Merck announced on November 14, 2024, a licensing agreement worth up to $3.3 billion with Shanghai-based LaNova Medicines. The deal grants Merck exclusive global rights to develop, manufacture, and commercialize LM-299, an investigational PD-1/VEGF bispecific antibody.
Merck will make an upfront payment of $588 million to LaNova, with potential for up to $2.7 billion in additional milestone payments across multiple indications. LM-299 is currently entering a Phase 1 study in China.
This strategic acquisition expands Merck's oncology pipeline with a novel bispecific antibody, a modality designed to target multiple pathways in cancer. The deal is expected to close by the end of the year, with Merck booking a charge related to the upfront payment in Q4 2024.
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