SHERIDAN, WYOMING – July 1, 2025 – Argenx has taken a decisive step to diversify its pipeline beyond its flagship FcRn blocker, signing a multi-target research agreement with Unnatural Products, Inc. (UNP) that could exceed $1.5 billion. The deal aims to harness UNP’s proprietary macrocyclic peptide technology to develop oral therapies for disease targets historically deemed “undruggable,” marking the largest licensing transaction to date in the macrocyclic peptide space.
Strategic Expansion Beyond FcRn Blockade
Argenx’s current revenue heavily relies on Vyvgart (efgartigimod), its FcRn-blocking therapy approved for generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP). Vyvgart’s franchise generated $2.2 billion in 2024, but looming patent expirations pose significant long-term risks. By securing rights to UNP’s macrocyclic peptide platform, Argenx is positioning itself to build a more robust and diversified pipeline targeting complex intracellular proteins previously considered inaccessible to conventional biologics or small molecules.
Terms of the Landmark Collaboration
UNP, based in California, will receive a “double-digit million-dollar upfront payment” from Argenx, although the exact figure remains undisclosed. The agreement includes:
- Up to $1.5 billion in research, development, regulatory, and commercial milestone payments
- Option commitments tied to progress of candidate programs
- Tiered royalties on net sales of future products
According to a UNP spokesperson, “Tuesday’s announcement is the largest licensing deal to date in the macrocyclic peptide space.” Additionally, Argenx has pledged to invest in UNP’s upcoming Series B fundraising round, further cementing the partnership’s strategic alignment.
Harnessing AI-Driven Macrocyclic Peptide Discovery
The core of this agreement is UNP’s artificial intelligence-powered platform capable of designing synthetic macrocyclic peptides that mimic naturally occurring macrocycles. These molecules uniquely combine the ability of biologics to bind complex targets with the cell-penetrating properties of small molecules, unlocking new possibilities in drug development for previously unreachable intracellular proteins.
Under the collaboration:
- UNP will leverage its technology to discover orally available macrocyclic peptides against multiple disease targets selected by Argenx.
- UNP will advance these candidates through early preclinical assessments up to investigational new drug (IND)-enabling studies.
- Argenx retains the option to license and further develop these candidates into clinical programs.
Pipeline Diversification Gains Momentum
Beyond its FcRn portfolio, Argenx is progressing other clinical assets, including the complement inhibitor empasiprubart for CIDP and multifocal motor neuropathy, and ARGX-119, a MuSK-targeting therapy for amyotrophic lateral sclerosis and congenital myasthenic syndrome. The deal with UNP further demonstrates Argenx’s proactive efforts to mitigate revenue concentration risks and address high-value therapeutic areas with significant unmet need.
Industry Impact and Future Outlook
Macrocyclic peptides are increasingly recognized as a transformative modality for addressing intracellular and challenging protein-protein interactions. This strategic alliance not only underscores Argenx’s commitment to innovation but also reflects a growing industry trend of leveraging AI-enabled discovery platforms to accelerate the development of novel therapeutics targeting historically “undruggable” disease mechanisms.
Learn more at www.argenx.com.