Sanofi and Kymera entered a strategic partnership giving Sanofi global rights to Kymera's IRAK4 protein degrader program for immune-inflammatory diseases plus a second undisclosed program. Kymera received $150M cash upfront and is eligible for $2B+ in development, regulatory and sales milestones plus significant royalties. Kymera advanced IRAK4 through Phase 1 before Sanofi assumed clinical development.