Mishcon de Reya supports Relation Therapeutics

9 Dec 2025Announcements

Mishcon de Reya has successfully advised Relation Therapeutics on a significant partnership with Novartis to advance innovation in atopic diseases.

Mishcon de Reya has advised Relation Therapeutics on its multi-programme, strategic collaboration with Novartis to discover and advance novel targets for atopic diseases. Under the terms of the agreement, Relation will receive $55 million comprising an upfront payment, equity investment, and additional R&D funding. Furthermore, Relation is eligible to receive preclinical, development, regulatory and commercial milestones of up to $1.7 billion, along with tiered royalties on new sales of products. The collaboration integrates Relation’s AI-powered drug discovery platform and human data generation capabilities with Novartis’s profound expertise in immuno-dermatology to identify, validate, and advance potential first-in-class targets in atopic diseases influenced by immune dysregulation. Benjamin Swerner, COO and founder of Relation, said "This is Relation’s third major collaboration in 12 months and the third time we have engaged Patrick, David and the Mishcon life sciences group to advise us. They are embedded in our team and understand our technology and business model. We get from Patrick and his team seasoned experience, and pragmatic legal advice in relation to the complex issues that arise." Patrick Farrant, Head of Life Sciences at Mishcon de Reya, commented "Relation are an amazing business and a wonderful group of people to work with. We are truly privileged to support them on this latest transaction. Relation’s platform using AI and human data to deliver targets that meet the needs of patients, is transformative and at the forefront of tech bio." The Mishcon de Reya team was led by Patrick Farrant alongside Dr David Rainford and Sophie Wood. The equity investment was led by Sarah Palmer of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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