Executive Summary

Chapter 1 - Introduction

Chapter 2 - Trends in Co-development dealmaking
2.1. Introduction
2.2. Definition of co-development deals
2.3. Success factors for co-development deals
2.4. When co-development can be useful
2.5. Attributes of co-development deals
2.6. Aligning partners to make the co-development work
2.7. Trends in Co-development deals since 2014
2.7.1. Co-development dealmaking by year, 2014 to 2021
2.7.2. Co-development dealmaking by phase of development, 2014 to 2021
2.7.3. Co-development dealmaking by industry sector, 2014 to 2021
2.7.4. Co-development dealmaking by therapy area, 2014 to 2021
2.7.5. Co-development dealmaking by technology type, 2014 to 2021
2.7.6. Co-development dealmaking by most active company, 2014 to 2021
2.8. Option to co-develop
2.9. The future of co-development deals

Chapter 3 - Overview of Co-development deal structure
3.1. Introduction
3.2. Pure versus multi-component co-development deals
3.3. Pure co-development agreement structure
3.3.1. Example co-development agreements
3.3.1.a. Case study 1: Ambrx - Zhejiang Medicine
3.3.1.b. Case study 2: UniQure - Chiesi

Chapter 4 - Leading Co-development deals
4.1. Introduction
4.2. Top Co-development deals by value

Chapter 5 - Top 25 most active Co-development dealmakers
5.1. Introduction
5.2. Top 25 most active Co-development dealmakers

Chapter 6 - Co-development deal term financials
6.1. Introduction
6.2. Co-development partnering headline values
6.3. Co-development deal upfront payments
6.4. Co-development deal milestone payments
6.5. Co-development royalty rates

Chapter 7 - Co-development deals including contracts directory
7.1. Introduction
7.2. Co-development deals with contracts 2014 to 2021

Appendices
Appendix 1 - Co-development dealmaking by companies A-Z
Appendix 2 - Co-development dealmaking by industry sector
Appendix 3 - Co-development dealmaking by stage of development
Appendix 4 - Co-development dealmaking by therapy area
Appendix 5 - Co-development dealmaking by technology
About Wildwood Ventures
Current Partnering
Current Agreements
Recent report titles from Current Partnering

TABLE OF FIGURES
Figure 1: Definition of co-development
Figure 2: Situations where co-development can prove useful
Figure 3: Key components of a co-development deal
Figure 4: Issues in implementing co-development agreements
Figure 5: Trends in Co-development deal announcements, 2014 to 2021
Figure 6: Co-development deals signed at each phase of development, 2014 to 2021
Figure 7: Co-development deals by industry sector, 2014 to 2021
Figure 8: Co-development deals by therapy area, 2014 to 2021
Figure 9: Co-development deals by technology type, 2014 to 2021
Figure 10: Top 25 most active co-development dealmakers, 2014 to 2021
Figure 11: Co-development agreements - what should a contract include?
Figure 12: Components of the co-development deal structure
Figure 13: Top co-development deals by value 2014 to 2021
Figure 14: Most active Co-development dealmakers 2014 to 2021
Figure 15: Co-development deals with a headline value
Figure 16: Co-development deals with an upfront value
Figure 17: Co-development deals with a milestone value
Figure 18: Co-development deals with a royalty rate value

Companies mentioned
1ST Biotherapeutics, 3B Pharmaceuticals, 3D-Micromac, 3DMed, 3D Systems, 10X Genomics, A*STAR Agency for Science, Technology and Research, A*STAR Institute of Microelectronics (IME), A2A Pharmaceuticals, Abbvie, AbCellera, ABL Bio, Abpro, Academy of Military Medical Sciences (China), Accelerate Technologies, Accellix, Accent Therapeutics, Accord Healthcare, AccuGenomics, ACEA Biosciences, AC Immune, Acoustic MedSystems, Adaptimmune, Aduro BioTech, Advaxis, Adventist Health, Adventus Ventures, Aerolase, Affibody, Affimed Therapeutics, Agena Bioscience, Agendia, Agilent Technologies, Agios Pharmaceuticals, AiLife Diagnostics, Ajinomoto, Akcea Therapeutics, Albany Molecular Research, Alexion Pharmaceuticals, Algenex, Align Technology, Alkem Laboratories, Allegheny Technologies, Allele Biotechnology and Pharmaceuticals, Alligator Bioscience, Allotex, Alnylam Pharmaceuticals, Alphaeon, Alphamab Biopharmaceuticals, Alteogen, Alternavida, Altor BioScience, Altos Group, Alytas Therapeutics, Alzheimer's Drug Discovery Foundation, Ambrx, Amedica, Amerigen Pharmaceuticals, Amerimmune, Amgen, Amplifire, Amyris, AnaptysBio, AnchorDx, Andon, AnGes MG, Angionetics, Ankarys Therapeutics, Annoroad, Ansell, Anteo Diagnostics, Anthem, AntiOp, AOP Orphan Pharmaceuticals, Apellis Pharmaceuticals, Apobiologix, Apollomics, Applied StemCell, Aprecia Pharmaceuticals, Aptar Pharma, Aptevo Therapeutics, Aptorum Group, Aquestive Therapeutics, Aranda Pharma, ARaymondlife, Arbele, Arbutus, Arcturus Therapeutics, Arcus Biosciences, Arecor, Areva Med, Ariad Pharmaceuticals, Arno Therapeutics (inactive since 2017), Arrowhead Pharmaceuticals, Artes Biotechnology, Artios Pharma, Asahi Intecc, Ascenion, Ascensia Diabetes Care, ASKA Pharmaceuticals, Aspen Imaging Healthcare, Astellas Pharma, AstraZeneca, Atomwise, Atropos Therapeutics, Augmenta, AUM Biosciences, AutoGenomics, Autotelic BIO, Avacta, Avactis Biosciences, Avalanche Biotechnologies, Avalon GloboCare, Avellino Labs, Aviragen Therapeutics, Axela, AXIM Biotechnologies, Axis Lighting, Azitra, Azos Bio, Bach Biosciences, Banyan Biomarkers, BASF, Battelle, Bayer, Bayer Healthcare, Baylor College of Medicine, BD Biosciences, BehaVR, BeiGene, Beijing Sun-Novo Pharmaceutical Research, Berry Genomics, Betta Pharmaceuticals, BGI Americas, Bharat Biotech, Biedermann Motech, Bio-Rad Laboratories, Bio-Techne, BioAtla, BioCanna Healthcare, Biocept, BioComo, Biocon, BiocurePharm, Biodextris, BioGemex, Biogen, BioInvent, BioLabs, BioLegend, BiolineRX, BIOMEDX Group, bioMerieux, BioMotiv, Biomunex Pharmaceuticals, BioNano Genomics, Bionpharma, BioNTech, BioPontis Alliance, BioSerenity, Biostar Pharmaceuticals, BioSun Pharmed, BioVaxys, Bioventus, Bird Foundation, Blackrock Microsystems, Blake Insomnia Therapeutics, Blanchette Rockefeller Neurosciences Institute, Bluebird Bio, Blueprint Medicines, BodyLogicMD, Boehringer Ingelheim, BoneSupport, Boreal Genomics, Boston Scientific, Breathe ECig, BreathTech, BrickBio, Bridge Biotherapeutics, Brigham and Women's Hospital, Bristol-Myers Squibb, Broad Institute, Bruker, Bruker Energy & Supercon Technologies (BEST), Burnet Institute, c-LEcta, Cactus Semiconductor, Cadila Pharmaceuticals, California Institute for Biomedical Research, Cambrooke Therapeutics, Can-Fite BioPharma, Cancer Genetics, Cancer Prevention Pharmaceuticals, Cancer Research Technology, CannaSoul Analytics, Cannassure Therapeutics, CannScience Innovations, Capsule Tech, Captor Therapeutics, Carbios, CardieX, Cardiovascular Systems, CBT Pharmaceuticals, CEA-Leti, Celgene, Cellastra, Cellectis, Cellgen Diagnostics, Celltrion, Cellular Biomedicine, Celon Pharma, Censa Pharmaceuticals, Center for Connected Health, Center for Sensorimotor Neural Engineering, Central Institute for Experimental Animals, Centre for Drug Research and Development (CDRD), Centre for Imaging Technology Commercialization, Cerenis Therapeutics, Cerulean Pharma, Changzhou Le Sun Pharmaceuticals, Charles River Laboratories, Cheil Pharm, ChemDiv, Chi-Med, China National Biotech Group (CNBG), Chinese Academy of Sciences, Chiome Bioscience, ChromaDex, ChroMedX, Cidara Therapeutics, CimCure, Cipla, Ciron Drugs & Pharmaceuticals, ClearPoint Neuro, Cleveland Clinic, Clevexel Pharma, Clinical Study Support, Codagenix, Coeptis Pharmaceuticals, Coherus Biosciences, College of Life Science of Northwest University, Collplant, Complement Pharma, Conductive Technologies, Confluence Pharmaceuticals, Conkwest, Context Therapeutics, Cosmo Pharmaceuticals, Covestro, CRISPR Therapeutics, Crystal Bioscience, CrystalGenomics, CSL, CSPC Pharmaceutical Group, CStone Pharmaceuticals, CURE Pharmaceutical, CureVac, CutisPharma, Cygnus, Cytokinetics, CytomX Therapeutics, Dabur, Daewoong Pharmaceutical, Daiichi Sankyo, Dainippon Sumitomo Pharma, Dako, Dalton Pharma Services, Dance Biopharm, DaRui Biotech, Debiopharm, Deciphex, Decision Diagnostics, Definiens, Denali Therapeutics, Department of Defense, Department of Health and Human Services, DePuy, Dermavant Sciences, Dexcel Pharma, Diabeloop, Dicerna Pharmaceuticals, DigiLab, Dilafor, Dilaforette, DNAnexus, DotBio, Dr. Reddy's Laboratories, Dynavax Technologies, Ecole Polytechnique Federale de Lausanne, EdeniQ, Eisai, Elekta, Elektrofi, ElevateBio, Eli Lilly, Elite Pharmaceuticals, Elpis Biomed, Em-Tec, Emergent BioSolutions, Emmaus Life Sciences, Enigma Biomedical, Entasis Therapeutics, Enterome Bioscience, Ergomed, Especificos Stendhal, EspeRare Foundation, Essex Bio-Technology, Estee Lauder, Evercyte, Evidera, Evolva, Evosep, Evotec, EVQLV, Evvivax, Excelra, Exosome, Eybna Technologies, Fabric Genomics, Farmacore Biotechnology, Fate Therapeutics, Ferrer International, Firebrand Therapeutics, Flowerkist, FlowJo, Fluxion Biosciences, Fosun Pharmaceutical, Foundation Medicine, Frontier Medicines, Fusion Pharmaceuticals, Fuzionaire Radioisotope Technologies, G2 Speech, GB Sciences, Gedeon Richter, GE Healthcare, Genea Biomedx, Genentech, GeneQuantum Healthcare, Generex Biotechnology, Genethon, Genmab, Genomas, Genome Institute of Singapore, Genomic Testing Cooperative, Genomoncology, Genoptix, Genosity, GensKey Medical Technology, Genzyme, Georgia State University Research Foundation (GSURF), Gilead Sciences, Ginkgo BioWorks, Glatt Group, GlaxoSmithKline, Global Antibiotic Research and Development Partnership, Global Bio-chem Technology Group, Global Dx, GMSbiotech, Government of Canada, Great Bay Bio, Greiner Bio-One, GTEC Holdings, Guangzhou Boji Medical Biotechnological, Guerbet, Guilin Pharmaceutical, H.M. Pharma Consultancy, H3 Biomedicine, Hainan Sihuan Pharmaceutical, HalioDx, HaloVax, Hangzhou Joinstar Biomedical Technology, Hanmi Pharmaceutical, Happify Health, Harbour Antibodies, Harvard University, HCD Research, HD Biosciences, HealthCore, Heartflow, HebeCell, HEC Pharm, Henlius Biotech, Hereditary Neuropathy Foundation, HiFiBio, High Beauty, Hikma Pharmaceuticals, Histogen, Hitachi Chemical, Hitachi High-Technologies Corporation, Hollister Biosciences, Horizon Discovery, Hoth Therapeutics, HTC ChemRar, Huami, Hufeland Klinikum, Hummingbird Bioscience, I-Dante, I-mab, IBA, IBC Generium, iBio, IBM Watson Health, Icagen, IDbyDNA, Idorsia, Igentify, Illumina, Immatics Biotechnologies, ImmBio, Immune Design, ImmunityBio, Immunocore, Imperial College London, Impression Healthcare, Imricor Medical Systems, Incyte, InDi Molecular, Infinity Pharmaceuticals, Innate Pharma, inno-train Diagnostik, Innovent Biologics, Inova Genomics Laboratory, Inovio Pharmaceuticals, Insitro, InstantLabs, Institute for Research in Immunology and Cancer - Commercialization of Research, Institute of Cancer Research, Institute of Microchemical Technology, Institut Gustave Roussy, Institut Pasteur, Intabio, Integrated Cannabis Company, IntelGenx, International Flavors and Fragrances, Intravacc, Intuitive Surgical, InventisBio, inviCRO, Ionis Pharmaceuticals, iPharma, Ipsen, ISIS Innovation, Isomerase Therapeutics, Iwatani Group, Jabez Pharma, Jacobio Pharmaceuticals, Janssen Biotech, Janssen Pharmaceuticals, Janssen Pharmaceutica NV, Janssen Research & Development, Japan Tobacco, JCR Pharmaceuticals, Jeffrey Modell Foundation, JETA Molecular, Jiangsu Hengrui Medicine, Jiangsu NHWA Pharmaceutical, Johns Hopkins University, Johnson & Johnson Innovation, Juno Therapeutics, Junshi Biosciences, JustRight Surgical, Kainos Medicines, Kaken Pharmaceutical, Kalos Therapeutics, Kane Biotech, Klaria, Kleo Pharmaceuticals, KSQ Therapeutics, Kyorin Pharmaceutical, Kyowa Hakko Kirin, Lannett, Laxai Pharma, Lead Discovery Center, Lee's Pharmaceutical, Leica Biosystems, Leon-nanodrugs, LEO Pharma, Les Laboratoires Servier, Leukemia & Lymphoma Society, LianBio, LifeLabs Medical Laboratory Services, LifeLink Foundation, LifeLiver, LifeQ, LineaRx, Lipidor, Lipigon Pharmaceuticals, Livzon Pharmaceutical, LogicNets, Loreal, Louisiana State University, Loxo Oncology, LTS Lohmann Therapie-Systeme, Lupin Limited, Luye Pharma Group, Lyell Immunopharma, Lygos, Macrogen, MagForce, MAKScientific, Mallinckrodt Pharmaceuticals, MangoGen Pharma, Marina Biotech, Marshall Institute for Interdisciplinary Research, Marshall University, Masimo, Massachusetts General Hospital, MaSTherCell, Max-Delbruck Center for Molecular Medicine, Mayo Clinic, Mazor Robotics, McCall MacBain Foundation, MD Anderson Cancer Center, MediciNova, Medidata Solutions, Medigen Biotechnology, Medigen Vaccine Biologics, MedImmune, Medolife Rx, Medtronic, MEI Pharma, Melinta Therapeutics, Menarini, Mercachem, Merck and Co, Merck KGaA, Merck Serono, Meridian Laboratories, Mersana Therapeutics, Merus, Merz, Mesoblast, Metalabs, MetP Pharma, Mie University, Mikrogen, Millennium, Minerva Neurosciences, Mirati Therapeutics, MiRTLE Medical, Mission Health, Mobvoi, Mochida Pharmaceutical, Moderna Therapeutics, Molecular Targeting Technologies, Molecular Templates, Molnlycke Health Care, Mologen, Momenta Pharmaceuticals, Monash University, Morphic Therapeutic, MorphoSys, Mount Sinai Medical Center, MRI Interventions, Multiplex Genomics, Mundipharma, Mundo Sano, Mylan Pharmaceuticals, MyLife Technologies, MYOS, Nanion, Nanjing King-friend Biochemical Pharmaceutical, Nankai Hospital, Nanommune, NanoSmart Pharmaceuticals, NanoString Technologies, NantKwest, NantPharma, Natera, National Cancer Institute, National Healthcare Services (NHS), National Health Research Institutes, National Immunobiological Company, National Institutes of Health, Navitor Pharmaceuticals, Ncardia, NEC, Nektar Therapeutics, Neo Medical, Neptune Technologies & Bioressources, Neptune Wellness Solutions, NeuClone, Neuraly, Neurocrine Biosciences, Neuro France Implants, Neurotrope BioScience, NeuroVive Pharmaceutical, Newsoara Biopharma, NGM Biopharmaceuticals, Ningbo Menovo Pharmaceutical, Nipro Corporation, Noile-Immune Biotech, Noramco, Novartis, NovImmune, Novogene, Novoheart, Novo Nordisk, Novozymes, NTT Medical Center Tokyo, Nuance Pharma, Nuclea Biotechnologies, Nuevolution, Numab, Nurix, NutriQuest, NuVasive, Ocugen, Ocumension Therapeutics, Ohio State University, Olympus, Oncologie, Oncology Pharma, Oncology Venture, One BioMed, OnFace, Ono Pharmaceutical, Onward Therapeutics, Open Book Extracts, OpGen, OPKO Health, Opocrin S.p.A, Optum, Oregon Health Sciences University, Orgenesis, Ori Biotech, Orion, Orthocell, Orthofix, Osaka University, OSE Immunotherapeutics, Otsuka, Oxford BioMedica, Oxis International, Pacific Biosciences, PACT Pharma, Paige, Pairnomix, Palatin Technologies, Pall Corporation, Par Pharmaceutical, PathGroup, PDS Biotechnology, Pebble Labs, Pep Therapy, PeptiDream, Perlara, Personal Genome Diagnostics, Pfizer, PharmaCyte Biotech, Pharma Tech Solutions, PhaseBio Pharmaceuticals, PHC, Phillips-Medisize, PhoreMost, PhosImmune, PhysIOL, Pieris, Pierre Fabre, Planet Wheeler Foundation, Polyphor, Praj Industries, Precision NanoSystems, Premier Inc, PreventionGenetics, Procare Health, Procter & Gamble, Profound Medical, Promethera Biosciences, Prometic Life Sciences, Promore Pharma, Propeller Health, Protagen, Protea Biosciences, Protein Metrics, Protein Sciences, Provention Bio, Pulmatrix, Purdue Pharma, Pure Extracts Technologies, Pure MHC, Pure Protein, Purolite, Qiagen, Qilu Pharmaceutical, Qualcomm, Quark Pharmaceuticals, Radiomedix, Rainbow Medical, RainDance Technologies, Rambam Medical Center, ReadSense Genomic Center, Recipharm, Reckitt Benckiser, RedHill Biopharma, Redlen Technologies, Regeneron Pharmaceuticals, Rennovia, Replicel Life Sciences, RespireRx Pharmaceuticals, Response Biomedical, Retrophin, Rigel Pharmaceuticals, RightEye, Roche, Roivant Sciences, RoosterBio, Rosetta Genomics, Rouumtech, Royal Philips Electronics, Sajo Consulting, Salus Pharma, Samsung Biologics, SanBio, Sandoz, Sanofi, Sanofi-Pasteur, Santen Pharmaceutical, Sarah Cannon Research Institute, Sarepta Therapeutics, Sartorius Stedim Biotech, SATT Paris-Saclay, SBRI Healthcare, Scandinavian Health, Scandion Oncology, Schrodinger, SciClone Pharmaceuticals, Scienion, Sciex, ScinoPharm Taiwan, SCM Pharma, Scottish Enterprise, Seattle Genetics, Secarna Pharmaceuticals, Seegene, Seikagaku, Seipasa, Selvita, Semtech, SENSANALYSIS, Sensorion, Sentieon, Sentinel Oncology, Seracare Life Sciences, Serum Institute of India, SFJ Pharmaceuticals, Shaanxi Research Institution of Chinese Traditional Medicines, Shandong Boan Biological Technology, Shandong Luoxin Pharma, Shanxi Yabao Pharmaceutical Distribution, Siemens Healthcare, Siemens Healthineers, Sigma-Aldrich, Simcere Pharmaceuticals, Sinergium Biotech, Singulex, Sino Biological, SINTX Technologies, Sirenas, SiSaf, SK Chemicals, SkylineDX, Smartwise, Soitec, Sonova, Sorrento Therapeutics, Sosei, Spencer Health Solutions, Spineguard, STADA Arzneimittel, Starpharma, Stealth Therapeutics, StemoniX, Stempeutics, SteriLumen, Stockton Group, Stora Enso, Storm ID, Strand Life Sciences, StrideBio, Striiv, SunGen, Sunnybrook Health Sciences Centre, Sunny Pharmtech, Sunovion Pharmaceuticals, Supernus Pharmaceuticals, Swedish Bactiguard, Swedish Orphan Biovitrum, Swift Biosciences, Symbasis, Synchronous Health, Synergetics, Synpromics, Synthonics, Tactical Relief, TaiwanBio Therapeutics, TaiwanJ Pharmaceuticals, Takeda Pharmaceutical, Takis Biotech, Tangible Science, Tango Therapeutics, Tarrex Biopharma, Tarveda Therapeutics, Tauriga Sciences, Tavotek Biotherapeutics, Taxus Cardium Pharmaceuticals, TC BioPharm, Tecan, Teijin, Terumo, Tesaro, Tetra Bio-Pharma, Texas A&M University, TFF Pharmaceuticals, TG Therapeutics, The Nutraceutical Medicine Company, Therapyx, Theravance, Therawis Diagnostics, Thermo Fisher Scientific, Tianjin CanSino Biotechnology, Tillotts Pharma, Tilray, Tissue Analytics, Tobii Technology, TOMA Biosciences, Torii Pharmaceutical, Toronto Innovation Acceleration Partners, Torrey Pines Investment, Transgene, Transgenomic, Translational Software, Transplant Genomics, Treeway, Treventis, TrovaGene, Trovita Health Science, Turnstone Biologics, Twist Bioscience, TYG Oncology, Ubic, UbiQ, UCB, UGISense, Ultivue, Ultragenyx Pharmaceuticals, Uni-Bio Science, UniQure, United Therapeutics, Universal Cells, University Hospital of Leuven, University of Bonn, University of California, San Diego, University of Copenhagen, University of Guelph, University of Montreal, University of North Texas, University of Ottawa, University of Sydney, Univo Pharmaceuticals, Vaccitech, Valent Biosciences, Validogen, Valneva, Vanderbilt-Ingram Cancer Center, Vasomune Therapeutics, Vaximm, VeChain, Vect-Horus, Velabs Therapeutics, VenatoRx, Ventana Medical Systems, Vertex Pharmaceuticals, ViaCyte, Vical, Vici Health Sciences, Vifor-Fresenius Medical Care Renal Pharma Ltd, Vinnova, Virbac, Vir Biotechnology, Visualant, Vium, vivoPharm, Voltron Therapeutics, Voluntis, VSP Optics, WAVE Life Sciences, Weill Cornell Medical College, Wellcome Trust, WellDoc, Willow Biosciences, W L Gore, Worthington Biochemical Corporation, WuXi Biologics, X4 Pharmaceuticals, Xbrane Bioscience, Xencor, Xenon Pharmaceuticals, XERIS Pharmaceuticals, Xortx Therapeutics, Xylonix, Yabao Pharmaceutical, Yale University, Yingli Pharma, Yisheng Biopharma, YOFOTO (China) Health Industry, Yonsei University Severance Hospital, Yuhan Corporation, Zavation, Zebra Medical Vision, Zepp Health, Zhejiang Hisun Pharmaceutical, Zivo Bioscience, Zylo Therapeutics