Pharma BD Deal Intelligence
TRIANA Biomedicines and Pfizer announced a strategic collaboration and licensing agreement on October 15, 2024 to discover molecular glue degraders against multiple targets across oncology and other disease areas. TRIANA received $49M upfront and is eligible for milestones exceeding $1.5B plus tiered royalties; Pfizer holds an exclusive option to license individual molecules for further preclinical and clinical development, preserving optionality rather than committing large upfront capital. The discovery/option structure has no separate closing event and remains active. Since announcement the relationship has strengthened: in December 2025 Pfizer and TRIANA were named recipients of Scrip's 2025 Best Partnership Alliance Award, and on December 3, 2025 TRIANA closed an oversubscribed $120M Series B (co-led by Ascenta Capital and Bessemer Venture Partners, with Regeneron Ventures, Invus, YK Bioventures and Finchley Healthcare Ventures joining existing investors RA Capital Management, Atlas Venture, Lightspeed Venture Partners, Pfizer Ventures and Surveyor Capital). Proceeds advance TRIANA's wholly-owned lead candidate TRI-611, an ALK-targeted molecular glue degrader, toward clinical proof of concept in ALK+ non-small cell lung cancer, with a second product candidate selection planned for 2026.