The terms, per the grant. On April 15, 2025, Hoffmann-La Roche was issued US12275794B2, covering bispecific antigen-binding molecules with an anti-FAP binder. The CPC tags — C07K 16/2878, C07K 16/40, A61K 39/3955, plus the C07K 2317 engineering series — describe both a specific binder (anti-FAP, a tumor-stroma target) and the bispecific construction.
Why format is its own asset: a bispecific molecule's value splits between the binders it carries (target-specific) and the engineered format that holds them together (reusable across targets). A company with a proprietary, well-behaved format can deploy it across many binder pairings — making the format a platform asset that collects value across programs.
The structure point: a bispecific deal can be priced as a binder license plus a format-platform license, each with its own royalty. For a model, the format component is the higher-multiple asset because its royalty base grows with every new construct built on the same scaffold.
What the grant does not promise: a clinical result, an approval, or exclusivity over all bispecific formats. It is an exclusivity claim on a specific construct using a defined binder, within a competitive format landscape.
The takeaway: in a bispecific term teardown, value the engager format separately from the binders, because the format is the reusable, compounding asset. Roche's April 2025 FAP-bispecific grant is a dated example of a construct whose value splits across format and binder.