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Industry Daily Summary

Industry Daily Summary: What Happened on October 3, 2026

Novartis agrees to pay Abogen $575 million upfront for mRNA therapy

The deal includes options on other RNA programs. Foghorn and Eli Lilly also ended a cancer drug program.

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Covers October 2 and October 3. There was no summary on October 2.

Today in brief

Novartis will pay Abogen $575 million upfront for worldwide rights to its mRNA-encoded T-cell engager ABO2203 and options on other RNA programs.12 Abogen could receive up to $7.2 billion in additional payments if Novartis exercises all options and the milestones are met.13

Foghorn Therapeutics and Eli Lilly stopped developing FHD-909 after Phase 1 results showed inadequate antitumor activity.4 A BioCentury analysis identified three other deals for early-stage China-originating assets, each with at least $300 million upfront.5

Novartis licenses Abogen’s mRNA T-cell engager

Novartis secured worldwide rights to ABO2203, an investigational treatment that uses mRNA to prompt cells to produce a protein directing T cells to kill B cells.13 The agreement also gives Novartis options to license other assets from Abogen’s RNA platform.12

ABO2203 is in Phase 1 trials for autoimmune diseases and B-cell non-Hodgkin lymphoma.3 Abogen reported responses in nine people with lymphoma in a separate early oncology study. The results came from a small dose-escalation group and a disease setting different from autoimmunity.2 The deal is subject to customary closing requirements, including regulatory clearances.2

Foghorn and Lilly discontinue FHD-909

Foghorn Therapeutics and Eli Lilly ended development of FHD-909 after Phase 1 dose-escalation results showed insufficient antitumor activity.4 The companies said the drug was tolerable and showed selective target engagement, but not enough activity to continue development.4

Foghorn is cutting 40% of its workforce and shifting resources to four proprietary pipeline programs.4 The companies advanced FHD-909 through a collaboration that began in 2021.4

Three China deals put substantial money behind early-stage assets

A BioCentury analysis identified three agreements involving Merck, Novo Nordisk and Novartis, each with at least $300 million upfront for an asset with little or no clinical data.5 Each deal had a potential total value above $2 billion. The assets span different disease areas and treatment types.5

The analysis said China-originating partnerships now cover a broader range of assets, with commitments made before clinical proof of concept.5

Also worth knowing

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    Cardinal Health and McKesson extended their pharmaceutical distribution arrangements with CVS Health through June 2032. McKesson still needs to sign a definitive contract.6

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    AstraZeneca, Daiichi Sankyo and Summit Therapeutics plan to study Datroway with ivonescimab, starting with a Phase 3 trial in first-line triple-negative breast cancer.78