Merck Closes Exclusive Global License Agreement for LM-299, An Investigational Anti-PD-1/VEGF Bispecific Antibody
Merck & Company, Inc. (new) (MRK)
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Source: Business Wire
RAHWAY, N.J.--(BUSINESS WIRE)--Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced the closing of the exclusive global license agreement for LM-299, a novel investigational PD-1/VEGF bispecific antibody, from LaNova Medicines Ltd. As previously announced, Merck will develop, manufacture and commercialize LM-299.Merck will record a pre-tax charge relating to the upfront payment of $588 million, or approximately $0.18 per share, in the company’s fourth quarter 2024 GAAP and non-GAAP results. LaNova is also eligible to receive up to $2.7 billion in milestone payments associated with 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.About LM-299LM-299 is an investigational bispecific antibody targeting both programmed cell death protein-1 (PD-1) and vascular endothelial growth factor (VEGF). This i
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