Roche said Monday it entered into an exclusive licensing and collaboration agreement with Nurix Therapeutics to develop bexobrutideg, an investigational blood-cancer treatment, in a deal valued at up to $2.3 billion.
The Swiss drugmaker said it would pay Nurix an upfront cash payment of $700 million. Development costs will be shared 40% by Nurix and 60% by Roche, the company said. Profit and losses from U.S. commercialization will be split equally.
Bexobrutideg is a tyrosine kinase degrader, a type of drug that eliminates disease-causing proteins. It is being developed to treat various blood cancers, including chronic lymphocytic leukemia, Roche said.
Phase 3 clinical trials are scheduled to begin this summer, the drugmaker added.
The deal comes amid a broader landscape of pharmaceutical dealmaking and drug pricing policy. The Dow Jones Industrial Average closed at 51,561.93 on Monday.