C4 Therapeutics Inc. (NASDAQ:CCCC) shares rose in Thursday’s session after climbing as high as $3.66 in premarket trading.

The company has entered into a new collaboration agreement with Roche Holdings AG (OTC:RHHBY).

The partnership focuses on developing degrader-antibody conjugates (DACs) for oncology targets, which may enhance treatment options for cancer patients.

C4 Therapeutics will receive a $20 million upfront payment for the two programs. Should Roche exercise its option for a third target, C4 Therapeutics will receive an additional payment.

C4 Therapeutics Partnership Targets Cancer Drugs

Across the collaboration, C4 Therapeutics will receive near-term discovery milestone payments and is eligible to receive over $1 billion in discovery, regulatory, and commercial milestone payments.

In addition, C4 Therapeutics is entitled to tiered royalties on future sales.

Under the joint research plan, C4 Therapeutics and Roche will collaborate on two programs to develop DACs against undisclosed oncology targets exclusive to the collaboration.

The collaboration aims to leverage C4 Therapeutics’ TORPEDO platform to design degrader payloads, combining targeted protein degradation with antibody-drug conjugation.

Pipeline Progress And Cash Position Support Outlook

Roche will be responsible for advancing DAC candidates through preclinical and clinical development as well as commercialization.

C4 Therapeutics reported cash, cash equivalents, and marketable securities of $297.1 million as of December 31, 2025, which it expects will fund operations through the end of 2028.

In March, C4 Therapeutics dosed the first patient with cemsidomide, an oral IKZF1/3 degrader, in a Phase 1b trial evaluating cemsidomide and dexamethasone in combination with elranatamab (ELREXFIO), an FDA-approved antibody, for relapsed/refractory multiple myeloma (RRMM).

C4 Therapeutics in February dosed the first patient in the Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone for RRMM.

Enrollment is expected to conclude in the first quarter of 2027.

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $20.72. Recent analyst moves include:

  • Barclays: Overweight (Raises Target to $7.00) (February 27)
  • Brookline Capital: Buy (Raises Target to $30.00) (February 23)

CCCC Stock Price Activity: C4 Therapeutics shares were up 1.03% at $2.930 at the time of publication on Thursday, according to Benzinga Pro data.

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