Astellas signed an option and licensing deal with Australian biotech Audax Biosciences for DAX-044, a preclinical immuno-oncology candidate designed to concentrate IL-12 activity within tumors. The deal structure gives Astellas rights without immediate obligation to license, develop, manufacture, and commercialize globally. Audax receives an upfront payment and potential additional milestone payments totaling up to $285 million, with further development and commercial milestones up to $1.05 billion and tiered royalties if the program is approved. If Astellas exercises the option, it will take sole responsibility for global development and commercialization, while Audax can co-fund and co-promote in Australia and New Zealand. DAX-044 uses Audax’s AVIKINE platform to fuse IL-12 to a tumor-targeting approach intended to limit systemic toxicity, an issue that has historically constrained IL-12-based oncology strategies. Audax said the program is currently in IND and CTN-enabling development, with a Phase I start expected in 2027. The transaction highlights how larger pharma continues to look to derisked, mechanism-driven immuno-oncology assets—especially fusion formats that aim to preserve potency while reducing toxicity.