Pharma BD Deal Intelligence
Novartis pledged up to $5.76B to Monte Rosa Therapeutics in its second molecular glue degrader collaboration, announced September 15, 2025, to develop degraders for immune-mediated diseases using Monte Rosa's QuEEN discovery engine. The deal covers an exclusive license to one undisclosed I&I target plus options on two additional preclinical immunology programs. Monte Rosa received a $120M non-refundable upfront in September 2025 (transaction price at inception of $180M including $60M of option-maintenance payments), and is eligible for up to $5.4B in development, regulatory, and sales milestones plus tiered royalties (high single- to low double-digit). The agreement is effective; the upfront was received and is being recognized under ASC 606 per Monte Rosa's Q3 2025 results.