By Colin Kellaher
Merck & Co. has struck a licensing deal with LaNova Medicines that is potentially worth more than $3 billion to the clinical-stage biotechnology company.
Merck on Thursday said it has secured an exclusive global license to develop, manufacture and commercialize LM-299, an investigational PD-1/VEGF bispecific antibody from Shanghai-based LaNova that is entering a Phase 1 study in China.
A PD-1/VEGF bispecific antibody is a type of cancer drug designed to target both the programmed cell death protein 1, or PD-1, on immune cells and vascular endothelial growth factor, or VEGF, on tumor cells.
Merck said it will make an upfront payment of $588 million to LaNova, which is also eligible to receive up to $2.7 billion in milestone payments across multiple indications.
The Rahway, N.J., drugmaker said it expects to complete the deal by the end of the year, adding that it will book a charge relating to the upfront payment in the quarter that the transaction closes.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 14, 2024 07:42 ET (12:42 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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