Genentech (Roche) struck a global licensing deal with SanegeneBio for an RNAi program, paying $200 million upfront and up to $1.5 billion in milestones plus tiered royalties. Sanegene will continue early development while Genentech will assume later‑stage clinical development and commercialization responsibilities. The collaboration gives Genentech access to Sanegene’s LEAD delivery chemistry and expands Big Pharma’s appetite for RNAi platforms targeting metabolic and other disorders. Sanegene’s pipeline already includes multiple siRNA and GalNAc‑conjugated candidates in the clinic. The transaction highlights renewed industry investment in RNA‑based modalities and signals continued consolidation of discovery platforms between innovative biotech and large pharma.