Novartis pens $1.7B immuno-dermatology pact with AI-enabled British biotech

(Dec 9, 2025) by James Waldron .

What we do know is that Novartis will hand over $55 million, spread across an upfront cash payment, an equity investment and additional R&D funding. Down the line, Relation is eligible to receive preclinical, development, regulatory and commercial sales milestones that could reach $1.7 billion, along with tiered royalties on sales should any drugs make it to market.