Novartis signs up to $1.9bn deal to tap Antares’ undruggable-target engine
Novartis has signed a multi-target oncology discovery deal with Antares Therapeutics, paying $105m upfront for access to the Boston biotech’s small-molecule discovery engine. The agreement could bring Antares up to $1.8bn more in option, development, regulatory and commercial milestones, plus tiered royalties on global net sales that could reach the low double-digit range.
Why it matters: The deal is a fresh validation point for Antares, a Scorpion Therapeutics spinout built around the idea that some “undruggable” cancer targets can be reached with better chemistry, screening and computational tools.
Backstory: Antares launched in 2025 with $177m in Series A financing and three preclinical precision-medicine assets from Scorpion, after Eli Lilly acquired Scorpion’s lead PI3Kα programme in a deal worth up to $2.5bn.
- Scorpion had built a reputation for finding novel binding sites, including a hidden pocket on PI3Kα. Antares inherited the team and capabilities behind those efforts.
Zoom in: Antares will lead the research phase and apply its platform to a limited number of historically undruggable oncology targets. Novartis will hold options to advance programmes after the research stage.
The context: The Novartis pact is Antares’ first publicly disclosed deal since its launch. It also gives the company non-dilutive funding as it advances its own pipeline, including a lead precision-oncology programme expected to enter the clinic in 2026.
- Antares also carries dealmaking history from Scorpion. AstraZeneca paid $75m in 2022 for a transcription-factor collaboration, while Pierre Fabre later struck a deal worth up to $553m for two preclinical lung cancer assets.
The big picture: The agreement adds to Novartis’ oncology and small-molecule dealmaking push. Novartis agreed in March 2026 to acquire Synnovation Therapeutics’ pan-mutant-selective PI3Kα inhibitor programme for $2bn upfront, with up to $1bn in milestones. Novartis has also been active across recent deals with Excellergy, Orionis Biosciences, SciNeuro Pharmaceuticals and Unnatural Products.
Yes, but: The companies did not disclose the targets, the number of programmes, option timing or specific development responsibilities after option exercise.
The bottom line: Novartis is buying an option on Antares’ ability to repeat the kind of chemistry-led target access that made Scorpion attractive to pharma in the first place.
