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July 2022 Top Biopharma Deal: Orion – MSD for Prostate Cancer Drug ODM-208

Aug 1, 2022 | Deal of the Month, Partnership Deals

July 2022 Top Biopharma Deal Upfront
Orion co-development and co-commercialization deal with MSD for ODM-208

Highlighted Deal Financial Comps

Date Announced:

July 13, 2022

Total Deal Value:

$290M + Undisclosed milestones

Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:

Undisclosed dev., reg., and sales milestones


Undisclosed, tiered, double-digit

Cost & Profit Split:


Deal Synopsis

The Asset:

Orion’s ODM-208, non-steroidal, selective CYP11A1 enzyme inhibitor for prostate cancer

Deal Structure:

Development and Commercial License

Partnership Features:

Co-Development and Co-Promotion, Shared Promotion Cost; Supply by Licensor

Deal Details:

  • Orion granted MSD exclusive, worldwide rights to co-develop and co-commercialize ODM-208 for the treatment of metastatic castration-resistant prostate cancer.
  • Orion and MSD have an option to convert the initial co-development and co-commercialization agreement into a global exclusive license to MSD. Upon exercising the option, MSD will retain the responsibility for all accrued and future development and commercialization expenses associated with the program.
  • Orion will receive $290M up front including $221M recognized as income, and approximately $60.3M reserved to cover Orion’s share of the ODM-208 future development cost. Orion is eligible for undisclosed development and commercialization milestones, plus tiered double-digit royalties.

Last Month:

Congrats to Orion and MSD for landing DealForma’s July 2022 Top Biopharma Deal. Last month’s Deal of the Month was Sanofi – Regeneron Pharmaceuticals for cancer/inflammation drug Libtayo. 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 to schedule your personalized demo.


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