Astellas Pharma 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 structure gives Astellas the right to license, develop, manufacture, and commercialize globally if it exercises the option. Audax will receive $285 million in total initial consideration tied to upfront and option-exercise conditions, with additional development and commercial milestones that could bring the total value to $1.34 billion. If Astellas advances, Audax can co-fund or co-promote in Australia and New Zealand. Audax plans to fund DAX-044 into Phase I, expected to start in 2027, with the program already in IND/CTN-enabling development. The company described DAX-044 as an interleukin-12 antibody-cytokine fusion intended to concentrate activity within tumors to reduce systemic toxicity, a key limiter for IL-12-based approaches. The transaction reflects continued interest in cytokine engineering and tumor microenvironment targeting as biopharma looks for modality differentiation that can improve tolerability without sacrificing immune activation.