Pharma BD Deal Intelligence
A bust: Roche's 2002 pipeline licensing deal with Antisoma (up to $500M in milestones, $43M upfront plus a ~10% equity stake) collapsed before any asset succeeded. Roche returned rights to its two lead compounds in 2007, both later failed Phase III trials, and Antisoma dissolved as a drug company by 2011.
Every major asset from Roche's 2002 Antisoma pipeline deal failed in the clinic; Roche walked away years before the results even came in, and Antisoma itself dissolved as a drug company.
Full analysis, sources & comparables →Antisoma starts licensing spree with cancer deal, licensing virtually its entire pipeline to Roche, including lead anti-cancer antibody pemtumomab in phase…
Antisoma reports narrowed losses; future strong on Roche product deal, citing up-front cash and equity and milestone potential from the partnership.
Antisoma re-licensed AS1404 to Novartis in an $890M deal after Roche returned rights, suggesting the original Roche alliance under-monetized individual assets…
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Announced November 2002. Broad strategic alliance: Antisoma licensed virtually its entire pipeline to Roche. $43M upfront cash plus equity, $6.56M for a ~10% stake; potential $500M+ in milestones plus 10-20% royalties.
Every major asset from Roche's 2002 Antisoma pipeline deal failed in the clinic; Roche walked away years before the results even came in, and Antisoma itself dissolved as a drug company.
Assessment window: 15yr post-close.
Antisoma's portfolio targeted solid tumors (ovarian, breast, non-small cell lung) and hematologic cancers using monoclonal antibodies, antibody-cytokine fusions, and small-molecule vascular disrupting agents. The platform reflected early-2000s oncology innovation focused on tumor-selective biology rather than cytotoxic chemotherapy.
In late 2002, Roche's oncology franchise was anchored by MabThera/Rituxan (rituximab) and Herceptin (trastuzumab), with Avastin (bevacizumab) approaching FDA filing. Antisoma's deal gave Roche access to ten preclinical and early-clinical programs spanning antibody and small-molecule modalities, including pemtumomab (Yttrium-90 labeled anti-MUC1, Phase 3 ovarian), R1550/AS1402 (anti-MUC1 breast), AS1404/vadimezan (vascular disrupting agent for NSCLC), and AS1409 (antibody-IL-12 fusion for melanoma/RCC). The structure was unusual: Roche took ~10% equity for $6.56M and paid $43M upfront, making Antisoma effectively a satellite oncology engine. By June 2006 Roche returned AS1404 rights, and Antisoma re-licensed it to Novartis in a separate $890M deal. Pemtumomab's Phase 3 failed; AS1404 Phase 3 failed in 2010; AS1409 stalled in Phase 1. None of the alliance assets reached approval. The deal stands as a cautionary tale on broad-pipeline oncology option packages versus single-asset, conviction-based licensing.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Roche Holding AG / Antisoma plc (this deal) | 2002 | $500M | 20 |
| Roche Holding AG / Chugai Pharmaceutical Co. Ltd. | 2002 | $1.4B | 100 |
| Roche Holding AG / Ventana Medical Systems Inc. | 2008 | $3.4B | 88 |
| Roche Holding AG / Corange Ltd. (Boehringer Mannheim Group) | 1997 | $11.0B | 88 |
| Roche Holding AG / Ventana Medical Systems Inc. | 2007 | $3.4B | 88 |
| Roche Holding AG / Foundation Medicine, Inc. | 2015 | $1.1B | 87 |
| Roche Holding AG / Foundation Medicine, Inc. | 2018 | $5.3B | 85 |
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