Merck: LM-299 antibody agreement finalized

(CercleFinance.com) - Merck announced on Friday that it had finalized a worldwide licensing agreement for the takeover of LM-299, a new antibody discovered by China's LaNova Medicines.


In a press release, the US pharmaceutical giant states that it will now ensure the development, production and marketing of the product, which is currently undergoing a phase 1 trial in the treatment of solid tumors in China.

Merck expects to recognize a charge of $588 million, or $0.18, for the upfront payment to LaNova under the agreement.

LaNova is also eligible for $2.7 billion in technology transfer and milestone payments, of which $300 million will be paid next year.

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