Alector, Inc.: licenses AL050 to Genentech for $100,000,000 upfront

What happened

• Alector, Inc. and Alector LLC entered into a License Agreement with Genentech, Inc. on Sep 30, 2026 under which Alector granted Genentech exclusive worldwide rights to develop and commercialize Alector’s AL050 program, a brain penetrant engineered glucocerebrosidase (“GCase”) enzyme replacement therapy.
• Alector provided notice on Sep 30, 2026 that it exercised an option under an Option and License Agreement with Spur Therapeutics Limited dated Aug 14, 2026.

Key details

• Genentech will be responsible for development, regulatory, manufacturing, and commercialization of the GCase candidates; Alector will assign certain existing patents specific to the GCase candidates to Genentech.
• Alector will receive a $100,000,000 upfront payment from Genentech and is eligible to receive up to $1,170,000,000 in development, regulatory, and commercial milestone payments, plus tiered royalties on net sales at rates ranging from single-digit to double-digit percentages.
• Under the Spur agreement, Alector initially paid Spur $500,000 for the option. Upon exercise and receipt of the Genentech upfront payment, Alector will pay Spur $15,000,000 plus a percentage in the teens of any milestone and other non-royalty partnering income Alector receives with respect to a sublicense, and additional royalties based on sublicense royalties received.
• Alector announced preliminary cash, cash equivalents, and marketable securities of approximately $138,700,000 as of Sep 30, 2026, and pro forma approximately $223,700,000 after giving effect to the initial payments received under the Genentech agreement and paid out under the Spur agreement; these amounts are preliminary, unaudited, and subject to change.

Why it may matter

• Item 1.01 (entry into a material definitive agreement) covers the Genentech license and the Spur option/license exercise; Item 2.02 (results of operations and financial condition) covers the company’s preliminary cash and marketable securities as of Sep 30, 2026.
• The filing includes customary termination and other contractual provisions; Alector disclosed it will transfer manufacturing responsibility for the GCase candidates to Genentech and that certain patent rights may revert to Alector upon specified termination events.
• This filing does not show why the company acted or why an insider traded.