C4 Therapeutics Expands Strategic Partnership with Roche Through Major Degrader-Antibody Conjugate (DAC) Collaboration

Key Points

• C4 Therapeutics, Inc. (Nasdaq: CCCC) has entered into a new, potentially transformative Research Collaboration and License Agreement with F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. (collectively, “Roche”).
• The agreement focuses on the discovery and development of Degrader-Antibody Conjugates (DACs), a cutting-edge modality combining targeted protein degradation (TPD) and antibody-drug conjugation (ADC) for oncology indications.
• C4T will receive an immediate \$20 million upfront payment from Roche. The company is also eligible for more than \$1 billion in aggregate development, regulatory, and commercial milestone payments, as well as tiered royalties on net sales that range from mid-single digit to low-double digit percentages.
• The partnership covers DACs directed at two initial oncology targets, with Roche having an option to add a third target under certain terms.
• C4T is responsible for developing the degrader payloads, and Roche will conjugate these payloads to selected antibodies.
• The agreement includes customary representations, warranties, covenants, indemnification, and termination rights, with Roche able to terminate for convenience with ninety days’ notice.
• C4T will file the full agreement as an exhibit in its upcoming Quarterly Report on Form 10-Q for the period ending June 30, 2026.

Details of the Transaction

On April 8, 2026, C4 Therapeutics, Inc. (“C4T”) entered into a Research Collaboration and License Agreement with Roche to co-develop DACs for oncology. Under the agreement, C4T will leverage its proprietary technology to design and deliver degrader payloads, while Roche will handle the antibody-drug conjugation and subsequent development and commercialization activities.

Financial Terms:

• Upfront Payment: \$20 million will be paid by Roche to C4T upon signing.
• Milestones: C4T is eligible for over \$1 billion in development, regulatory, and commercial milestones, making this a major value-adding transaction.
• Royalties: Tiered royalties on net sales, ranging from mid-single digit to low-double digit percentages, will be paid by Roche to C4T, subject to customary reductions and terminations on a product-by-product, country-by-country basis.
• Option Fees: Roche has the option to add a third DAC program for an additional fee and associated milestones and royalties.

Collaboration Structure:

• The initial focus is on two oncology programs, with a clear mechanism for Roche to expand to a third target.
• C4T will grant Roche an exclusive, worldwide license to develop, manufacture, and commercialize DACs for the selected targets.
• The agreement includes standard mutual termination rights for material breach or insolvency, and Roche can terminate for convenience with 90 days’ notice.

Regulation FD Disclosures

On April 9, 2026, C4T issued a press release and posted a corporate presentation on its investor relations website to announce the transaction. Both documents are available as exhibits to the company’s 8-K filing.

Strategic and Shareholder Impact

• This agreement is a significant expansion of C4T’s long-term partnership with Roche, and validates C4T’s leadership in targeted protein degradation.
• The large upfront and potential milestone payments, along with future royalties, could materially strengthen C4T’s financial position and increase long-term shareholder value.
• The transaction also highlights C4T’s ability to attract and retain top-tier pharmaceutical partners, potentially accelerating the path to market for next-generation oncology therapies.
• The collaboration’s focus on first-in-class DACs may position C4T and Roche as leaders in a novel therapeutic modality that combines the strengths of ADCs and TPD, potentially opening new markets and addressing significant unmet medical needs in cancer.

What Shareholders Should Know

• This is a substantial, value-creating deal. The size of the upfront, milestones, and royalties are material for a company of C4T’s size and could positively impact the company’s share price.
• The DAC field is highly competitive and emerging, and success in this partnership could enhance C4T’s reputation as an innovator and partner-of-choice in the biotech sector.
• The company’s financial strength and pipeline visibility are likely to be enhanced, and investors should monitor upcoming filings and milestones for further updates.
• The company is not classifying the press release and related materials as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, meaning they are being provided for informational purposes.

Disclaimer

This article contains forward-looking statements based on current information and management expectations. Actual results may differ due to various risks and uncertainties, including those described in C4 Therapeutics’ filings with the Securities and Exchange Commission. This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence before making investment decisions.

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