Roche is to acquire Adheron Therapeutics for $105m upfront (+ $475m in milestones). The Swiss pharma giant will therefore be responsible for further developing Adheron’s Phase I asset SDP051, an anti-cadherin-11 monoclonal antibody that was fully humanised using Abzena's Composite Human Antibody technology. SDP051 has the potential to treat inflammatory/autoimmune diseases, such as rheumatoid arthritis and fibrotic disease (eg NASH), large target markets. We estimate that Abzena will receive a small royalty (~1%) on successful commercialisation of SDP051, and view the Roche deal as validation of the product/technology combination and commercial opportunity