Genentech-DualityBio Global ADC Deal Over $1B

DualityBio and Genentech announced a global collaboration to develop next-generation antibody-drug conjugates using DualityBio's DUPAC payload platform. DualityBio will lead discovery and early global clinical development, with Genentech obtaining exclusive worldwide rights to the collaboration ADCs and assuming later-stage development and commercialization after Phase 1a. The agreement includes a $45 million upfront payment and more than $1 billion in potential milestones, plus tiered royalties on net sales. DUPAC payloads are designed to retain efficacy in tumors resistant to current topoisomerase-inhibitor ADCs, aiming to address an unmet need as ADCs move into earlier lines of therapy. The deal leverages Genentech’s oncology capabilities and DualityBio’s payload innovation to accelerate development across targeted cancers, effectively shifting early risk to DualityBio in exchange for long-tail returns. Analysts and reporters note the structure resembles a lease of early-stage risk with long-term economic upside centered on the DUPAC platform.