The deal and the money
Astellas negotiated an option that would allow it to take global control of development, production and sales of DAX-044. Audax, based in Melbourne, gets an initial payment and could get a second if Astellas activates that option, with those two pieces totaling up to $285 million. Another $1.05 billion is tied to future development and commercial milestones, and Audax would also collect royalties if the drug reaches the market.
Why DAX-044 is different
The drug centers on IL-12, a strong immune messenger that can rally the body's defenses against tumors but has been hampered by serious side effects. Audax says DAX-044 was built to localize IL-12's punch inside tumors while dialing down activity elsewhere in the body. Early lab and animal work suggests the design can keep anti-cancer effects while reducing toxicity, according to the company.
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Trial setup and what to watch
Audax will bankroll the initial clinical study, which CEO Jai Rautela said is expected to start in early 2027. The trial plans to recruit more than 50 patients at sites across Australia, begin in eight types of solid tumors, and evaluate DAX-044 by itself rather than in a combo with another immunotherapy. For portfolios, the structure matters: most of the headline dollars hinge on hitting milestones and, later, actual sales.
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