The $70 million upfront deal adds to a portfolio of drugs Biogen has been growing in various immunological conditions since 2024.
Biogen has licensed Vanqua Bio’s preclinical oral C5aR1 antagonist in a bid to pump up its immunology pipeline.
Under the terms of the deal, Vanqua will receive a $70 million upfront payment, with $990 million in developmental, regulatory, commercial and sales milestone payments on the line, according to an announcement Friday.
In exchange, Biogen will receive the exclusive worldwide rights to Vanqua’s orally available C5aR1 program. C5aR1 is a cell membrane protein involved in the body’s complement system and the immune cascade involved in tissue inflammation.
The companies did not name specific indications that Biogen will pursue with the molecule.
According to analysts at William Blair, preclinical safety and tolerability could point Biogen toward an investigational new drug application for the program in 2027.
“Today’s deal with Vanqua adds an intriguing, albeit early, preclinical-stage asset to Biogen’s growing immunology pipeline aligned with its therapeutic pipeline strategy,” the analysts wrote in a note to investors Friday.
“Biogen’s stock has no doubt been a tough run, and other large-cap peers have navigated loss of exclusivity better than Biogen,” the William Blair analysts continued, though pointing out the September approval of a subcutaneous version of its Alzheimer’s drug Leqembi gives the company positive momentum.
Biogen has been relatively quiet on the dealmaking front in 2025, despite facing pressure to use its pocketbook to shore up a flagging share price earlier this year. The deal with Vanqua is the first pipeline acquisition the company has made this year. The only pipeline-related deal Biogen has made this year was getting $250 million from Royalty Pharma to help develop an investigational lupus antibody, currently in Phase III trials.
Biogen has already been working on targeting C5aR1 with its antibody izastobart in Phase I trials, being tested for a variety of autoimmune conditions. Biogen got izastobart when it bought Human Immunology Biosciences, also known as Hi-Bio, in 2024 for $1.15 billion upfront, also scoring Hi-Bio’s lead molecule, felzartamab, an anti-CD38 monolonal antibody to treat “a broad range of immune-mediated diseases.”
Signing away its C5aR1 program will help the Chicago-based Vanqua adjust its priorities. “This transaction allows Vanqua to remain focused on our CNS pipeline while ensuring that this program can be developed to its full potential,” CEO Jim Sullivan said in the statement announcing the deal.
With its inflammatory disease portfolio now in Biogen’s hands, the rest of Vanqua’s pipeline focuses on neurodegenerative diseases like Parkinson’s, dementia with Lewy Bodies, Alzheimer’s and other undisclosed diseases.
