C4 Therapeutics and Roche partner on $1B DAC deal

C4 Therapeutics (NASDAQ:CCCC) announced on April 9, 2026, a significant expansion of its decade-long relationship with Roche, entering into a new collaboration to advance the emerging field of Degrader-Antibody Conjugates (DACs).

The deal combines C4T’s expertise in targeted protein degradation (TPD) with Roche’s established leadership in antibody-drug conjugates (ADCs) to target difficult-to-treat cancers.

This third collaboration between the two companies focuses on a hybrid modality that utilizes an antibody to deliver a highly potent protein degrader payload directly to cancer cells.

By merging the precision of an antibody with the catalytic efficiency of a degrader, the partners aim to create a class of "transformative medicines" that can eliminate disease-causing proteins that were previously considered "undruggable."

Under the terms of the agreement, C4T will receive a $20 million upfront payment to begin work on two undisclosed oncology programs.

The deal is heavily backend-weighted, with C4T eligible to receive over $1 billion in discovery, regulatory, and commercial milestone payments.

Additionally, C4T will receive tiered royalties on future sales and a further payment if Roche exercises an option for a third target.

C4T will utilize its proprietary TORPEDO® platform to design the degrader payload candidates.

Roche will be responsible for the antibody selection, the conjugation process, and all subsequent preclinical and clinical development and commercialization efforts.