Biogen Inc. (NASDAQ:BIIB) on Tuesday entered into an agreement with Alloy Therapeutics Inc. to accelerate the development of antisense therapies targeting multiple undisclosed indications.

Waltham, Massachusetts-based Alloy will receive an upfront payment and stands to earn additional milestone-based compensation, along with tiered royalties on any commercialized products arising from the partnership.

Expanding RNA-Targeted Drug Development

Alloy’s AntiClastic ASO platform is designed to improve the effectiveness of antisense therapeutics by enabling drug developers to target disease pathways at the RNA level within cells.

The approach seeks to address longstanding challenges in the field, particularly around drug potency and therapeutic index.

Historically, antisense drugs have faced limitations due to poor biodistribution, which has constrained their clinical efficacy.

Alloy's Broader Technology Ecosystem

Alloy Therapeutics operates a diversified platform model aimed at accelerating drug discovery.

Its ecosystem integrates multiple technologies, including computational and AI-driven tools, to enhance therapeutic development and optimization.

The collaboration with Biogen reflects continued interest in leveraging advanced platforms to improve drug discovery efficiency and expand the potential of RNA-based therapeutics.

In January 2025, Alloy Therapeutics inked a target-specific collaboration and license agreement for the use of their novel and proprietary AntiClastic Antisense Platform with Sanofi SA (NASDAQ:SNY) for a central nervous system (CNS) target. 

In return, Sanofi paid an upfront license fee and near-term preclinical milestone payments up to $27.5 million.

Alloy is also eligible to receive discovery, development, and commercial milestone payments of over $400 million.

Biogen Expands Portfolio With Apellis Deal

Last week, Biogen agreed to acquire Apellis Pharmaceuticals Inc. (NASDAQ:APLS) for $41 per share in cash or approximately $5.6 billion.

The acquisition is expected to enhance Biogen's growth portfolio in immunology and rare diseases.

The deal consideration includes a contingent value right (CVR) for each share. It allows shareholders to receive two payments of $2 per share based on certain sales thresholds for Apellis.

BIIB Stock Price Activity: Biogen shares closed at $172.34 on Monday, according to Benzinga Pro data.

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