Pharma BD Deal Intelligence
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Full analysis, sources & comparables →Xencor inks $120M deal with Roche for preclinical bispecific; the unusually rich upfront for a preclinical asset reflects Roche's appetite for bispecific and…
Roche's Genentech and Xencor form $460M deal for cytokine therapeutics, validating engineered IL-15 as a strategic priority for combination immuno-oncology…
On March 4, 2026 Xencor disclosed that Genentech (Roche) will terminate the collaboration and license agreement effective September 4, 2026, after Roche…
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Genentech (Roche Group) and Xencor entered a research and license agreement, announced February 5, 2019 and closed effective March 8, 2019 after HSR clearance, to develop novel IL-15 cytokine therapeutics led by XmAb24306 (later RG6323 / efbalropendekin alfa), an IL-15/IL-15Ra-Fc complex built on Xencor's bispecific Fc and Xtend technology. Xencor received $120M upfront and was eligible for up to $160M in clinical milestones per program plus additional development milestones (more than $1.5B in aggregate potential across the IL-15 portfolio), and could share 45% of net profits/losses on XmAb24306. The partnership subsequently unwound: Xencor opted out of the 45% cost-sharing in the first half of 2024, leaving Genentech as sole funder; Roche removed efbalropendekin alfa from its development pipeline in January 2025; and on March 4, 2026 Xencor disclosed that Genentech will terminate the collaboration and license agreement effective September 4, 2026 — the lead asset never advanced to a profit-sharing commercial stage.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Roche Holding AG / Xencor, Inc. (this deal) | 2019 | $1.6B | — |
| 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: 2019 deals · Roche Holding AG deals · Oncology deals