In October 2025 we entered into a license agreement with Vanqua to acquire the worldwide rights to Vanqua's preclinical oral C5aR1 antagonist compound. In connection with the closing of this transaction, we expect to make an upfront payment to Vanqua of $70.0 million during the fourth quarter of 2025, which will be recognized within acquired in-process research and development, upfront and milestone expense in our condensed consolidated statements of income.

In October 2025 we completed the sale of our remaining commercial rights to two ophthalmology assets in Europe: BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS, and OPUVIZ, an aflibercept biosimilar referencing EYLEA. Samsung Bioepis will have full responsibility for commercialization of BYOOVIZ upon the transfer of commercial rights from Biogen back to Samsung Bioepis, effective as of January 2026.

We expect to recognize a minimal gain within our condensed consolidated statements of income during the fourth quarter of 2025.