Pharma BD Deal Intelligence
Sarepta and Arrowhead partner to advance RNA-based drugs in rare diseases with $825M upfront and up to $10B in milestones
Arrowhead earns $100M milestone on first ARO-DM1 Phase 1/2 enrollment target.
First Ph1/2 data for SRP-1001 (FSHD1) and SRP-1003 (DM1): dose-dependent muscle exposure, early biomarker effects, favorable tolerability.
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Sarepta Therapeutics Inc. / Arrowhead Pharmaceuticals Inc. (this deal) | 2024 | $1.1B | 72 |
| Novartis AG / Advanced Accelerator Applications S.A. | 2017 | $3.9B | 98 |
| Allergan plc / Merck & Co., Inc. (CGRP receptor antagonist program) | 2015 | $250M | 91 |
| Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon) | 2000 | $450M | 89 |
| Teva Pharmaceutical Industries Ltd. / Auspex Pharmaceuticals | 2015 | $3.5B | 86 |
| Teva Pharmaceutical Industries Ltd. / Biogal Pharmaceutical | 1995 | — | 82 |
| Novartis AG / PTC Therapeutics Inc. | 2024 | $2.9B | 80 |
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