C4 Therapeutics Secures $20M Upfront in Expanded Roche DAC Collaboration

Event summary

  • C4 Therapeutics (C4T) and Roche expand decade-long partnership with new DAC-focused collaboration.
  • C4T receives $20M upfront for two oncology programs, with potential for $1B+ in milestones and royalties.
  • Roche will conjugate C4T’s degrader payloads to targeted antibodies for DAC development.
  • Collaboration covers two undisclosed oncology targets, with option for third.
  • Roche handles preclinical, clinical, and commercial development of DAC candidates.

The big picture

This collaboration represents a strategic bet on degrader-antibody conjugates (DACs) as the next evolution of antibody-drug conjugates (ADCs), combining C4T’s protein degradation expertise with Roche’s ADC development capabilities. The $1B+ potential milestone structure underscores the high stakes in oncology innovation, where targeted therapies continue to command premium valuations. The deal also highlights Roche’s long-term commitment to emerging modalities in cancer treatment.

What we're watching

Execution Risk
Whether C4T can deliver on DAC payload development timelines and quality.
Market Differentiation
How DACs will compete against traditional ADCs in oncology.
Financial Impact
The pace at which milestone payments materialize and their effect on C4T’s valuation.

Related topics

Oncology