Biogen Licenses Oral C5aR1 Antagonist from Vanqua Bio to Expand Immunology Portfolio

Rhea-AI Summary

Biogen (Nasdaq: BIIB) licensed Vanqua Bio’s preclinical oral C5aR1 antagonist, gaining exclusive worldwide rights to a peripherally-directed program aimed at neutrophil-driven inflammation.

Key deal terms: a $70 million upfront payment, up to $990 million in development/regulatory/commercial milestones, and tiered royalties on net sales. Biogen will record the upfront as an Acquired In-Process R&D expense in Q4 2025 and will lead development, manufacturing and commercialization. Biogen expects, if supportive data continue, to file an IND in 2027.

Positive

• Exclusive worldwide rights to Vanqua’s C5aR1 program
• $70M upfront payment reflects near-term licensing investment
• Up to $990M in potential milestones plus tiered royalties
• Oral small molecule targeting neutrophil-driven inflammation

Negative

• $70M upfront will be recorded as an Acquired IPR&D expense in Q4 2025
• Future payments of $990M are contingent on development and commercial milestones

Insights

Senior Biotech Deal Analyst

Biogen gains exclusive rights to a preclinical oral C5aR1 program with a $70 million upfront and potential milestones, aiming for an IND in 2027.

Biogen acquires a peripherally-directed small-molecule C5aR1 antagonist designed to modulate neutrophil-driven inflammation, adding an oral mechanism to its early immunology portfolio. The deal transfers development, manufacturing, and commercialization responsibilities to Biogen while Vanqua retains focused CNS efforts; Vanqua receives $70 million upfront plus up to $990 million in milestones and tiered royalties.

Key dependencies include successful translational safety and efficacy from preclinical to human studies and regulatory clearance to file an IND. Near-term financial effects include an Acquired In-Process R&D expense recognized in Q4 2025, which will affect Biogen’s reported results that quarter. Watch for the IND filing milestone timing in 2027, early clinical safety data, and any disclosed trial design or targeted indications as catalysts for valuation reassessment.

• The oral C5aR1 antagonist is designed to modulate neutrophil-driven inflammation, a central mechanism underlying many inflammatory diseases
  

CAMBRIDGE, Mass. and CHICAGO, Oct. 24, 2025 (GLOBE NEWSWIRE) --  Biogen Inc. (Nasdaq: BIIB) and Vanqua Bio today announced a license agreement granting Biogen exclusive worldwide rights to Vanqua’s preclinical, oral C5aR1 antagonist. This agreement strengthens Biogen’s immunology strategy by advancing a proven immune mechanism with the potential to address a broad range of inflammatory disorders with high unmet need.

“This agreement reflects our strong commitment to building a comprehensive immunology pipeline with a strategic focus on both innate and adaptive immune pathways,” said Jane Grogan, Ph.D., Executive Vice President and Head of Research at Biogen. “C5aR1 is a well-validated target involved in neutrophil-mediated inflammation, which plays a central role across a range of inflammatory disorders. Advancing this program enables us to deepen our scientific and clinical focus in immunological diseases where we believe Biogen can make a meaningful difference for patients.”

This agreement complements Biogen’s early-stage immunology pipeline by adding an oral mechanism with potential applicability across multiple immune-mediated diseases. C5aR1 plays a pivotal role in driving critical components of the immune cascade involved in tissue inflammation, particularly in neutrophil-mediated conditions. Preclinically, the program has demonstrated inhibition of complement activation of pathogenic immune cells, and a preclinical safety and tolerability profile supportive of advancing the compound into clinical development. Biogen would expect, if results continue to be supportive, to file an IND in 2027.

“Biogen’s scale, development rigor, and global commercialization capabilities make them uniquely positioned to advance this compound for patients with inflammatory disorders,” said Jim Sullivan, Ph.D., Chief Executive Officer of Vanqua Bio. “The discovery of a highly differentiated C5aR1 inhibitor validates the small molecule drug discovery capabilities of the Vanqua team. Furthermore, this transaction allows Vanqua to remain focused on our CNS pipeline while ensuring that this program can be developed to its full potential.”

Under the terms of the agreement, Biogen will obtain exclusive worldwide rights to Vanqua’s peripherally-directed C5aR1 program. Vanqua will receive a $70 million upfront payment and is eligible to receive up to $990 million in potential development, regulatory, commercial, and sales milestone payments, as well as tiered royalties on potential net sales. The upfront payment will be recorded by Biogen as an Acquired In-Process Research and Development expense in the fourth quarter of 2025. Biogen will lead all future development, manufacturing and commercialization efforts.

About Biogen
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patients’ lives and to create value for shareholders and our communities. We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.

We routinely post information that may be important to investors on our website at www.biogen.com. Follow us on social media - Facebook, LinkedIn, X, YouTube.

About Vanqua Bio
Founded in 2019 and headquartered in Chicago, Vanqua Bio is a biopharmaceutical company dedicated to discovering and developing next-generation medicines that have the potential to transform the lives of patients with neurodegenerative and inflammatory diseases. Our technology platform utilizes human genetics and patient-derived CNS cells to identify, validate, and clinically translate novel disease pathways associated with lysosomal dysfunction or aberrant activation of the innate immune system. Initially, we are targeting glucocerebrosidase (GCase) as a potential treatment for Parkinson’s disease (PD). Additional programs address overactivation of the innate immune system in peripheral and central inflammatory disorders, including renal, dermatologic and neurodegenerative diseases. For more information, go to www.vanquabio.com.

Biogen Safe Harbor 
This press release contains forward-looking statements, including relating to: the anticipated benefits, risks and potential of Biogen’s license agreement with Vanqua Bio; the anticipated and potential benefits of the transaction, including the potential to strengthen Biogen’s immunology strategy and pipeline; potential of, and expectations for, the development of C5aR1and Biogen’s other commercial business and pipeline programs; the potential achievement of future milestones and the financial impact of the transaction; clinical development programs, clinical trials, and data readouts and presentations; regulatory discussions, submissions, filings, and approvals; the potential benefits, safety, and efficacy of our products and investigational therapies; and risks and uncertainties associated with drug development and commercialization. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “prospect,” “should,” “target,” “will,” “would” or the negative of these words or other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements. Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements.

These forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. Given their nature, we cannot assure that any outcome expressed in these forward-looking statements will be realized in whole or in part. We caution that these statements are subject to risks and uncertainties, many of which are outside of our control and could cause future events or results to differ materially from those stated or implied in this document, including, among others, uncertainty of our long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products; expectations, plans, prospects and timing of actions relating to product approvals, approvals of additional indications for our existing products, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products; the potential impact of increased product competition in the biopharmaceutical and healthcare industry, as well as any other markets in which we compete, including increased competition from new originator therapies, generics, prodrugs and biosimilars of existing products and products approved under abbreviated regulatory pathways; our ability to effectively implement our corporate strategy; difficulties in obtaining and maintaining adequate coverage, pricing, and reimbursement for our products; the drivers for growing our business, including our dependence on collaborators and other third parties for the development, regulatory approval, and commercialization of products and other aspects of our business, which are outside of our full control; risks related to commercialization of biosimilars, which is subject to such risks related to our reliance on third-parties, intellectual property, competitive and market challenges and regulatory compliance; the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; and the occurrence of adverse safety events, restrictions on use with our products, or product liability claims; and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission.

These statements speak only as of the date of this press release and are based on information and estimates available to us at this time. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our subsequent reports on Form 10-Q. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements whether as a result of any new information, future events, changed circumstances or otherwise.

MEDIA CONTACTS: Biogen Madeleine Shin + 1 781 464 3260 public.affairs@biogen.com

INVESTOR CONTACTS: Biogen Tim Power +1 781 464 2442 IR@biogen.com

Vanqua Bio
info@vanquabio.com 

FAQ

What did Biogen (BIIB) announce on October 24, 2025 regarding Vanqua Bio?

Biogen announced an exclusive license to Vanqua’s preclinical oral C5aR1 antagonist with a $70M upfront payment and up to $990M in milestones.

How will the $70 million upfront payment affect Biogen’s Q4 2025 financials (BIIB)?

Biogen will record the $70M as an Acquired In-Process R&D expense in Q4 2025.

When does Biogen (BIIB) expect to file an IND for the licensed C5aR1 program?

Biogen expects, if results remain supportive, to file an IND in 2027.

What commercial and royalty terms did Biogen (BIIB) agree to with Vanqua Bio?

Vanqua will receive the $70M upfront, eligibility for up to $990M in milestone payments, and tiered royalties on net sales.

What does the C5aR1 program target and why is it relevant to Biogen (BIIB)?

The program targets C5aR1 to modulate neutrophil-driven inflammation, a mechanism relevant across multiple inflammatory disorders.