Novartis has cemented a second collaboration with Monte Rosa Therapeutics, making a $120 million upfront payment for exclusive rights to an undisclosed protein degrader target and options on two preclinical immunology programs. The deal could yield up to $5.7 billion in milestones and royalties. Monte Rosa will lead early discovery and testing, while Novartis will handle development and commercialization. This partnership highlights growing pharmaceutical investment in targeted protein degradation technologies to address immune-mediated diseases with unmet medical needs.