Merck announced on December 23, 2024, the closing of its exclusive global license agreement for LM-299, a novel investigational PD-1/VEGF bispecific antibody, from LaNova Medicines Ltd. This finalizes the deal initially announced in November.
Merck will develop, manufacture, and commercialize LM-299, and will record a pre-tax charge of $588 million, or approximately $0.18 per share, in its fourth-quarter 2024 GAAP and non-GAAP results. LaNova is eligible for up to $2.7 billion in milestone payments, including $300 million upon technology transfer in 2025.
LM-299 is designed to inhibit both PD-1/PD-L1 and VEGF/VEGFR receptor signaling pathways, representing an innovative therapeutic approach in oncology. The closing of this agreement solidifies Merck's expansion into new cancer treatment modalities.
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