Nurix Therapeutics, Inc. Common stock Morgan Stanley 24th Annual Global Healthcare Conference

Yes. So that deal we announced in June, it did just close in August. It's a landmark deal, I think, for the field of targeted protein degradation and in B-cell malignancies and autoimmune disease. Two-therapeutic area deal, that's number one. So that was one of the strategic considerations, as we were embarking on a partnership process, which was a competitive process. We wanted a partner that really could span both oncology and immunology because those are the two major areas for Nurix in terms of creating drugs and value, and Roche was really perfect for that. They have, of course, I think the preeminent drug portfolio in B-cell malignancies, CLL, and NHL, and then also in autoimmune disease with their multiple sclerosis expertise and of course, their Xolair franchise. So these are areas of great importance to us for bexobrutideg.

This deal really maximizes the clinical development program for bexobrutideg, and thereby maximizes the market potential of the drug. It also gives us a global footprint, of course, with Roche. So those are some of the strategic considerations. Plus, they're great people to work with and terrific scientists.

In total cash payments, most significantly, the upfront payment of $700 million, which I think signifies the level of importance of this deal, and again, the breadth of the clinical development plan. Then an additional $1.6 billion in clinical development, regulatory, and sales milestones, pretty much evenly distributed among those three categories. This is very accessible future cash, the $1.6 billion for the company. In addition, I think, and probably most importantly, long term, it is a 50/50 cost profit share, co-development, co-commercialization in the U.S. Roche will commercialize ex-U.S., for which we receive significant milestones and royalties. So it is really, again, maximizes the global footprint, play to each other's strengths as two companies, and it is a terrific deal.

Well, the main area for acceleration right away is the autoimmune opportunity for bexobrutideg, because within the deal and defined in the clinical development plan upfront is a CSU trial, so chronic spontaneous urticaria, which we are in the midst of planning with Roche and their Xolair team, which they have got such expertise in this whole allergy area. Also MS. So right away, we get an acceleration there. Of course, the funding, we are using that for our share. Now, the cost portion is 40% Nurix, 60% Roche. So the offsets in the costs are significant. If you look at all of the cash financials of this deal, really it is essentially a self-funding deal, if you look at it that way within oncology and the current clinical development plan. Now, it can expand beyond that clinical development plan.

Both parties would need to agree to such future expansions. I think there will be expansions because bexobrutideg can go so far, very far, farther in autoimmune disease. There are so many indications. We are covering essentially the waterfront of CLL and NHL, so I think that is already fully baked.

Well, we are talking months. Our goal is to file the IND for CSU this year.

Okay This would put us right into a phase II trial, basically.