Merck (MRK) said Friday it has closed the exclusive global license agreement for LM-299, an investigational PD-1/VEGF bispecific antibody, from LaNova Medicines.
As previously announced, Merck will develop, manufacture and commercialize LM-299.
Merck said it will record a pre-tax charge of $588 million, or about $0.18 per share, in Q4 results related to the upfront payment.
LaNova is also eligible for up to $2.7 billion in milestone payments tied to the technology transfer, development, regulatory approval, and commercialization of LM-299 across multiple indications, including $300 million upon technology transfer anticipated to be completed in 2025, Merck said.
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