Pharma BD Deal Intelligence

Astellas Pharma Inc. / Audax Biosciences

2026 · Licensing/Option · $1.3B · Complete

Astellas Pharma and Audax Biosciences entered an exclusive option and license agreement for DAX-044, Audax's lead immuno-oncology candidate from its AVIKINE platform, in a transaction worth up to USD 1.34 billion excluding royalties. Astellas receives an exclusive option that, on exercise, grants a worldwide license to develop, manufacture and commercialise DAX-044. Audax will receive upfront and potential future option-exercise payments totalling USD 285 million and is eligible for up to USD 1.05 billion in development and commercial milestones plus tiered double-digit royalties on worldwide net sales if approved. Audax retains responsibility for advancing DAX-044 into a Phase 1 study expected to begin in 2027. DAX-044 is an investigational immune-targeted interleukin-12 antibody-cytokine fusion engineered to concentrate IL-12's immune-activating activity within the tumour microenvironment while limiting the systemic toxicity that has historically constrained IL-12 as a cancer therapeutic.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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