Industry Daily Summary: What Happened on October 20, 2026

Roche and Hansoh widen their ADC partnership

Roche and Hansoh expanded their partnership to develop antibody-drug conjugates (ADCs) for multiple cancer targets.12 Roche will pay Hansoh $400 million upfront and another $110 million on the agreement’s first anniversary.12 Hansoh may also receive more than $15 billion in development, regulatory, and commercial milestones, plus royalties on sales.12

The deal covers two preclinical Hansoh candidates and additional programs against targets Roche proposes.12 Hansoh will lead development through global Phase 1a trials. Roche will then take over outside mainland China, Hong Kong, Macau, and Taiwan.12 Hansoh retains rights in those territories and may join global development for up to two programs.12

The deal comes as US officials examine outbound investment rules. Treasury submitted a proposed rule to the Office of Management and Budget on October 9 to implement the COINS Act.8 The final rule is due by March 13, 2027, and Treasury is expected to publish a draft beforehand.8

Merck KGaA agrees to buy Silence Therapeutics for about $1.3 billion

Merck KGaA agreed to acquire Silence Therapeutics for about $1.3 billion in equity value, or $20 per American depositary share, an 82% premium to the 30-day average share price.34 The deal includes Silence’s research platform, Berlin site, and drug candidates.3 The companies expect the transaction to close in the first quarter of 2027, subject to shareholder approval and regulatory clearances.34

Divesiran, Silence’s lead near-term asset, is an investigational small interfering RNA (siRNA) treatment for polycythemia vera, a blood cancer.34 In the 48-patient Phase 2 SANRECO trial, 88% of divesiran recipients met the response definition, compared with 19% on placebo.3 The definition required no phlebotomy, a procedure that removes blood, from weeks 18 through 36, and a hematocrit below 45%.3

The Phase 2 results covered 36 weeks of follow-up, leaving longer-term efficacy and safety to be assessed.3 Silence had planned to start a Phase 3 study in the first half of 2027, with dosing every 12 weeks.39 Merck said it intends to advance divesiran into Phase 3 if the acquisition closes as expected.4

Also worth knowing

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  Ambrose Healthcare acquired all shares of AM-Pharma, adding ilofotase alfa, an investigational enzyme replacement therapy for hypophosphatasia ready for Phase 2. AM-Pharma shareholders may receive up to €161 million in upfront and milestone payments, plus royalties.56

• T

  Sail Biomedicines and Johnson & Johnson announced a July collaboration to develop circular RNA that programs CAR-T cells inside the body, aiming to target overactive B cells in lupus and other autoimmune diseases.7

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