RHHBY News & Events

Oppenheimer notes that Veeva (VEEV) has announced Roche Pharma (RHHBY) will implement Vault CRM globally. Roche represents the tenth signed commitment, and represents the November commitment management hinted at during the Q3 call. While the firm assumed migration expectations were largely baked into the stock, the negative feedback from Veeva messaging "only" retaining 14 of the top 20 suggests there were still lingering concerns. Oppenheimer's recollection of the prior arrangement is that Veeva managed the Genetech half of Roche. The firm confirmed Roche will be a broad global roll-out which suggests that the deal is expansive for Veeva. Investors have long assumed Roche would be a Salesforce flip considering the existing relationship with IQVIA, so Oppenheimer sees this transaction as an expectations/sentiment win-back and expansive to total contract value. The firm has an Outperform rating on Veeva with a price target of $325.

According to a regulatory filing, as previously reported, in December 2021, Lineage Cell Therapeutics (LCTX) entered into a collaboration and license agreement with Genentech, Inc. and Roche (RHHBY) under which Lineage's lead cell therapy program known as OpRegen is being developed for the treatment of ocular disorders, including geographic atrophy secondary to age-related macular degeneration. OpRegen is currently being evaluated in a Phase 2a multicenter clinical trial, known as "GAlette," in patients with GA secondary to AMD. On November 20, 2025, the first development milestone under the Roche Agreement was achieved based on manufacturing and clinical advancements related to the OpRegen cell therapy program. This event triggered a $5M milestone payment to Lineage, which is expected to be received by us within 30 days. As previously reported, approximately 24.1% and 21.5% of the milestone payment will be paid to the Israel Innovation Authority and to Hadasit Medical Research and Development, respectively, in accordance with the Israeli Encouragement of Research, Development and Industrial Initiative Technology Law, 5744-1984, as amended, and in accordance with agreements between Lineage's subsidiary, Cell Cure Neuroscience Ltd., and Hadasit, respectively.