C4 Therapeutics and Roche Enter $1 Billion Collaboration to Develop Degrader-Antibody Conjugates (DACs)

On April 8, 2026, C4 Therapeutics (C4T) entered into a new Research Collaboration and License Agreement with Roche to develop degrader-antibody conjugates (DACs), a modality combining antibody-drug conjugates (ADCs) with targeted protein degradation (TPD). Under the agreement, C4T will receive a $20.0 million upfront cash payment and is eligible to receive over $1.0 billion in aggregate discovery, development, regulatory, and commercial milestone payments, plus tiered royalties ranging from mid-single digits to low-double digits on net sales. The collaboration initially targets two undisclosed oncology programs, with Roche holding an option to add a third target for an additional fee. C4T will utilize its TORPEDO platform to design degrader payloads, while Roche will be responsible for antibody design, conjugation, and all subsequent clinical development and commercialization costs. This marks the third collaboration between the two companies, expanding a relationship that began in 2016. Additionally, C4T updated its corporate strategy, focusing its discovery efforts on inflammation, neuroinflammation, and neurodegeneration (INN) while advancing its lead oncology candidate, cemsidomide, in Phase 2 trials for multiple myeloma.