Pharma BD Deal Intelligence
Ono Pharmaceutical Co., Ltd. / Ionis Pharmaceuticals, Inc.
2025 · Licensing/Option · $940M · Complete
Ono Pharmaceutical obtained exclusive global rights to develop and commercialize sapablursen, an investigational antisense RNA-targeted medicine for polycythemia vera. Ionis receives $280 million upfront and is eligible for up to $660 million in development, regulatory and sales milestone payments. Ionis remains responsible for completing the ongoing Phase 2 IMPRSSION study; Ono is responsible for subsequent development, regulatory filings and commercialization.
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.
Key facts
- Announced Mar 11, 2025
- Deal value $940M
- Deal type Licensing/Option
- Therapeutic area Hematology
- Indications Polycythemia vera
- Key assets Sapablursen global development and commercialization rights
- Mechanism Antisense oligonucleotide targeting TMPRSS6 (hepcidin modulation)
Related deals
See the full interactive analysis, sources & comparables →
← Browse all deals ·
How we score deals
More: 2025 deals · Hematology deals