Deal of the Week: Ascendis Pharma & Novo Nordisk

TransCon platform licensed for metabolic and cardiovascular diseases with once-monthly GLP-1 as lead program (GlobeNewswire)

• Structure: Exclusive worldwide license to TransCon technology platform

• Date Announced: November 4, 2024

• Total Deal Value: $285M+ per program

• Upfront: Not disclosed

• Total Milestones: Up to $285M (lead program), $77.5M (each additional program)

• Royalties: Tiered royalties on global net sales Key Terms:

• Additional terms:

  • Lead program: Once-monthly GLP-1 receptor agonist for obesity and type 2 diabetes

  • Additional programs in metabolic and cardiovascular diseases

  • Ascendis to conduct early development

  • Novo Nordisk responsible for development costs, clinical development, regulatory, manufacturing, and commercialization

Notable Deals

• Syndax Pharmaceuticals & Royalty Pharma

• Acadia Pharmaceuticals & Undisclosed

• Surrozen & TCGFB

Syndax Pharmaceuticals & Royalty Pharma

$350M synthetic royalty agreement for Niktimvo (PRNewswire)

• Structure: Synthetic royalty funding agreement

• Date Announced: November 4, 2024

• Upfront: $350M

• Royalties: 13.8% royalty on U.S. net sales

• Other Terms: Royalty payments cease upon reaching 2.35x multiple

Acadia Pharmaceuticals & Undisclosed

Sale of Rare Pediatric Disease Priority Review Voucher (BusinessWire)

• Structure: Asset sale

• Date Announced: November 5, 2024

• Total Deal Value: $150M

• Upfront: $150M

Surrozen & TCGFB

Antibody discovery collaboration for IPF (GlobeNewswire)

• Structure: Research collaboration

• Date Announced: November 4, 2024

• Total Deal Value: Up to $6M plus equity

• Research Funding: Up to $6M

• Equity: Warrant for 3,380,000 TCGFB shares at $0.0001/share