Pharma BD Deal Intelligence

Novartis AG / Antares Therapeutics, Inc.

2026 · Co-Development · $1.9B · Complete

Antares Therapeutics entered a strategic collaboration with Novartis to discover, develop and commercialize small molecule therapies against promising but historically undruggable oncology targets. Antares receives USD 105 million upfront and is eligible for up to USD 1.8 billion in option exercise, development, regulatory and commercial milestones, plus tiered royalties on global net sales. Novartis is applying Antares' covalent drug discovery engine -- its screening libraries, chemical proteomics capabilities and structure-driven computational chemistry -- against a limited number of targets.

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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