Astellas signed an option and licensing agreement with Australian biotech Audax Biosciences for DAX-044, a preclinical immuno-oncology candidate built on Audax’s AVIKINE platform. The deal is structured with total potential value up to $1.34 billion, including upfront and milestone payments. Audax is set to receive $285 million in total, covering the upfront payment and an amount due if Astellas exercises its option. Audax can earn up to $1.05 billion in additional development and commercial milestones and tiered double-digit royalties if the asset is approved. DAX-044 is an interleukin-12 antibody-cytokine fusion intended to concentrate IL-12 activity within the tumor microenvironment to limit systemic toxicity—a key limitation for IL-12 approaches. Audax will fund DAX-044 through IND/CTN-enabling work and Phase I, with Phase I expected to start in 2027 if Astellas proceeds. The licensing gives Astellas a flexible evaluation window based on emerging clinical data before deciding on an exclusive worldwide license.