Pharma BD Deal Intelligence

Boehringer Ingelheim International GmbH / Cue Biopharma, Inc.

2025 · Licensing/Option · $357M · Complete

Boehringer Ingelheim and Cue Biopharma entered a Collaboration and License Agreement to research, develop and commercialize differentiated B cell depletion molecules, including Cue's preclinical CUE-501 candidate for autoimmune disease. Cue receives $12 million upfront and is eligible for up to $345 million in research, development and commercial milestones plus royalties. Boehringer takes an exclusive, royalty-bearing, worldwide, sublicensable license and is responsible for all further research, development, manufacturing and commercialization. Collaborative research runs for a four-year research term, during which Cue is restricted from developing competing B cell depletion molecules.

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 2030 at the earliest for this deal, once/if it closes.

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