KENILWORTH (NJ) (dpa-AFX) - Merck & Co Inc. (MRK) and LaNova Medicines Ltd., a privately held clinical-stage biotechnology company Thursday said Merck has secured global license to develop and sell LaNova's investigational drug LM-299, which is in a Phase 1 study in China.
'This agreement adds to Merck's growing oncology pipeline and we look forward to advancing LM-299 with speed and rigor for patients in need,' said Dean Y. Li, president, Merck Research Laboratories.
As per the deal, LaNova will receive an upfront payment of $588 million. It is also entitled to get up to $2.7 billion on reaching certain development, regulatory and commercialization targets.
The transaction is expected to close in the fourth quarter of 2024.
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