Roche Expands ADC Portfolio with $1B Oxford BioTherapeutics Deal

Roche, the Swiss pharmaceutical giant, has inked its third antibody-drug conjugate (ADC) deal of the year, this time partnering with Oxford BioTherapeutics (OBT) in a collaboration potentially worth over $1 billion. The agreement, announced on March 19, 2025, underscores Roche's continued commitment to advancing its oncology pipeline through strategic partnerships in the burgeoning field of ADCs.

Deal Structure and Financial Terms

Under the terms of the agreement, Roche will pay Oxford BioTherapeutics an upfront sum of $36 million. The U.K.-based biotech stands to receive additional milestone payments exceeding $1 billion, as well as royalties on potential future sales. This structure aligns with Roche's recent trend of securing ADC partnerships through substantial biobucks deals.

Collaborative Approach to Target Discovery

The collaboration will leverage Oxford BioTherapeutics' proprietary OGAP-Verify discovery platform to identify "multiple" oncology targets. This platform is designed to enhance sensitivity in target selection, potentially improving the attributes of candidates for drug development. Once targets are identified, the two companies will work together on validation before Roche assumes responsibility for research and development, with the ultimate goal of commercialization.

Boris Zaïtra, head of corporate business development at Roche, emphasized the potential of this partnership, stating, "By combining Roche's expertise in discovering and developing transformative therapeutics with OBT's innovative target discovery platform, we aim to unlock new possibilities in cancer treatment."

Roche's ADC Strategy

This latest deal continues Roche's aggressive pursuit of ADC technologies, following two earlier partnerships in 2025. The company kicked off the year by returning to Innovent Biologics for a DLL3-targeted ADC, shortly followed by its subsidiary Chugai Pharmaceutical's agreement with Araris Biotech to develop new ADCs in a deal worth up to $780 million.

Christian Rohlff, Ph.D., CEO of Oxford BioTherapeutics, highlighted the synergy between the two companies: "Our discovery philosophy is very patient-centric and Roche's strength to integrate pharma and diagnostics is unique in the industry."

As the pharmaceutical industry continues to recognize the potential of ADCs in oncology, Roche's latest move solidifies its position as a key player in this rapidly evolving field. The collaboration with Oxford BioTherapeutics not only expands Roche's ADC pipeline but also demonstrates the company's commitment to leveraging external innovation to address unmet needs in cancer treatment.