December 2021 Top Biopharma Deal: Foghorn – Loxo using Gene Traffic Control for New Oncology Treatments

by | Jan 10, 2022

December 2021 Top Biopharma Deal Upfront

Foghorn partnership with Loxo (Eli Lilly) for selective BRM oncology therapies

Announced: December 10, 2021

Total Deal Value: $1,680M

Upfront Cash: $300M

Upfront Equity: $80M

R&D Funding: n/a

Milestones: up to $1,300M (dev., reg., and sales)

Royalty: ex-U.S. based on program: from tiered mid-single digit to twenties.

Cost and Profit Split: U.S. 50/50, co-dev and co-pro option

The Asset:

Foghorn’s selective BRM oncology program and an additional undisclosed oncology target using Foghorn’s Gene Traffic Control platform

Deal Structure:

Development and Commercialization License

Partnership Features:

Co-Development, Co-Promotion, Shared Costs

The Details:

  • Loxo (Eli Lilly) will use Foghorn’s proprietary Gene Traffic Control platform to discover and develop therapeutic molecules directed to a BRM target and an additional undisclosed oncology target, plus three additional discovery programs.
  • Foghorn will receive $300M up front, $80M in an upfront equity investment (4,000,000 shares of common at $20.00 per share), and is eligible to receive up to $1.3B in development, regulatory, and sales milestones based on Foghorn’s option to participate in the U.S. costs/profits.
  • 50/50 U.S. cost/profit share for the BRM-selective program and one other undisclosed target. For the three discovery programs, Foghorn has an option to split U.S. costs/profits following the successful completion of dose-finding toxicity studies.
  • Ex-U.S. BRM-selective program and one other undisclosed target: Tiered low-double digit to the twenties royalties. Ex-U.S. other undisclosed target: Tiered mid-single digit to low-double digit royalties subject to royalty step-down provisions.

Last Month:

Congrats to Foghorn and Loxo for landing DealForma’s December 2021 Top Biopharma Deal. Last month’s Deal of the Month was Owkin and Sanofi’s partnership for Owkin’s AI and federated learning platform to advance Sanofi’s oncology pipeline. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms. We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting dealforma.com to schedule your personalized demo.

Want data for your analysis? Want us to do it? Subscribers get both.

Schedule your demo of the DealForma database to see how we help you get better reports done faster.

25,544

Deal Profiles

15,147

Funding Rounds

28,034

Company Profiles

17,936

Product Profiles

119K+

Clinical Trials

3,982

Business Developers

Specifically for Biotech, Pharma, Device, and Diagnostics

Get more done.

Stop cleaning data or getting lost in legacy databases. We built DealForma to help you be better and faster at business research. Schedule your customized demo to see how DealForma helps you impress your boss and sign-off early.

More Research by DealForma

May 2022 Top Biopharma Deal: Dragonfly Therapeutics – Gilead Sciences NK cell engager for cancer/inflammation

May 2022 Top Biopharma Deal: Dragonfly Therapeutics – Gilead Sciences NK cell engager for cancer/inflammation

The top deal upfront for May 2022 was the Dragonfly Therapeutics development and commercialization deal with Gilead Sciences for solid tumors. Gilead has an exclusive, worldwide option to develop and commercialize additional NK cell engager programs by using its Tri-specific NK Engager (TriNKET) platform after the completion of certain preclinical activities. Dragonfly will receive $300M up front and is eligible to receive undisclosed opt-in payments and development, regulatory, and commercial milestones, plus up to 20% royalties.

read more
April 2022 Top Biopharma Deal: Harbour BioMed – AstraZeneca Bispecific Antibody for Cancer Treatment

April 2022 Top Biopharma Deal: Harbour BioMed – AstraZeneca Bispecific Antibody for Cancer Treatment

The top deal upfront for April 2022 was the Harbour BioMed development and commercialization deal with AstraZeneca for solid tumors. AstraZeneca will be responsible for all costs for development and commercialization. HBM will receive $25M up front and is eligible for up to $325M in development, regulatory, and commercial milestones, plus undisclosed tiered royalties.

read more
March 2022 Top Biopharma Deal: IGM Biosciences – Sanofi IgM Antibody Platform for Cancer and Immunology/Inflammation

March 2022 Top Biopharma Deal: IGM Biosciences – Sanofi IgM Antibody Platform for Cancer and Immunology/Inflammation

The top deal upfront for March 2022 was the IGM development and commercialization deal with Sanofi for cancer, immunology, and inflammation. IGM will receive $150M up front and is eligible to receive up to $6.015B in regulatory and commercial milestones, which includes $940M for each of 3 cancer targets and $1.065B for each of 3 immunology/inflammation targets. Additionally, Sanofi has expressed an interest in purchasing up to $100M of IGM non-voting common stock in a public financing.

read more
February 2022 Top Biopharma Deal:  Heidelberg – Huadong ATAC Candidates for Cancer Treatment

February 2022 Top Biopharma Deal: Heidelberg – Huadong ATAC Candidates for Cancer Treatment

The top deal upfront for February 2022 was the Heidelberg development and commercialization partnership with Huadong for HDP-101, HDP-103, and options for HDP-102 (CD37-ATAC) and HDP-104. Heidelberg will receive $20M up front and is eligible for up to $449M in milestones with additional $461M in option payments upon exercise. Additionally, Huadong will invest EUR 105M (35%) in Heidelberg, with an initial commitment of EUR 80M by purchasing 12,408,649 shares at EUR 6.44 per share.

read more
January 2022 Top Biopharma Deal: Beam – Pfizer In Vivo Base Editing and Delivery Programs for Rare Diseases

January 2022 Top Biopharma Deal: Beam – Pfizer In Vivo Base Editing and Delivery Programs for Rare Diseases

The top deal upfront for January 2022 was the Beam Therapeutics research partnership with Pfizer with an option to license in vivo base editing programs. Beam will receive $300M up front, up to up to $1.05B in development, regulatory, and sales milestones, plus royalties per licensed program. If Beam opts in to co-develop/co-promote a program, the companies will share cost and profits 65%/35% (Pfizer/Beam).

read more
November 2021 Top Biopharma Deal: Sanofi – Owkin artificial intelligence and federated learning platform to advance Sanofi’s oncology pipeline

November 2021 Top Biopharma Deal: Sanofi – Owkin artificial intelligence and federated learning platform to advance Sanofi’s oncology pipeline

The top deal upfront for November 2021 was the Owkin – Sanofi artificial intelligence and federated learning platform research partnership to advance Sanofi’s oncology pipeline. Owkin will receive a $180M upfront equity investment, $90M in R&D funding over 3 years, and is eligible for additional undisclosed R&D milestones.

read more
October 2021 Top Biopharma Deal: Xencor – Janssen for Plamotamab and XmAb Bispecific Antibodies

October 2021 Top Biopharma Deal: Xencor – Janssen for Plamotamab and XmAb Bispecific Antibodies

The top deal upfront for October 2021 was the Xencor – Janssen deal for plamotamab and XmAb bispecific antibodies and new XmAb B-cell targeting bispecific antibodies for CD20-expressing hematologic malignancies. Xencor will receive $100M in upfront cash, $25M in an upfront equity investment, and is eligible for up to $1.18B in dev., reg., and sales milestones, plus tiered mid-teens to low-twenties royalties.

read more
September 2021 Top Biopharma Deal: REGENXBIO – AbbVie for RBX-314 for wet AMD, diabetic retinopathy

September 2021 Top Biopharma Deal: REGENXBIO – AbbVie for RBX-314 for wet AMD, diabetic retinopathy

The top deal upfront for September 2021 was the REGENXBIO – AbbVie deal for RGX-314 for wet AMD, diabetic retinopathy, and other chronic retinal diseases. REGENXBIO will receive $370M up front and is eligible for up to $1.38B in milestones, plus tiered royalties on net sales of RGX-314 outside the US and 50% of profits in the US.

read more

You met on Zoom. Now it's Deal Time.

With thousands of company profiles and a decade of deals specifically in biopharma and medtech, you'll take the guesswork out of deal comps. Schedule your customized demo to see how DealForma helps you win that term sheet with better data.