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Roche subsidiary Genentech has agreed to pay the therapeutic research arm of Caris Life Sciences up to $1.1 billion to develop new cancer therapies.

Why it matters: The deal doubles down on Genentech's work to develop oncology treatments.

By the numbers: Caris (Nasdaq: CAI) is eligible to receive upfront and near-term payments of $25 million and up to $1.1 billion over time in milestone payments.

Zoom in: Under the multi-year agreement, Caris and Genentech will identify and validate new cancer targets in solid tumor tissue.

Zoom out: Genentech has several cancer therapies in its pipeline, including a Phase 3 asset for metastatic triple negative breast cancer, and a Phase 2 candidate for non-small cell lung cancer.

What they're saying: "By combining Caris' unparalleled multimodal data and tissue-based discovery engine with Genentech's deep expertise in therapeutics development, we hope to enable the development of first-in-class medicines for cancer patients," Caris chief scientific officer Milan Radovich said in a statement.

Catch up quick: Irving, Texas-based Caris, which uses AI and machine learning to diagnose and treat cancer, went public in June.

Since its debut, shares are down 4%, trading at about $26 for a $7.53 billion market cap.

The intrigue: Genentech owner Roche recently sold off assets of its Flatiron Health subsidiary to Paradigm Health. Flatiron partnered with Caris last year.

Genentech partners with Caris Life Sciences in $1.1B cancer deal

The deal doubles down on Genentech's ongoing cancer work.

an illustration of a cancer ribbon surrounded by dollar bills and colorful circles 

Roche subsidiary Genentech has agreed to pay the therapeutic research arm of Caris Life Sciences up to $1.1 billion to develop new cancer therapies.Why it matters: The deal doubles down on Genentech&#x27;s work to develop oncology treatments.

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Genentech partners with Caris Life Sciences in $1.1B cancer deal

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