Pharma BD Deal Intelligence

F. Hoffmann-La Roche AG / Manifold Bio, Inc.

2025 · Co-Development · $2.0B · Complete

Roche and Manifold Bio entered a strategic research collaboration and license agreement to discover and develop multiple next-generation blood-brain-barrier shuttles for neurological and neurodegenerative diseases, applying Manifold's tissue-targeting shuttle portfolio and its mDesign AI-driven in vivo discovery engine. Manifold receives USD 55 million upfront and is eligible for more than USD 2 billion in research, development and commercial milestones plus tiered royalties, and retains an option to co-fund development of one product candidate for enhanced royalties.

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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