Pharma BD Deal Intelligence

Oruka Therapeutics, Inc. / Paragon Therapeutics, Inc.

2025 · Licensing/Option · $22M · Complete

On February 4, 2025 Oruka Therapeutics entered a license agreement with Paragon Therapeutics under which Paragon granted Oruka a royalty-bearing, worldwide, exclusive license to develop, manufacture and commercialize certain antibodies and products targeting IL-17A/F (ORKA-002) in all fields. Oruka is obligated to pay Paragon up to $22.0 million in development, regulatory and clinical milestones for the first product to reach them, including $1.5 million on development candidate nomination and $2.5 million on first Phase 1 patient dosing.

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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