere in the world for eight years in the field of aortic and all other transcatheter heart valves.

Janssen Biotech had inked a global collaboration and licensing agreement with MacroGenics.

The deal focuses on MGD011, a humanized CD19 x CD3 bispecific DART protein that has potential for the treatment of B-cell hematological malignancies.

As part of the deal, Janssen will pay MacroGenics a $50 million upfront license fee.

In addition, Johnson & Johnson Innovation – JJDC, will repurchase 1,923,077 new shares of MacroGenics common stock at $39.00 per share, totally about $75 million.

Under the agreement, Janssen will handle development of MGD011 after submission of the IND, planned for 2015.

If successful, MacroGenics may receive up to an additional $575 million in various milestone payments.

If the company chooses, MacroGenics could help fund late-stage clinical development in exchange for profit sharing in the U.S. and Canada.

September 2016

Cytokinetics announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in connection with the 2016 amendment to the License and Collaboration Agreement initially executed between Cytokinetics and Astellas Pharma Inc., in 2013 and amended in 2014.

With the termination of the applicable waiting period under the HSR Act, the 2016 amendment is deemed effective as of Sept. 26, 2016 and the upfront payment of $65 million from Astellas to Cytokinetics is due and payable within 30 days.

July 2016Cytokinetics and Astellas have expanded their collaboration in skeletal muscle activators to include amyotrophic lateral sclerosis (ALS).

Through this expansion, Cytokinetics has granted Astellas an option right for the development and commercialization of tirasemtiv, an investigational skeletal muscle activator.

The companies have also agreed to amend their collaboration agreement to enable the development of CK-2127107 for the potential treatment of ALS and to extend their joint research focused on the discovery of additional next-generation skeletal muscle activators through 2017.

Upon execution of the amended agreement, Cytokinetics will receive $65 million in committed capital from Astellas which includes upfront payments for Astellas’ option right exercisable for tirasemtiv and amended terms of the companies’ collaboration agreement to include ALS for CK-2127107.

Astellas’ decision regarding its option for tirasemtiv will depend on its review of results from VITALITY-ALS and potentially other considerations by Astellas including the registration and marketing authorization of tirasemtiv in the United States and Europe.

If Astellas exercises its option, the parties will enter into a global partnership in which Cytokinetics will continue to develop and commercialize tirasemtiv in North America, Europe, and other select countries, and Astellas will develop and commercialize tirasemtiv in other countries.

Cytokinetics may receive over $100 million in payments associated with the exercise of the option plus additional milestone payments and escalating double-digit royalties on Astellas’ sales of tirasemtiv in its territory.

Astellas may be eligible to receive royalties that can reach double-digits on Cytokinetics’ sales of tirasemtiv in its territory.

Under this amendment of the collaboration agreement, Cytokinetics and Astellas have also agreed on a development plan for CK-2127107 in ALS.

Cytokinetics will receive approximately $30 million in additional sponsored research and development funding through 2017 which includes Astellas’ sponsorship of Cytokinetics’ conduct of the Phase 2 clinical development of CK-2127107 in ALS as well as the continuing research collaboration.

Afterwards, Astellas and Cytokinetics will collaborate in the design and conduct of a potential registration program for CK-2127107 in ALS and the companies will share associated development costs.

Cytokinetics would be eligible for additional milestone payments and royalties on sales based on the further development and commercialization of CK-2127107 for ALS.

Dec 2014

Cytokinetics and Astellas Pharma announced an amendment to their collaboration agreement focused on the research, development and commercialization of skeletal muscle activators.

The companies have been jointly conducting research and development activities with the objective to advance novel skeletal sarcomere targeted therapies for diseases and medical conditions associated with muscle weakness in non-neuromuscular indications.

The collaboration has been expanded to enable development of CK-2127107, a fast skeletal troponin activator, in Spinal Muscular Atrophy (SMA) and potentially other neuromuscular indications.

As the companies have agreed, Cytokinetics will conduct a Phase II clinical trial of CK-2127107 in patients with SMA, which is planned to begin in 2015.

Cytokinetics and Astellas will jointly develop and may jointly commercialize CK-2127107 and other fast skeletal troponin activators in neuromuscular indications.

The companies have extended their joint research program focused on the discovery of additional skeletal sarcomere activators through 2016.

Upon execution of the amended agreement, Cytokinetics will receive $55 million from Astellas comprising $30 million as an upfront license fee, $10 million paid for Astellas’ purchase of Cytokinetics’ common stock and $15 million in a milestone payment in connection with the decision made by Astellas to advance CK-2127107 into Phase II clinical development.

In addition, Cytokinetics expects to receive potentially over $20 million payable by Astellas to reimburse Cytokinetics for planned research and development expenses over the next 2 years.

Under the amended agreement, Cytokinetics is eligible to receive over $600 million in pre-commercialization and commercialization milestone payments, of which over $100 million is payable for CK-2127107 in each of SMA and other neuromuscular indications.

The agreed terms also provide for escalating royalties to Cytokinetics with increased sales.

Cytokinetics retains the option to co-fund the development of CK-2127107 in SMA and other neuromuscular indications in exchange for increased milestone payments and royalties and, if Cytokinetics exercises its co-promotion option, Astellas will reimburse Cytokinetics for certain expenses associated with its promotion activities.

Boehringer Ingelheim has agreed to pay $650 million to wrap up thousands of lawsuits claiming Pradaxa, an anticoagulant, caused serious--even fatal--bleeding in some patients.

The deal comes just weeks after the FDA completed a safety review of the drug, concluding that it was as safe as the older drug it seeks to replace, warfarin.

The Germany-based drugmaker said it stands behind the clot-fighting drug's safety. The settlement deal will allow it to avoid the cost and effort of long-running litigation, Boehringer said in a statement.

The company said it's seeking to resolve 4,000 claims with the $650 million deal.

Pradaxa, the first in a new group of anticoagulants aiming to take the place of warfarin, has racked up thousands of reports of serious side effects since its U.S. launch in 2010.

Boehringer added a warning to its label in 2011, urging doctors to test patients' kidneys before starting Pradaxa therapy, because subprime function could lead to a buildup of the drug in the bloodstream.

But the company--and now the FDA--have assured doctors and patients that the drug is safe when used as directed.

The Broad Institute today announced an unprecedented commitment of $650 million from philanthropist Ted Stanley aimed at galvanizing scientific research on psychiatric disorders and bringing new treatments based on molecular understanding to hundreds of millions of people around the world.

The Stanley commitment the largest ever in psychiatric research and among the largest for scientific research in general will support research by a collaborative network of researchers within the Stanley Center for Psychiatric Research at the Broad Institute, a biomedical research institution that brings together faculty from MIT, Harvard University, the Harvard-affiliated hospitals, and collaborators worldwide.

Stanley's commitment to support the work of the Broad Institute will consist of annual gifts during his lifetime followed by a bequest, with a total current value exceeding $650 million.

Taking prior gifts into account, Stanley's philanthropy in support of the Broad Institute's work totals more than $825 million.

Charleston Laboratories and Daiichi Sankyo announced that the parties have entered into a strategic collaboration for the development and U.S. commercialization of Charleston Laboratories' novel hydrocodone combination products.

This includes CL-108, being studied for the treatment of moderate to severe acute pain as well as the reduction of Opioid-Induced Nausea and Vomiting (OINV).

CL-108 combines 12.5 mg of immediate-release promethazine with 7.5 mg of hydrocodone and 325 mg of acetaminophen.

Charleston recently completed a 465-patient phase 3 trial studying the effects of CL-108 as a treatment for moderate to severe acute pain and the reduction of OINV, where CL-108 demonstrated high statistical significance (P<0.01) in both primary endpoints relative to pain reduction and the symptoms of OINV1.

Hydrocodone is the most widely prescribed medication in the United States, with more than 131 million prescriptions annually.

Daiichi Sankyo will be the exclusive commercialization partner for CL-108 in the United States.

Charleston Laboratories will be responsible for manufacturing activities for CL-108 and will receive the right to co-promote this and other hydrocodone products in the United States.

Charleston Laboratories will receive $200 million split evenly between an upfront cash payment and a near-term milestone, and up to an additional $450 million in milestone payments connected to FDA filing and approval of its novel fixed-dose hydrocodone products in the United States.

Charleston Laboratories will receive escalating, tiered, double-digit share of the gross operating margin from the products, and will be responsible for supplying all product.

Regeneron Pharmaceuticals and Avalanche Biotechnologies announced the formation of a broad collaboration to discover, develop and commercialize novel gene therapy products for the treatment of ophthalmologic diseases.

The collaboration covers novel gene therapy vectors and proprietary molecules, discovered jointly by Avalanche and Regeneron, and developed using the Avalanche Ocular BioFactory, an adeno-associated virus (AAV)-based, proprietary, next-generation platform for the discovery and development of gene therapy vectors for ophthalmology.

Avalanche will receive an upfront cash payment, contingent payments of up to $640 million upon achievement of certain development and regulatory milestones, plus a royalty on worldwide net sales of collaboration products.

The collaboration covers up to eight distinct therapeutic targets, and Regeneron will have exclusive worldwide rights for each product it moves forward in clinical development.

In addition, Avalanche has the option to share in development costs and profits for products directed toward two collaboration therapeutic targets selected by Avalanche.

Regeneron has a time-limited right of first negotiation for certain rights to AVA-101, Avalanche's gene therapy product targeting vascular endothelial growth factor (VEGF) currently under development for the treatment of wet age-related macular degeneration (AMD), upon completion of the ongoing Phase 2a trial.

Baxter International has entered into a definitive agreement to sell its two commercially marketed vaccines and related production facilities to Pfizer for a total cash consideration of $635 million, subject to certain adjustments.

The sale includes the company’s commercial vaccines business, which is comprised of NeisVac-C, a vaccine which helps protect against meningitis caused by group C meningococcal meningitis (MenC), and FSME-IMMUN, which helps protect against tick-borne encephalitis (TBE), an infection of the brain transmitted by the bite of ticks infected with the TBE-virus.

Both vaccines are currently available outside the United States, primarily in a number of European markets.

Baxter continues to explore strategic options, including the potential for partnering or divesting its R&D development programs focused on influenza and Lyme disease.

August 2017

FORMA announced that Celgene has exercised its option, pursuant to the 2014 collaboration arrangement, to extend its strategic collaboration with FORMA by entering into a second collaboration agreement to evaluate additional therapeutic candidates across important emerging target families in the areas of protein homeostasis, inflammation & immunology, and neurodegeneration.

Upon execution of this agreement, FORMA received an upfront cash payment of $195 million and Celgene was granted an option to license ex-U.S. rights to select current and future drug candidates through October 1, 2019.

Celgene will assume responsibility for all global development activities and costs for in-licensed drug candidates after completion of Phase 1 clinical trials.

FORMA will be eligible to receive milestone payments for licensed drug candidates if certain development, regulatory and sales milestones are achieved. FORMA retains U.S. rights to all such licensed assets, including responsibility for manufacturing and commercialization in their territory.

For products not licensed to Celgene, FORMA will maintain worldwide rights.

In addition, also pursuant to the 2014 collaboration arrangement, Celgene retains the option to enter into one additional collaboration agreement, during which Celgene will have the exclusive option to acquire FORMA, including the U.S. rights to all Celgene-licensed programs, and worldwide rights to other unencumbered, wholly-owned programs within FORMA at that time.

17 June 2015

FORMA Therapeutics have successfully met a preclinical development candidate milestone in their strategic collaboration agreement with Celgene Corporation, announced in April 2014, under which FORMA and Celgene will discover, develop and commercialize drug candidates.

This collaboration enables Celgene to evaluate named clinical candidate profiles and elect to license development and commercialization rights in a stepwise manner, upon FORMA’s successful completion of defined preclinical activities.

Celgene has obtained an exclusive EU license for a defined clinical program and related compounds, in exchange for an undisclosed payment to FORMA.

FORMA will advance this program through Phase 1, and Celgene will be responsible thereafter for all further global clinical development for each licensed candidate.

Phase 1 studies will begin in the second half of 2015.

1 April 2014

FORMA Therapeutics announced a second strategic collaboration and option agreement with Celgene.

This new collaboration will enable FORMA to extend its unique capabilities across broad areas of chemistry and biology.

FORMA received an upfront cash payment of $225 million, and the parties entered into a collaboration with a term of 3 ½ years.

In addition to the 3 ½ year collaboration, Celgene has the option to enter into up to two additional collaborations with terms of two years each for additional payments totaling approximately $375 million.

Should each collaboration be successful and Celgene ultimately elect to enter all three collaborations, the combined duration of the three collaborations may extend for at least 7 ½ years.

During the third collaboration term, Celgene will have the exclusive option to acquire FORMA, including the U.S. rights to all licensed programs, and worldwide rights to other wholly owned programs within FORMA at that time.

The scope and potential duration of this collaboration allows the parties to comprehensively evaluate emerging target families for which FORMA’s platform has exceptional strength.

Celgene has an option to license the rights to select current and future FORMA programs in exchange for undisclosed additional development and regulatory milestone payments.

Celgene will assume responsibility for all global development activities and costs after completion of Phase 1 clinical trials.

FORMA retains U.S. rights to all such licensed assets, including responsibility for manufacturing and commercialization.

For products not licensed to Celgene, FORMA will maintain worldwide rights.

Merck signed an agreement for Santen Pharmaceutical to purchase Merck’s ophthalmology products.

COSOPT (dorzolamide hydrochloride – timolol maleate ophthalmic solution),

COSOPT PF (dorzolamide hydrochloride-timolol maleate ophthalmic solution) 2%/0.5%,

TRUSOPT (dorzolamide hydrochloride ophthalmic solution) sterile ophthalmic solution 2%,

TRUSOPT PF (dorzolamide hydrochloride ophthalmic solution) preservative-free,

TIMOPTIC (timolol maleate ophthalmic solution),

TIMOPTIC PF (timolol maleate preservative free ophthalmic solution in unit dose dispenser),

TIMOPTIC XE (timolol maleate ophthalmic gel forming solution), SAFLUTAN (tafluprost) and

TAPTIQOM (tafluprost-timolol maleate ophthalmic solution, in development) in Japan and key markets in Europe and Asia Pacific.

Santen will make an upfront payment of approximately $600 million and additional payments based on defined sales milestones as needed.

The annual sales of these ophthalmology products in the markets within the scope of the agreement are approximately $400 million.

Santen will also purchase supply of the ophthalmology products covered by this agreement from Merck for a two- to five-year period.

Allergan has closed a transaction to acquire worldwide rights to TARIS Biomedical’s lead program.

LiRIS, which is currently in Phase 2 trials for the treatment of interstitial cystitis / bladder pain syndrome (IC/BPS).

Allergan paid $67.5 million in cash upfront.

Allergan has also agreed to pay up to an aggregate of $295 million in development milestone payments and up to an aggregate of $225 million in commercial milestone payments.

Prior to the closing of this transaction, TARIS spun out certain assets, including pipeline programs and intellectual property related to TARIS’ platform technology, to a new company funded by TARIS shareholders.

March 2015

Halozyme Therapeutics reported that Genmab announced plans for a Phase 1 clinical trial of a subcutaneous formulation of the anti-CD38 antibody daratumumab using the ENHANZE technology.

In December 2014, Janssen Biotech into an agreement with Halozyme Therapeutics for the purpose of developing and commercializing products combining proprietary Janssen compounds with Halozyme's ENHANZE technology.

This agreement has the potential to lead to the development of a subcutaneous formulation of daratumumab.

Daratumumab is being developed under a collaboration between Janssen and Genmab since August 2012 when Genmab granted Janssen an exclusive worldwide license to develop, manufacture, and commercialize daratumumab.

December 2014

Halozyme Therapeutics has entered into a worldwide Collaboration and License Agreement with Janssen Biotech for the purpose of developing and commercializing products combining proprietary Janssen compounds with Halozyme's ENHANZE technology.

ENHANZE is based on a proprietary recombinant human hyaluronidase enzyme (rHuPH20) that temporarily modifies hyaluronan, a component of the extracellular matrix, to aid in the dispersion and absorption of other injected therapeutic drugs.

Halozyme has granted to Janssen a worldwide license to develop and commercialize products for up to five targets combining rHuPH20 with Janssen's proprietary compounds.

Halozyme will receive an initial payment of $15 million, and is eligible to receive additional payments upon Janssen's achievement of specified development, regulatory and sales-based milestones, totaling up to $566 million.

Halozyme is also entitled to royalty payments based on net sales of products using the ENHANZE technology.

Janssen will also obtain access to Halozyme's expertise in developing and applying rHuPH20 to Janssen targets and will obtain a worldwide, exclusive license to develop and commercialize product combinations of rHuPH20 and Janssen target compounds resulting from the collaboration.

IMS Health announced its intention to acquire certain Cegedim information solutions and Customer Relationship Management businesses for €385 million (approximately $520 million) in cash.

The proposed transaction includes Cegedim’s CRM solutions that help life sciences clients in 80 countries drive sales effectiveness, optimize marketing programs across multiple channels and mitigate regulatory compliance risks;

OneKey Reference Database that provides insights on 13.7 million healthcare professionals across the globe; and information solutions that use primary market research.

OPKO Health and Pfizer have entered into a worldwide agreement for the development and commercialization of OPKO's long-acting hGH-CTP for the treatment of growth hormone deficiency (GHD) in adults and children, as well as for the treatment of growth failure in children born small for gestational age (SGA) who fail to show catch-up growth by 2 years of age.

hGH-CTP has the potential to reduce the required dosing frequency of human growth hormone to a single weekly injection from the current standard of one injection per day.

hGH-CTP is currently in a global phase 3 trial in adults and a global phase 2 trial in children and has orphan drug designation in the U.S. and Europe for both adults and children with GHD.

Under the terms of the agreement, OPKO will receive an upfront payment of $295 million and is eligible to receive up to an additional $275 million upon the achievement of certain regulatory milestones.

Pfizer will receive the exclusive license to commercialize hGH-CTP worldwide.

In addition, OPKO is eligible to receive initial royalty payments associated with the commercialization of hGH-CTP for Adult GHD which is subject to regulatory approval.

Upon the launch of hGH-CTP for Pediatric GHD, which is subject to regulatory approval, the royalties will transition to gross profit sharing for both hGH-CTP and Pfizer's Genotropin.

OPKO will lead the clinical activities and will be responsible for funding the development programs for the key indications, which includes Adult and Pediatric GHD and Pediatric SGA. Pfizer will be responsible for all development costs for additional indications as well as all post-marketing studies.

In addition, Pfizer will fund the commercialization activities for all indications and lead the manufacturing activities covered by the global development plan.

January 2017

Adocia , a clinical stage biopharmaceutical company focused on diabetes treatment with innovative formulations of approved proteins, announces that it was notified in a letter dated January 26 from Eli Lilly and Company its decision to terminate the December 2014 Collaboration Research and License Agreement for the development of Adocia’s ultra-rapid insulin, known as BioChaperone® Lispro, for treatment in people with type 1 and type 2 diabetes.

As a consequence of such decision and according to the terms of this agreement, the rights that Adocia has licensed to Lilly will revert to Adocia at no cost.

December 2014

Eli Lilly and Adocia announced a worldwide licensing collaboration focused on developing an ultra-rapid insulin, known as BioChaperone Lispro, for treatment in people with type 1 and type 2 diabetes.

BioChaperone Lispro relies on Adocia’s proprietary BioChaperone technology and is currently in Phase Ib studies.

Lilly and Adocia will develop BioChaperone Lispro with the goal of optimizing glucose levels during and after meals.

Potential benefits of BioChaperone Lispro include greater flexibility in the timing of insulin injections, lower variability of post-meal blood glucose elevations, lower rates of hypoglycemia and better overall glucose control.

Lilly is responsible for future development, manufacturing, and commercialization of BioChaperone Lispro.

The total up-front and milestone payments could reach up to $570 million; Adocia will receive a total upfront fee of $50 million with the potential for futurepayments of up to $280 million if the product reaches certain development and regulatory milestones, and sales milestones up to $240 million, as well as tiered sales royalties.

Lilly shall also reimburse Adocia for certain research and development expenses during the terms of the agreement.

A concentrated formulation of BioChaperone Lispro is also part of the agreement.

Adocia retains the right to develop and license its insulin programs unrelated to prandial ultra-rapid insulin.

Boehringer Ingelheim and CureVac have entered an exclusive global license and development partnership to focus on CureVac’s CV9202, netting CureVac $556 million ($45 million upfront).

CureVac will receive milestone payments and royalties on sales.

CV9202 is an investigational therapeutic mRNA vaccine in early clinical development for the treatment of lung cancer.

This collaboration fits into Boehringer Ingelheim’s mission to focus on cancer therapies through novel treatment options with high therapeutic value.

Boehringer Ingelheim will start investigating CV9202 in two different lung cancer settings: in combination with afatinib in patients with advanced or metastatic epidermal growth factor receptor mutated non-small cell lung cancer, and in combination with chemo-radiation therapy in patients with unresectable stage III NSCLC.

CV9202 is a combination of mRNA molecules coding for six antigens overexpressed in lung cancer, designed to spawn an immune system response against the tumor.

In initial clinical trials, CV9202 showed that it could generate immune responses against all anti-tumor antigens.

Harvard University, Johns Hopkins University and Stanford University are among six institutions sharing a $540 million grant for cancer research from funds established by late real estate magnate Daniel K. Ludwig.

Each center will receive $90 million in new grants from the fund established in 2006.

Other centers getting money are Memorial Sloan-Kettering Cancer Center in New York, University of Chicago and the Massachusetts Institute of Technology.

February 2017

Bionomics Limited, a biopharmaceutical company focused on the discovery and development of innovative therapeutics for the treatment of diseases of the central nervous system (CNS) and cancer, announced the completion of the first milestone in its ongoing collaboration with MSD to develop novel candidates for treatment of cognitive dysfunction associated with Alzheimer's disease.

As part of a research collaboration and license agreement announced in June 2014 the first administration of a candidate therapy in a clinical trial triggers a US$10 million milestone payment to Bionomics.

June 2014

Bionomics has entered into an exclusive Research Collaboration and License Agreement with Merck for its BNC375 research program targeting cognitive dysfunction associated with Alzheimer’s disease and other central nervous system conditions.

Merck will fund all research and development, including clinical development, and will be responsible for worldwide commercialisation of any products from the collaboration.

Bionomics will receive upfront payments totalling US$20 million and is eligible to receive up to US$506 million for achievement of certain research and clinical development milestones and undisclosed royalties on any product sales.

BNC375 is a key compound from the Bionomics research program licensed to Merck under this latest agreement.

BNC375 and related compounds have displayed potent efficacy in animal cognitive impairment models.

July 2017

Oryzon Genomics announced that Roche informed Oryzon that due to a portfolio prioritization, it has decided to discontinue its involvement in the clinical development of the investigational Lysine Specific Demethylase-1 (LSD1) inhibitor ORY-1001 (RG6016) for the treatment of patients with acute myeloid leukemia (AML) and solid tumors pursuant to the license agreement between Oryzon and Roche dated April 1st, 2014.

April 2014

Roche has bought the rights to an experimental drug from Spain's Oryzon Genomics that can switch on genes to block cancer growth.

The world's largest maker of cancer drugs will pay Barcelona-based Oryzon $21 million in upfront and near-term milestone payments and could pay out more than $500 million if the company meets other goals.

The deal will give Roche rights to Oryzon's experimental drug ORY-1001 which was granted orphan drug status by European health regulators last year and is currently in early-stage clinical testing for acute myeloid leukaemia.

Roche will also pay up to mid-double digit percentage royalties if the drug makes it to market.

ORY-1001 works by blocking an enzyme called Lysine Specific Demethylase 1 (LSD1), which turns off genes and has been identified as playing a role in certain types of leukaemia.

Varian Medical Systems has entered into a three-year agreement worth an estimated $515 million for Varian to supply medical imaging components to Toshiba Medical Systems for integration into imaging equipment for the global market.

Orders will be booked over the period of the agreement.

September 2016

MacroGenics, Inc. and Takeda Pharmaceuticals have terminated their licensing agreement for MGD010, a bispecific molecule targeting CD32B and CD79B, MacroGenics announced this morning.

As a result of the agreement being severed, worldwide rights to MGD010 have reverted to MacroGenics.

MGD010 is a humanized DART molecule that simultaneously targets CD32B and CD79B. CD32B is a checkpoint molecule expressed on B lymphocytes that, when co-ligated with CD79B, a component of the B-cell antigen receptor complex, delivers a co-inhibitory signal that dampens B-cell activation.

In a Phase I study, MGD010 was well tolerated and demonstrated linear pharmacokinetics and dose-dependent selective binding to B lymphocytes without persistent B-cell depletion.

Takeda terminated the agreement before the expiration date of its option exercise period.

The termination of the agreement is in line with Takeda’s plan to refocus its research & development on three targeted therapeutic areas—oncology, gastroenterology and the central nervous system (CNS).

MacroGenics stressed Takeda’s termination of the agreement was not based on the ongoing Phase I study with MGD010.

May 2014

MacroGenics and Takeda Pharmaceutical have entered into an option agreement for the development and commercialization of MGD010.

This product candidate incorporates MacroGenics' proprietary platform for Dual-Affinity Re-Targeting (DART) to simultaneously engage CD32B and CD79B, which are two B-cell surface proteins.

MGD010 is currently in pre-clinical development for the treatment of autoimmune diseases.

MacroGenics will receive an upfront payment of $15 million and Takeda receives an option to obtain an exclusive worldwide license for MGD010 following the completion of a pre-defined Phase 1a study.

MacroGenics will lead all product development activities until that time.

If Takeda exercises its option, it will assume responsibility for future development and pay MacroGenics an option exercise fee which, when combined with the upfront payment and an early development milestone, will total $33 million.

Assuming successful development and commercialization of MGD010, MacroGenics could receive up to an additional $468.5 million in clinical, regulatory and commercialization milestone payments.

If commercialized, MacroGenics would receive double-digit royalties on any global net sales and has the option to co-promote MGD010 with Takeda in the United States.

Finally, MacroGenics may elect to fund a portion of Phase 3 clinical development in exchange for a North American profit share.

February 2016

GlaxoSmithKline and Adaptimmune Therapeutics have expanded the terms of their strategic collaboration agreement to accelerate Adaptimmune’s lead clinical cancer programme, an affinity enhanced T-cell immunotherapy (GSK3377794) targeting NY-ESO-1 toward pivotal trials in synovial sarcoma.

Under the terms of the expanded agreement, the companies will accelerate the development of Adaptimmune’s NY-ESO therapy into pivotal studies in synovial sarcoma and will explore development in myxoid round cell liposarcoma.

Additionally, the companies may initiate up to eight proof-of-principle studies exploring combinations with other therapies, including checkpoint inhibitors.

According to the expanded development plan, the studies will be conducted by Adaptimmune with GSK effectively funding the pivotal studies and sharing the costs of the combination studies via a success based milestone structure.

Under the terms of the expanded agreement, the potential development milestones Adaptimmune is eligible to receive solely in relation to the NY-ESO programme could amount to approximately $500 million, excluding previously received payments, if GSK exercises its option and successfully develops NY-ESO in more than one indication and more than one Human Leukocyte Antigen (HLA) type.

In addition, Adaptimmune would receive tiered sales milestones and, as previously disclosed, mid-single to low double digit royalties on worldwide net sales.

GSK has the right to nominate up to four additional targets in due course and Adaptimmune is eligible to receive further significant undisclosed milestone payments in relation to these earlier stage target programmes.

June 2014

Adaptimmune has entered into a strategic collaboration and licensing agreement with GlaxoSmithKline for the development and commercialisation of its lead clinical cancer programme.

Adaptimmune has created TCRs which are deployed to target the cancer testis antigen, NY-ESO-1, and other targets.

The company’s trials in the NY-ESO-1 programme in multiple myeloma, melanoma, sarcoma and ovarian cancer in the US are generating encouraging results, with European trials set to commence shortly, and it has a pipeline of follow-on programmes.

Adaptimmune will co-develop its NY-ESO-1 clinical programme and associated manufacturing optimisation work together with GSK.

GSK will have an option on the NY-ESO-1 programme through clinical proof of concept, anticipated during 2016, and, on exercise, will assume full responsibility for the programme.

The companies will also co-develop other TCR target programmes and collaborate on further optimization of engineered TCR products.

According to the agreed development plan, the deal could yield payments in excess of $350 million to Adaptimmune over the next seven years, with significant additional development and commercialisation payments becoming due in subsequent years if GSK exercises all its options and milestones continue to be met.

In addition, Adaptimmune would also receive tiered royalties ranging from single to double digits on net sales.

As part of its strategic commitment to the collaboration, Adaptimmune will immediately commence work on further TCR programmes with GSK.

AstraZeneca announced an agreement with its U.S. peer Eli Lilly and Co. to jointly develop and commercialise BACE Inhibitor AZD3293, which is currently in development as a potential treatment for Alzheimer's disease.

Under the deal terms, Lilly will pay AstraZeneca up to $500 million in development and regulatory milestone payments.

AstraZeneca expects to receive the first milestone payment of $50 million in the first half of 2015.

The companies will share all future costs equally for the development and commercialisation of AZD3293, as well as net global revenues post-launch.

AZD3293 is an oral beta secretase cleaving enzyme or BACE inhibitor.

It has been shown in Phase I studies to significantly and dose-dependently reduce

AstraZeneca noted that both companies aim to progress AZD3293 rapidly into a Phase II/III clinical trial in patients with early Alzheimer's disease.

Lilly will lead clinical development, working with researchers from AstraZeneca's Innovative Medicines Unit for neuroscience, while AstraZeneca will be responsible for manufacturing.

The companies will take joint responsibility for commercialisation of AZD3293.