C4 Therapeutics, Inc. 8-K

What Happened
C4 Therapeutics, Inc. announced on April 8, 2026 that it entered into a Research Collaboration and License Agreement with F. Hoffmann‑La Roche Ltd. and Hoffmann‑La Roche Inc. to discover, develop and commercialize degrader‑antibody conjugates (DACs). Under the agreement Roche received a worldwide, exclusive license to DACs directed to two initial undisclosed oncology targets; Roche will fund development, regulatory, manufacturing and commercialization. Roche paid a $20.0 million upfront cash payment and C4T is eligible for over $1.0 billion in aggregate development, regulatory and commercial milestone payments plus tiered royalties.

Key Details

• Upfront payment: $20.0 million from Roche to C4 Therapeutics (paid upon signing).
• Potential upside: C4T may receive over $1.0 billion in aggregate milestone payments plus tiered royalties on net sales (royalty rates range from mid‑single digit to low‑double digit percent).
• Scope: Worldwide, exclusive license for DACs to two initial undisclosed oncology targets; Roche has an option for a third target (exercise fee required).
• Economics & responsibilities: Roche is responsible for all development, regulatory, manufacturing and commercialization costs; the agreement is effective upon signing (April 8, 2026) and continues product‑by‑product until applicable royalty expiration. Roche may terminate for convenience with 90 days’ notice; both parties have rights to terminate for material breach or insolvency.
• Additional filings: C4T issued a press release and posted a corporate presentation on April 9, 2026; the full license agreement will be filed as an exhibit to C4T’s Form 10‑Q for the quarter ending June 30, 2026.

Why It Matters
This deal brings immediate non‑dilutive cash ($20M) and a pathway to substantial future revenue for C4T through milestone payments and royalties if Roche advances and commercializes the programs. Having Roche take on development and commercialization costs reduces near‑term cash needs and is a form of third‑party validation of C4T’s DAC technology. Investors should note the upside depends on successful development and commercialization by Roche; the agreement grants Roche exclusive rights for the named targets and includes standard termination provisions.