Astellas took an exclusive option to license a preclinical immuno-oncology drug candidate targeting IL-12 from Audax Biosciences. The structure includes a $285 million package tied to the upfront fee and potential milestones, reflecting continued strategic interest in cytokine-based immunotherapies. For early-stage pipeline scouts, the deal also signals where large biopharma sees opportunity as IL-12 programs remain an area where delivery and safety constraints drive differentiation. The option provides Astellas time to validate the asset’s preclinical direction before committing to a full license.