Nurix Therapeutics (NASDAQ: NRIX) announced the closing of its global collaboration agreement with Roche to co-develop and co-commercialize bexobrutideg, following clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Under the terms of the agreement, Nurix will receive an upfront cash payment of $700 million and is eligible to receive development, regulatory, and sales milestones totaling up to $2.3 billion. Development costs will be shared, with Nurix covering 40% and Roche covering 60%. Profits and losses from U.S. commercialization will be split equally between the two companies.

Outside the United States, Roche will be solely responsible for commercialization, with Nurix eligible to receive royalties in the low- to high-teens percentage range.

Bexobrutideg is an investigational, orally administered, brain-penetrant small-molecule degrader of Bruton's tyrosine kinase (BTK). The drug is being evaluated across multiple indications, including chronic lymphocytic leukemia (CLL), additional B-cell malignancies, multiple sclerosis, and chronic spontaneous urticaria.

Current clinical activity includes the DAYBreak CLL-201 trial, a pivotal Phase 2 study in relapsed or refractory CLL, and the NX-5948-301 Phase 1a/1b trial in patients with relapsed or refractory B-cell malignancies. Planned studies include a randomized Phase 3 trial comparing bexobrutideg to pirtobrutinib in relapsed or refractory CLL, and a Phase 1/2 trial assessing bexobrutideg in combination with venetoclax.

Arthur T. Sands, president and chief executive officer of Nurix, said the collaboration positions the company to advance bexobrutideg across oncology, immunology, and neurology, citing Roche's global development and commercial capabilities alongside Nurix's work in targeted protein degradation.

Nurix is headquartered in Brisbane, California. This article is based on a press release statement from Nurix Therapeutics.