Amgen Terminates Crohn's Disease Partnership with TScan Therapeutics

Amgen has terminated its research collaboration and license agreement with TScan Therapeutics focused on Crohn's disease, effective November 10, 2026. The move ends Amgen's exclusive rights to develop and commercialize any Crohn's disease product candidates from TScan's T-cell target discovery platform.

The partnership had the potential for success-based milestones of over US$500 million and future royalties. However, management views this termination as immaterial to its near-term story, which is still dominated by pricing risk in core franchises and execution on late-stage programs.

Amgen's recent Q2 2026 results and raised full-year guidance are more relevant to the TScan news than the termination itself. Management now expects 2026 revenue of US$38.2-39.4 billion and GAAP EPS of US$15.80-17.08.

Investors should be aware that pricing pressure on key biologics could still impact Amgen's performance, despite this single terminated collaboration in Crohn's disease.