Argo Biopharma has announced a major expansion of its strategic partnership with Novartis, securing a multi-asset licensing agreement worth up to $5.2 billion for cardiovascular siRNA therapeutics. The deal represents the third collaboration between the companies and includes an upfront payment of $160 million to the clinical-stage biotechnology company.
Deal Structure and Financial Terms
Under the agreement announced September 3, 2025, Argo will receive the substantial upfront payment and is eligible for potential milestone and option payments totaling up to $5.2 billion, plus tiered royalties on commercial sales. Novartis has also expressed non-binding intention to participate in Argo's next equity financing round, subject to due diligence and definitive documentation.
The collaboration builds on the companies' previous partnership announced in January 2024, which involved $185 million upfront and over $4 billion in potential milestones with a blended royalty and commercial structure in select territories.
Key Assets and Development Programs
The new agreement encompasses several cardiovascular assets from Argo's pipeline:
ANGPTL3 Program: Novartis receives an option to license ex-China rights to two discovery-stage next-generation molecules for treating severe hypertriglyceridemia (sHTG) and mixed dyslipidemia. The company also gains right of first negotiation to BW-00112 (ANGPTL3), currently in Phase II trials in both the U.S. and China, following a combination trial conducted by Argo.
Additional siRNA Candidate: The deal includes a license with reciprocal profit and loss sharing options in the U.S. and China for a hepatic-delivered siRNA candidate currently in IND-enabling studies. This molecule is expected to commence multi-territorial Phase I trials in 2026. Novartis will receive an ex-China license with a profit and loss option in China, while Argo retains a profit and loss option in the U.S.
Clinical Significance and Market Need
Cardiovascular disease represents one of the leading causes of mortality and morbidity worldwide. According to the World Heart Report 2023 cited in the announcement, 20.5 million people died from cardiovascular conditions in 2021, representing approximately one-third of all global deaths.
"Long-acting siRNAs which are designed to deeply and durably target disease-causing proteins represent an important paradigm shift in prevention and treatment of cardiovascular diseases," said Shaun Coughlin, Global Head of Cardiovascular and Metabolism at Novartis Biomedical Research.
Strategic Vision and Company Positioning
Dr. Dongxu Shu, Co-Founder, Chairman of the Board, and CEO of Argo Biopharma, emphasized the strategic importance of the collaboration: "This new collaboration further supports the innovation engine Argo has built to deliver best-in-class siRNA therapeutics while building a top-tier clinical development team across multiple geographies."
Argo Biopharma currently maintains six therapeutic candidates in clinical development across its pipeline, targeting cardiometabolic diseases, viral infections, and specialty/rare diseases. The company leverages global resources across Asia, the United States, and Europe in its discovery and development strategy.
Technology Platform Advantages
According to the companies, siRNA therapeutics offer potential for enhanced therapeutic applicability with differentiated efficacy and dosing profiles, potentially improving patient outcomes and adherence. The long-acting nature of these siRNA molecules is designed to provide deep and durable targeting of disease-causing proteins.
BofA Securities served as financial advisor to Argo Biopharma on this transaction.
