Roche and C4 Therapeutics are expanding their partnership to develop degrader–antibody conjugates (DACs), pairing targeted protein degradation payloads with antibody delivery for two undisclosed oncology targets. The deal brings $20 million upfront to C4 and includes potential discovery-to-commercial milestones exceeding $1 billion, plus tiered royalties.

Why It Matters To Oncology

• DACs aim to merge two fast-moving modalities: antibody targeting (ADC-like delivery/selectivity) and catalytic protein knockdown (degraders), potentially widening the druggable target space beyond classic enzyme inhibition.

• For clinicians, the promise is more selective tumor biology modulation with systemic tolerability profiles that could differ from traditional ADC cytotoxins—though clinical proof is still pending.

• The programs are undisclosed, but Roche’s commitment signals growing confidence that degrader payloads can be engineered for stability, linker chemistry, and intracellular delivery—key historical friction points for targeted protein degradation.

The Financials

• $20M upfront to C4 for two DAC programs.

• Potential milestones: >$1B across discovery, regulatory, and commercial events, plus tiered royalties.

• Roche holds an option to add a third target (with an additional payment to C4).

What They're Saying

• C4 CEO Andrew Hirsch: the collaboration “leverages [C4’s] ability to design highly catalytic and selective degraders… alongside Roche's extensive experience developing ADCs.”

• C4 will use its TORPEDO platform (AI-assisted design, DNA libraries, proteomics) to generate degrader payloads; Roche will select/design antibodies and perform conjugation.

What's Next

• Roche advances DAC candidates through preclinical and clinical development and will commercialize.

• Watch for: target disclosures, early PK/PD strategy (tumor degradation readouts), and whether safety differentiates from cytotoxic ADC payloads.

• Competitive context: C4 also has a separate DAC deal with Merck & Co. worth up to $600M for an undisclosed oncology target.