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BASEL, Switzerland & SAN FRANCISCO — In a landmark move for the pharmaceutical industry, global healthcare giant Roche (SIX: RO, ROP; OTCQX: RHHBY) announced today an exclusive licensing and collaboration agreement with the California-based biotech firm Nurix Therapeutics (Nasdaq: NRIX). The deal, valued at up to $2.3 billion, centers on the co-development and co-commercialization of bexobrutideg (NX-5948), a promising clinical-stage Bruton’s Tyrosine Kinase (BTK) degrader poised to challenge existing standards in haematology, immunology, and neurology.

A Paradigm Shift in Protein Degradation

The collaboration targets the limitations of current BTK-inhibitor therapies. While traditional drugs merely "block" the BTK protein's kinase activity, bexobrutideg—an orally bioavailable, brain-penetrant molecule—harnesses the body’s natural protein disposal system to completely eliminate the BTK protein from cells.

By removing both the kinase and scaffolding functions of the protein, bexobrutideg holds the potential to overcome the resistance mutations that frequently cause patients with chronic lymphocytic leukaemia (CLL) and other B-cell malignancies to relapse.

"We believe bexobrutideg could represent a major leap forward in the fight against complex blood cancers and other diseases," said Levi Garraway, Roche’s Chief Medical Officer and Head of Global Product Development. "We are proud to join forces with Nurix to accelerate these potential breakthroughs."

Strategic Financials and Global Reach

The deal provides Nurix with an immediate infusion of $700 million in upfront cash, with the potential for an additional $1.6 billion tied to rigorous development, regulatory, and commercial milestones. The companies have outlined a balanced financial framework:

• Cost Sharing: Development costs will be split 60% by Roche and 40% by Nurix.

• U.S. Market: Roche and Nurix will co-commercialize the drug, sharing profits and losses equally.

• Global Markets: Outside the United States, Roche will assume full responsibility for commercialization, with Nurix earning tiered royalties in the low- to high-teens.

For Nurix, the partnership provides the financial and operational "muscle" required to scale pivotal clinical trials rapidly. "We believe Roche is the ideal partner to help translate the promise of targeted protein degradation into meaningful impact for patients worldwide," said Arthur T. Sands, M.D., Ph.D., President and CEO of Nurix Therapeutics.

Beyond Blood Cancers

While CLL and other B-cell malignancies are the primary focus of the Phase 3 clinical trials scheduled to initiate in summer 2026, the potential applications for bexobrutideg extend significantly further.

Given the drug’s profile as a brain-penetrant molecule, Roche and Nurix are eyeing opportunities in immunology and neurology—fields where BTK modulation has shown promise in managing compartmentalized inflammation, such as in multiple sclerosis. This cross-therapeutic potential aligns with Roche's broader ambition to leverage its industry-leading haematology portfolio while expanding its footprint into neuro-immunology.