Roche agreed to pay Nurix Therapeutics $700 million upfront to co-develop and co-commercialize bexobrutideg, an oral BTK degrader that Roche believes could take share in B-cell malignancies. The collaboration could reach as much as $2.3 billion including development, regulatory, and sales milestones. Roche will fund a majority of development costs and split U.S. profits with Nurix, while Roche handles ex-U.S. commercialization under a royalty structure. Strategically, the partnership sets up a direct competitive comparison versus Eli Lilly’s Jaypirca (pirtobrutinib) in an ongoing Phase 3 plan for CLL and SLL previously treated with a covalent BTK inhibitor. Key takeaway: Roche and Nurix are doubling down on degradation as a next-generation BTK approach timed to the post-Jaypirca market fight.