Nurix Therapeutics Inc. (NASDAQ: NRIX) announced a global collaboration with Roche (SIX: RO) to develop and commercialize bexobrutideg, an oral degrader of Bruton's tyrosine kinase (BTK), according to a company statement.

Under the agreement, Nurix will receive an upfront payment of $700 million and is eligible for development, regulatory and sales milestones totaling up to $2.3 billion. The companies will share development costs, with Nurix paying 40% and Roche covering 60%.

The partnership will equally split profits and losses from U.S. commercialization. Nurix will receive royalties ranging from low- to high-teens on sales outside the United States, where Roche will handle commercialization.

The collaboration includes clinical development plans across malignant hematology, immunology and neurology. The companies plan to execute previously disclosed pivotal Phase 2 and Phase 3 trials in chronic lymphocytic leukemia and pursue Phase 2 trials in multiple sclerosis and chronic spontaneous urticaria.

Bexobrutideg is an investigational oral compound that eliminates BTK protein from cells using the body's protein disposal system. This differs from conventional BTK inhibitors that block kinase activity. The drug is designed to work against both wild-type and mutant forms of BTK.

Goldman Sachs & Co. LLC served as exclusive financial advisor to Nurix.

"Partnering with Roche, a world leader in the treatment of B-cell malignancies, positions Nurix to fully realize the potential of bexobrutideg across multiple indications," said Arthur T. Sands, Nurix president and chief executive officer.