Astellas took an option on Audax Biosciences’ IL-12 program, with an agreement tied to DAX-044, an IL-12 receptor agonist. Under the deal structure, Audax could receive an upfront and option exercise payments totaling up to $285 million, plus as much as $1.05 billion in milestones and royalties. Audax said the transaction is designed to accelerate development and that it expects to begin Phase I testing in 2027 for solid tumors. The asset is positioned as an immuno-oncology strategy intended to leverage IL-12 pathway biology for anti-tumor activity. For Astellas, the option provides access to a late-stage early pipeline asset advancing into the clinic next year, reinforcing the company’s focus on immuno-oncology. The reported structure also limits near-term financial exposure while preserving upside through milestone-based payments. The agreement underscores how major pharma continues to source immuno-oncology candidates by purchasing development optionality from clinical-bound biotechs.