Roche Partnership Unlocks Bexdeg's Full Potential. Increasing PT from $30 to $32

研报英文原文证据摘录

Roche Partnership Unlocks Bexdeg's Full Potential. Increasing PT from $30 to $32

June 8, 2026 Nurix Therapeutics, Inc.

(NRIX, Buy, $32 PT)

Jeet Mukherjee, Ph.D

Roche Partnership Unlocks Bexdeg's Full Potential. Increasing PT from (332) 400-5178 jmukherjee@btig.com

$30 to $32 Blake Gitler

(212) 527-3540 bgitler@btig.com

WHAT YOU SHOULD KNOW: NRIX announced a global co-development and co- Company DataBIOTECHNOLOGY commercialization partnership with Roche (RHHBY, Not Rated) for bexobrutideg, Closing Price $15.64

featuring a $700M upfront cash payment and up to $2.3B in total potential payments.

Price Target $32.00 We see the Roche partnership as one that certainly validates bexdeg's profile and

mitigates concerns around competitiveness in a growing BTK degrader landscape. Market Cap (M) 1,617.18

Shares Out (M) 103.40EQUITY The deal also helps unlock further value from bexdeg, expanding beyond heme

malignancies and doubling down on neuro and I&I indications in MS and CSU, both of Avg Daily Vol-3 Months (M) 1.46

which are a $30B+ market opportunity. While bears may point to a lack of meaningful Revisions

near term catalysts, we note positive data from competitor STAT6 degrader programs

Previous Current in 2027 could read positively to NRIX. We also flag bexdeg ph 1a/b data at EHA this

weekend and potential IRAK4 healthy volunteer data 2H26. Rating Buy Buy

Price Target $30.00 $32.00RESEARCH ■ Deal Terms Are Favorable Given Commercial Opportunity on the Table: Under the

FY26E REV 43.80 93.80 agreement, Nurix receives $700M upfront, with eligible milestones bringing total

potential payments to $2.3B, a 40/60 (Nurix/Roche) development cost split, a 50/50 FY27E REV 50.00 60.00

US profit share, and low-to-high teens royalties on ex-US net sales.