Pharma BD Deal Intelligence

Ono Pharmaceutical / Shattuck Labs

2024 · Licensing/Option · $227M · Terminated

On February 13, 2024, Shattuck Labs entered a worldwide drug discovery collaboration and option agreement with Ono Pharmaceutical to generate novel bifunctional fusion proteins directed at pathways in autoimmune and inflammatory disease. Shattuck was to receive an upfront payment and was eligible for success-based licensing, regulatory and commercial milestones with total value of up to $227 million, plus tiered royalties on global net sales. Shattuck led discovery research on prespecified compounds against targets selected by Ono from Shattuck's bifunctional fusion protein pipeline, with Ono funding associated research and development and holding an exclusive option to develop and commercialize multiple resulting products worldwide. IMPORTANT: the collaboration was mutually terminated on September 30, 2024 - roughly seven months after signing. Following termination Shattuck had no remaining performance obligations and will receive no future research reimbursements, upfront, milestone or royalty payments from Ono.

Did it work? Outcome assessment

Assessment window: 5yr post-close.

Key facts

• Announced Feb 13, 2024
• Deal value $227M
• Deal type Licensing/Option

Deal timeline

• Feb 13, 2024
  Shattuck and Ono sign discovery collaboration

  Shattuck Labs entered a worldwide drug discovery collaboration and option agreement with Ono Pharmaceutical for bifunctional fusion proteins in autoimmune and inflammatory disease, worth up to $227 million plus tiered royalties.

• Sep 30, 2024
  Collaboration mutually terminated after ~7 months

  Shattuck and Ono mutually agreed to terminate the collaboration and license agreement. Shattuck was released from remaining performance obligations and forfeited all future research reimbursements, milestone and royalty payments.

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