RE: Value of P14027 Sep 2025 13:36
When you have a first in class technology in a highly demanding market, the technology will be worth in $Billions. You just got to look at the following deals and see what some companies have been paying for earlier stages than imm. Tim did not mention the deal size apart from being chunky and mentioned some companies as an example of getting between $50-$150m upfront payments. Now imm is first in class and they will imo get a bigger chunk of an upfront payment.
Vertex & Enlaza:
Vertex announced a deal with Enlaza in September 2025, worth over $2 billion, to create new autoimmune drugs and improve conditioning methods.
AbbVie & Capstan Therapeutics:
AbbVie is acquiring Capstan Therapeutics for up to $2.1 billion, gaining rights to a potential first-in-class in vivo targeted lipid nanoparticle (tLNP) anti-CD19 CAR-T therapy candidate for B cell-mediated autoimmune diseases (June 2025).
Roche Genentech & Repertoire Immune:
Genentech partnered with Repertoire Immune in April 2025 to discover and develop T-cell targeted medicines, with Repertoire eligible for up to $765 million in payments and royalties.
Monte Rosa & Novartis:
Monte Rosa received a $150 million upfront agreement from Novartis for its VAV1 antibody, MRT-6160, which targets autoimmune and cancer indications (2024).