Astellas exercised an option agreement on Audax Biosciences’ IL-12 program, centered on DAX-044, an IL-12 receptor beta/agonist designed for solid tumors. Under the deal terms, Audax could receive up to $285 million in upfront and option exercise fees, plus $1.05 billion in milestones and royalties, with the option providing a development path for Astellas prior to full commitment. Audax said the partnership is intended to accelerate development, with Phase I testing expected to begin in 2027. The move places a late preclinical-to-clinical immuno-oncology asset—targeting a key cytokine pathway—into Astellas’ portfolio as the company prepares additional clinical catalysts next year. The agreement highlights how mid-stage immuno-oncology programs continue to attract platform-driven pharma interest, particularly when pharma can structure payments around milestone-driven risk reduction. For Audax, the transaction effectively adds substantial non-dilutive funding headroom while leveraging Astellas’ clinical development capabilities for an IL-12 pathway strategy intended to translate into an early human safety and activity signal.