Gilead exercised its option to exclusively license Kymera Therapeutics’ KT-200, a preclinical oral CDK2 molecular glue degrader, adding a new degrader program to Gilead’s oncology pipeline. The agreement expands Kymera’s milestone upside and directs Gilead to run IND-enabling work toward human testing. On the corporate partnerships front, Roche also committed to the degrader-antibody conjugate (DAC) space through a collaboration with C4 Therapeutics, combining ADC delivery capabilities with targeted protein degradation payloads. The deal includes an upfront payment and milestone structure aimed at developing candidates across undisclosed oncology targets. Together, the transactions underscore how big pharma is moving beyond conventional small molecules and biologics into degraders and DAC hybrids, where differentiation relies on selectivity, toxicity control, and clinical translation strategy.