Merck has entered into an exclusive global licensing agreement with LaNova Medicines to develop, manufacture and commercialise LM-299.
LM-299 is LaNova's novel investigational PD-1/VEGF bispecific antibody, which is designed for a range of oncological indications.
The therapeutic inhibits both the PD-1/PD-L1 and the VEGF/VEGFR receptor signalling pathways, while also reducing angiogenesis.
A phase I clinical trial for LM-299 is currently enrolling patients in China.
Under the terms of the agreement, Merck will be able to sell the bispecific antibody as a therapeutic globally if approved.
In parallel, LaNova, will receive an upfront payment of USD $588m, with potential milestone payments adding up to $2.7bn.
Milestones under this agreement include technology transfer, development, regulatory approval and commercialisation of LM-299.
The transaction is currently expected to close in the fourth quarter of 2024.
“At Merck, we continue to assemble a strong and diversified oncology pipeline spanning differentiated mechanisms and multiple modalities,” said Dr. Dean Y. Li, president, Merck Research Laboratories. “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.”
Founder, Chair and CEO of LaNova Medicines, Dr Crystal Qin, commented: “This agreement with Merck is a strong testament to the hard work of LaNova’s talented team of scientists who created LM-299,”
"Through internal R&D innovation and strategic external partnerships, LaNova is committed to advancing its pipeline to benefit patients worldwide.”