Pharma BD Deal Intelligence
SEED Therapeutics entered strategic research collaboration with Eisai to discover molecular glue degraders for undisclosed neurodegeneration and oncology targets. SEED eligible for upfront plus preclinical, clinical, regulatory and sales milestones up to $1.5B plus tiered royalties. Also launched Series A-3 financing led by Eisai with $24M first close. Post-announcement, SEED completed the financing as a $30M Series A-3 ($24M first close Aug 2024 + $6M second close Aug 2025) and advanced its broader RITE3 molecular-glue platform: FDA cleared the IND for internal lead ST-01156 (RBM39 degrader) in Aug 2025 and the first Phase 1 patient (NCT07197554) was dosed Jan 2026. The Eisai collaboration remains a pending option-bearing research alliance — Eisai stays a cornerstone investor/collaborator and the $1.5B in biobucks is contingent on Eisai exercising exclusive rights on the undisclosed targets, which remain preclinical.