June 2023 Top Biopharma Deal: AstraZeneca research partnership with Quell Therapeutics with an option to license Treg cell therapies

Jul 3, 2023 | Deal of the Month

June 2023 Top Biopharma Deal Upfront
AstraZeneca research partnership with Quell Therapeutics with an option to license Treg cell therapies

Highlighted Deal Financial Comps

Date Announced:

June 9, 2023

Total Deal Value:


Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:

$2.0B in dev. and sales milestones



Cost & Profit Split:


Deal Synopsis

The Asset:

Treg cell therapies with Foxp3 phenotype lock module for the treatment of type 1 diabetes (T1D) and inflammatory bowel disease (IBD).

Deal Structure:

Option to License

Partnership Features:

Co-Development, Shared Dev Cost

Deal Details:

  • AstraZeneca and Quell Therapeutics partnered to develop Treg cell therapies for T1D and IBD.
  • AstraZeneca holds an exclusive global licensing option for resulting therapies.
  • Quell will handle development, manufacturing, and has an option for co-development in the US.
  • Quell receives $85M up front, up to $2B in milestones, and tiered royalties.

Last Month:

Congrats to AstraZeneca and Quell Therapeutics for landing DealForma’s June 2023 Top Biopharma Deal. Last month’s Deal of the Month was Cellular Biomedicine – Janssen for C-CAR039 and C-CAR066. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms.

We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting dealforma.com to schedule your personalized demo.


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