Dealmaking activity spanned oncology and neuroscience this week, with one company licensing a novel cancer payload technology to a global partner and another moving to acquire a late-stage psychiatric asset out of a bankruptcy sale process.

DualityBio licenses next-generation ADC payload platform to Genentech

DualityBio Inc. has entered into a collaboration and license agreement with Genentech, a member of the Roche Group, to develop next-generation antibody-drug conjugates built on DualityBio's proprietary Dupac platform.

Under terms of the agreement, DualityBio is set to receive an upfront payment of $45 million and eligibility to receive upwards of $1 billion in aggregate development, regulatory, and commercial milestone payments across all programs, along with with tiered royalties on annual net sales of approved products.¹

Dupac, (DualityBio Unique Payload Antibody Conjugate), is one of DualityBio's four proprietary antibody-drug conjugate platforms and is dedicated to payloads with novel mechanisms of action.¹ The platform comprises multiple distinct payloads, each built on a unique antitumor mechanism, paired with optimized and compatible linker technologies designed for systemic stability and tumor-specific release. Dupac payloads are engineered against a common set of criteria: high potency, broad-spectrum activity across tumor types, a short systemic half-life permitting rapid clearance, and a bystander effect suited to heterogeneous solid tumors.¹

Ethan Smith, therapy area director of oncology for Norstella, touched on the recent innovation in the ADC space in an interview with Pharmaceutical Executive, saying;"We're seeing a lot of innovation in different targets, different linkers and then different payloads... Dual conjugate ADCs, radio conjugates, degrader antibody conjugates. These are all sort of increasingly novel, trying to have a step forward over traditional ADCs," said Smith.

As part of the agreement, DualityBio will generate and develop antibody-drug conjugates against Genentech-defined oncology targets using payloads from the Dupac platform.¹ For the collaboration programs, DualityBio is expected to lead discovery and early global clinical development. Genentech will also receive an exclusive, worldwide license to the collaboration antibody-drug conjugates and will assume sole responsibility for further clinical development and commercialization after Phase Ia.¹

"As topoisomerase inhibitor-based ADCs achieve broad clinical success and move into earlier lines of therapy, a growing unmet medical need is emerging for patients whose tumors are resistant or refractory to this payload class. We built Dupac to help address this challenge with a family of next-generation payloads designed to overcome resistance and enable each ADC program to expand the breadth of the underlying tumor biology. By combining DualityBio's payload innovation and early-stage global clinical development capabilities with Genentech's deep oncology expertise and worldwide development reach, we can advance these programs with greater speed and scale and bring differentiated medicines to more patients around the world," said Dr. John Zhu, founder and chief executive officer of DualityBio.

Teva makes bid for BioXcel's at-home agitation treatment

Teva Pharmaceuticals International GmbH, a subsidiary of Teva Pharmaceutical Industries Ltd. has made a bid to acquire an innovative neuroscience product from BioXcel Therapeutics, Inc. through a court-supervised sale process. The company has entered into an agreement with BioXcel Therapeutics to serve as the stalking horse bidder in a court-supervised auction under Section 363 of Chapter 11 of the U.S. Bankruptcy Code for certain assets, including Igalmi, BioXcel's dexmedetomidine sublingual film ² As the stalking horse bidder, Teva's proposal establishes the initial bid for the assets; the proposed transaction does not involve the acquisition of BioXcel Therapeutics as a whole.²

As part of the agreement, Teva would acquire worldwide rights to the assets, including Igalmi, for an upfront payment of $57.5 million and up to an additional $67.5 million in contingent payments.² The contingent payments include a range of time-based payments linked to the timing of the pending FDA approval, including potential delays in approval, as well as payments tied to the achievement of specified sales milestones.²

If the company is selected as the successful bidder during the auction, Teva would then acquire the agreed-upon assets once the required conditions are satisfied, and the transaction is approved by the bankruptcy court.² If Teva is not the successful bidder, it would be entitled to a break-up fee and expense reimbursement, subject to the terms of the agreement.²

Igalmi is currently under FDA review for potential at-home use for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults, with a Prescription Drug User Fee Act target action date of November 14, 2026.² If approved, it could become the first FDA-approved at-home treatment for this condition.

"Business development plays a critical role in accelerating our Pivot to Growth strategy," said Evan Lippman, executive vice president, business development at Teva. "This opportunity strengthens our neuroscience portfolio and reflects our disciplined approach to pursuing innovative assets with a clear strategic fit, the potential to make a meaningful difference for patients and attractive long-term growth potential, while balancing risk and value creation."

Sources

1. DualityBio Enters a Global Collaboration and License Agreement with Genentech to Develop Next-Generation ADCs Built on DualityBio's DUPAC Novel-Payload Platform Buality Biotherapeutics August 28, 2026, https://www.prnewswire.com/news-releases/dualitybio-enters-a-global-collaboration-and-license-agreement-with-genentech-to-develop-next-generation-adcs-built-on-dualitybios-dupac-novel-payload-platform-302862514.html
2. Teva Announces Proposed Acquisition of a Novel Neuroscience Product Reinforcing Disciplined Business Development Approach Under Pivot to Growth Strategy Teva Pharmaceuticals Augsut 28, 2026, https://www.tevapharm.com/news-and-media/latest-news/tevaannouncesproposedacquisition-ofanovel-neuroscienceproductreinforcing-disciplined-business-deve/