Royalty Pharma plc and Zenas BioPharma, Inc. announced on September 2, 2025, a funding agreement where Royalty Pharma will provide up to $300 million in exchange for a royalty on sales of obexelimab. This agreement supports the development of obexelimab in IgG4-Related Disease (IgG4-RD) and other autoimmune diseases.
The funding consists of an upfront payment of $75 million, with three additional payments of $75 million each contingent upon specific milestones. These milestones include the achievement of defined success criteria in the Phase 3 INDIGO trial for IgG4-RD, U.S. FDA approval for IgG4-RD, and U.S. FDA approval for Systemic Lupus Erythematosus (SLE).
Obexelimab is an investigational bifunctional monoclonal antibody in Phase 3 development for IgG4-RD, with topline results expected around year-end 2025. IgG4-RD represents a potential blockbuster opportunity, and this synthetic royalty transaction further builds on Royalty Pharma's record year for such deals, providing flexible, non-dilutive capital to innovative biotech companies.
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