Roche has commited USD 700 million upfront — one of the largest deals in the targeted protein degradation space — to co-develop and co-commercialize bexobrutideg, an oral BTK degrader from California-based Nurix Therapeutics (Nasdaq: NRIX), across B-cell malignancies, immunology, and neurology. The collaboration agreement covers a clinical development plan spanning chronic lymphocytic leukemia, chronic spontaneous urticaria, and multiple sclerosis, with Phase III initiation in second-line CLL planned for summer 2026. The deal represents Roche's most significant bet on targeted protein degradation to date and arrives as bexobrutideg approaches pivotal-stage readouts.
Under the terms, Nurix is eligible to receive up to USD 2.3 billion in total payments, including the USD 700 million upfront. Development costs are split 40% Nurix and 60% Roche, with profits and losses from US commercialization shared equally. Outside the US, Roche handles commercialization and Nurix receives royalties in the low- to high-teens percentage range. The transaction is subject to Hart-Scott-Rodino clearance and is expected to close in Q3 2026.
Deal context
Bexobrutideg is an orally bioavailable, brain-penetrant BTK degrader described by Nurix as capable of overcoming resistance mutations — including C481S — that limit covalent and non-covalent BTK inhibitors. In an ongoing Phase Ia/b trial in relapsed/refractory B-cell malignancies, bexobrutideg showed encouraging activity in CLL patients, supporting plans for a Phase III trial that will compare the molecule against pirtobrutinib (Lilly's Jaypirca).
The USD 700 million upfront is among the largest disclosed payments for a single targeted protein degradation asset and substantially exceeds recent comparable degrader deals. C4 Therapeutics (Nasdaq: CCCC) received a USD 20 million upfront when it expanded its degrader-antibody conjugate collaboration with Roche in April 2026, in a deal worth over USD 1 billion in total commitments, with Roche paying a premium for bexobrutideg's later clinical stage.