Pharma BD Deal Intelligence

Roche Holding AG / C4 Therapeutics, Inc.

2026 · Licensing/Option · $1.0B · Complete

C4 Therapeutics expanded its long-running partnership with Roche (begun January 2016) through a new collaboration agreement focused on discovering and developing degrader-antibody conjugates (DACs). C4T will use its TORPEDO platform to design degrader payload candidates for two programs against undisclosed oncology targets, with an option to add a third; Roche will select and design the antibody, perform conjugation, and lead preclinical/clinical development and commercialization. C4T receives $20M upfront and is eligible for more than $1B in discovery, development and commercial milestones plus future royalties. Total value stated as a floor (>$1B); recorded here as $1,000M.

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 2031 at the earliest for this deal, once/if it closes.

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