Pharma BD Deal Intelligence
Lead asset flunked Phase 1 efficacy bar and the program appears quietly discontinued — a ~$0.8B bolt-on that didn't pay off
Full analysis, sources & comparables →Vantage's Jonathan Gardner noted Roche became the first big pharma to complete a Treg-focused oncology deal, capitalizing on a hot immuno-oncology theme to…
The Tusk acquisition gives Roche a differentiated Treg-depleting antibody that preserves IL-2 signaling on effector T cells, a mechanistic advantage over…
NCT04642365 (BP42595): Phase 1 study of RO7296682 (RG6292) + atezolizumab in advanced solid tumors. Overall status TERMINATED 2024-01-04; sponsor cited…
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Roche acquired UK-Belgian biotech Tusk Therapeutics in September 2018 for EUR 70M (~$81M) upfront plus up to EUR 585M (~$678M) in development and commercial milestones (total up to EUR 655M / ~$759M). The deal added Tusk's preclinical anti-CD25 antibody designed to deplete regulatory T cells in tumors without blocking IL-2 signaling, the first major pharma Treg-targeting oncology buyout. Roche advanced the asset (RG6292 / RO7296682 / vopikitug) into two Phase 1 studies, but both were terminated: the monotherapy study (NCT04158583) completed in July 2022 and the atezolizumab-combination study (NCT04642365) was terminated in January 2024 citing a low likelihood of achieving the targeted efficacy. Phase 1 results published in 2025 (Cancer Research Communications) concluded that RG6292 alone or with atezolizumab showed insufficient clinical efficacy to warrant further exploration, ending the program. The acquisition closed as announced; the milestone-heavy contingent value was almost certainly never realized, though Roche does not disclose milestone payments.
Lead asset flunked Phase 1 efficacy bar and the program appears quietly discontinued — a ~$0.8B bolt-on that didn't pay off
Assessment window: 5yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Roche Holding AG / Tusk Therapeutics (this deal) | 2018 | $759M | 27 |
| 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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More: 2018 deals · Roche Holding AG deals · Oncology deals