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A Bristol-Myers Squibb out-license of the anti-tau antibody gosuranemab to Biogen for $300M upfront—not the acquisition this record's title implies. Both Phase 2 readouts (progressive supranuclear palsy, Alzheimer's disease) missed on efficacy despite confirmed tau lowering, and Biogen shelved the asset with zero approvals or revenue.
Not a real acquisition — BMS out-licensed an anti-tau antibody to Biogen for ~$300M upfront in 2017, and the asset failed in both diseases it was tested in.
Full analysis, sources & comparables →Biogen's $300M licensing of BMS-986168 expands its neurodegenerative franchise with a Phase 2-ready anti-tau antibody, complementing its amyloid-focused…
Gosuranemab, Biogen's anti-tau immunotherapy, did not fly for PSP — the Phase 2 PASSPORT trial missed primary and secondary endpoints, deepening doubts about…
Biogen's $300M bet on the Alzheimer's tau drug snapped up from Bristol Myers flames out in Phase 2, after the TANGO trial missed its primary endpoint and…
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Biogen exclusively licensed worldwide rights to BMS-986168, a Phase 2-ready anti-extracellular tau antibody, from Bristol-Myers Squibb. BMS received $300M upfront plus up to $410M in development/commercial milestones plus tiered royalties. Biogen planned to advance Phase 2 studies in PSP and Alzheimer's, expanding its neurodegenerative pipeline.
Not a real acquisition — BMS out-licensed an anti-tau antibody to Biogen for ~$300M upfront in 2017, and the asset failed in both diseases it was tested in.
Assessment window: 5yr post-close.
Progressive supranuclear palsy (PSP) is a rare neurodegenerative tauopathy that causes rapid declines in balance, eye movement, speech, and cognition, typically presenting in the early 60s. Most patients develop severe disability within 3-5 years of symptom onset, with no approved disease-modifying therapy available.
At deal time (April 2017), the anti-tau antibody field for tauopathies was concentrated and pre-readout. Direct competitors included AbbVie/C2N's tilavonemab (ABBV-8E12, anti-N-terminal tau, Phase 2 in PSP/Alzheimer's), Eli Lilly/AC Immune's zagotenemab (LY3303560), Genentech/AC Immune's semorinemab (RG6100, MTAU9937A), and Eisai/Biogen's BAN2401 (lecanemab) targeting amyloid for AD. BMS-986168 (gosuranemab) was differentiated as the first anti-extracellular tau antibody to reach Phase 2, derived from iPierian's IPN007 program (BMS acquired iPierian in 2014). Biogen's rationale, per its press release, was to expand its neurodegenerative pipeline alongside aducanumab and BAN2401. The asset ultimately failed: gosuranemab missed primary endpoints in the Phase 2 PASSPORT trial in PSP (December 2019) and the Phase 2 TANGO trial in early Alzheimer's (June 2021), and Biogen terminated development. FierceBiotech characterized the outcome as Biogen's '$300M bet flames out'. Anti-tau as a class has broadly underperformed expectations, with most extracellular-tau antibodies failing pivotal readouts.
Alzheimer's disease is a progressive neurodegenerative disorder marked by amyloid plaques and tau neurofibrillary tangles, leading to memory loss, cognitive decline, and ultimately death. It is the leading cause of dementia and a top-tier unmet need given the limitations of approved amyloid-targeting therapies.
The Alzheimer's tau-antibody competitive set in 2017 was crowded but pre-clinical-readout. Biogen's licensing of BMS-986168 added a tau arm to its franchise alongside aducanumab (anti-amyloid, then in Phase 3) and BAN2401/lecanemab (anti-amyloid protofibril, partnered with Eisai). Anti-tau competitors included AbbVie's tilavonemab, Genentech/AC Immune's semorinemab, Lilly/AC Immune's zagotenemab, and Eisai's E2814 (anti-microtubule-binding-region tau). The deal expanded Biogen's mechanistic optionality given growing recognition that tau pathology correlates more closely with cognitive decline than amyloid load. Subsequent Phase 2 TANGO failure (June 2021) terminated gosuranemab's AD development; the broader anti-tau extracellular antibody class has since failed across sponsors, shifting focus to intracellular tau approaches and tau ASOs (e.g., Biogen/Ionis BIIB080).
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Biogen Inc. / Bristol-Myers Squibb Company (this deal) | 2017 | $710M | 15 |
| Biogen Inc. / Reata Pharmaceuticals | 2023 | $7.3B | 73 |
| Biogen Inc. / Human Immunology Biosciences | 2024 | $1.1B | 68 |
| Biogen Inc. / RayThera Inc. | 2026 | $1.0B | 52 |
| Biogen Inc. / Nightstar Therapeutics | 2019 | $800M | — |
| Biogen Inc. / TJ Biopharma Co., Ltd. | 2026 | $850M | — |
| Biogen Inc. / Vanqua Bio, Inc. | 2025 | $1.1B | — |
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