Gilead exercised its option to exclusively license Kymera Therapeutics’ KT-200, an oral CDK2 molecular glue degrader, extending a growing wave of targeted protein degradation investments. The agreement ties to Kymera providing an IND-enabling data package as Gilead moves toward the next preclinical and regulatory steps. In parallel, Roche expanded its degrader platform efforts via a collaboration with C4 Therapeutics focused on degrader-antibody conjugates (DACs). The pact includes $20 million upfront and more than $1 billion in milestone payments as the companies develop candidates against two undisclosed oncology targets. Together, the deals highlight Big Pharma’s momentum toward modality convergence—moving beyond classic small molecules toward targeted degradation married to advanced delivery formats.