Merck closes exclusive global license agreement for LM-299 from LaNova Medicines

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Sat, Dec 21, 2024, 4:50 AM 1 min read

Merck (MRK) announced the closing of the exclusive global license agreement for LM-299, a novel investigational PD-1/VEGF bispecific antibody, from LaNova Medicines. As previously announced, Merck will develop, manufacture and commercialize LM-299. Merck will record a pre-tax charge relating to the upfront payment of $588M, or approximately 18c per share, in the company’s fourth quarter 2024 GAAP and non-GAAP results. LaNova is also eligible to receive up to $2.7B in milestone payments associated with the technology transfer, development, regulatory approval and commercialization of LM-299 across multiple indications, including $300M upon technology transfer anticipated to be completed in 2025.

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