Antares, a biotech spun out of Scorpion Therapeutics, struck a $105 million deal with Novartis to co-develop new cancer drugs. The partnership aims to combine Antares' proprietary drug discovery platform with Novartis' clinical and commercial expertise, targeting multiple undisclosed oncology targets.
Under the terms, Antares receives an upfront payment of $105 million, with potential for additional milestone payments tied to future clinical and regulatory achievements. The agreement covers early-stage research through early clinical development, though specific financial details of downstream milestones were not disclosed.
CEO Adam Friedman framed the deal as a strategic accelerator, saying it helps both companies advance research "faster than either of us could alone." The collaboration is structured to allow Novartis to opt into lead programs after initial validation, giving the pharma giant first rights to licensed assets.
For Antares, the cash injection extends its runway and validates its platform after spinning out from Scorpion Therapeutics. The deal signals continued appetite among big pharma for high-risk, early-stage biotech partnerships, especially in oncology where unmet need remains high.
Investors will watch for which specific drug targets emerge from the collaboration. Novartis has been pruning its pipeline but selectively adding external innovation, and this deal suggests confidence in Antares' discovery approach.