C4 Therapeutics Inc

Collaborations:

Merck

•In December 2023, C4T and Merck entered into a license and research collaboration to discover and develop degrader antibody conjugates. Under the terms of the agreement, C4T and Merck will collaborate to develop degrader antibody conjugates directed to an initial undisclosed oncology target exclusive to the collaboration; in January 2024, C4T received the $10 million upfront payment for this initial target. C4T is eligible to receive milestone payments totaling approximately $600 million, as well as tiered royalties on future sales, for degrader antibody conjugates directed to this initial target. The agreement also provides Merck with the option to extend the collaboration to include three additional targets that would be exclusive to the collaboration, which could yield option exercise payments as well as potential milestones and royalties. If Merck exercises all of its options to extend the collaboration, C4T would be eligible to receive up to approximately $2.5 billion in potential payments across the entire collaboration.

Betta Pharmaceuticals

•In January 2024, the previously announced $25 million stock purchase by a subsidiary of partner Betta Pharmaceuticals was completed.

•In December 2023, Betta Pharmaceuticals received approval from the Chinese National Medical Products Administration for the Clinical Trial Application of CFT8919, which is being evaluated in patients with EGFR L858R NSCLC.