Pharma BD Deal Intelligence
In November 2024 Sarepta Therapeutics entered a global license and collaboration agreement for Arrowhead Pharmaceuticals' clinical and preclinical siRNA/RNAi programs in rare genetic diseases (including FSHD1, myotonic dystrophy type 1, IPF and CNS indications). The deal closed February 10, 2025, with Arrowhead receiving $500M upfront, a $325M equity investment (stock purchased at $27.25/share) and $250M in installment payments ($50M/yr over five years), plus contingent milestones. The agreement weathered Sarepta's mid-2025 corporate restructuring: on July 23, 2025 Arrowhead confirmed the collaboration remained in effect and that Sarepta had prioritized the licensed RNAi programs as central to its future. Arrowhead subsequently earned two ARO-DM1 enrollment milestones -- $100M (July 28, 2025) and $200M (November 24, 2025). On March 25, 2026 Sarepta reported the first Phase 1/2 clinical data for SRP-1001 (ARO-DUX4, FSHD1) and SRP-1003 (ARO-DM1, DM1), showing dose-dependent muscle exposure, early biomarker effects and favorable tolerability.