Takeda Pharmaceutical Company Ltd. / Denali Therapeutics Inc.
2018 · Licensing/Option · $1.2B · Complete
Announcement Sentiment
75
Strongly positive
Outcome Score
64
Largely worked — most objectives met.
Takeda entered an option and collaboration agreement with Denali Therapeutics to develop and commercialize biologic products using Denali's Antibody Transport Vehicle (ATV) blood-brain barrier delivery technology for neurodegenerative diseases. The deal covered three programs: ATV:TREM2, ATV:BACE1/Tau, and a third undisclosed discovery-stage program. Takeda paid $40 million upfront, $5 million preclinical milestone, and $110 million in equity investment (~4.21M shares at ~$26.10/share). Total potential deal value up to $1.173 billion. The ATV:TREM2 program (DNL919) later received an FDA clinical hold and was subsequently discontinued.