Pharma BD Deal Intelligence

Otsuka Pharmaceutical Co., Ltd. / 4D Molecular Therapeutics, Inc.

2025 · Licensing/Option · $421M · Complete

4D Molecular Therapeutics granted Otsuka Pharmaceutical exclusive rights to develop and commercialize 4D-150, an intravitreal AAV gene therapy, for retinal vascular diseases including wet AMD and diabetic macular edema in Japan, China, Australia and other Asia-Pacific markets. 4DMT receives USD 85 million upfront in cash and expects at least USD 50 million of development cost-sharing from Otsuka over three years, plus up to USD 336 million in regulatory and commercial milestones and tiered double-digit royalties. 4DMT continues to lead global Phase 3 activities including in APAC; Otsuka leads regulatory and commercial activities in its territories.

Key facts

• Announced Oct 30, 2025
• Deal value $421M
• Deal type Licensing/Option
• Therapeutic area Ophthalmology
• Indications Wet age-related macular degeneration, Diabetic macular edema
• Key assets 4D-150
• Mechanism Intravitreal AAV (R100 capsid) gene therapy expressing an anti-VEGF aflibercept-like transgene

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