InflaRx Hold Rating: Balancing Strategic Opportunities and Market UncertaintiesThis morning, Biogen announced a licensing deal with Vanqua Bio (private) for the exclusive worldwide rights of its preclinical, oral C5aR1 inhibitor. The terms of the agreement are as follows: $70M upfront, eligibility for up to $990M in potenal development, regulatory, commercial, and sales milestone payments, in addion to ered royales on potenal net sales. An IND filing for the C5aR1 inhibitor is expected in 2027. Notably, the Biogen PR said the following: "C5aR1 is a well-validated target involved in neutrophil-mediated inflammaon, which plays a central role across a range of inflammatory disorders." and "This agreement complements Biogen’s early-stage immunology pipeline by adding an oral mechanism with potenal applicability across mulple immune-mediated diseases." A few thoughts on this transacon as it relates to InflaRx and its oral C5aR1 inhibitor, INF904.