GSK and Merck KGaA formed a global immuno-oncology alliance to co-develop and co-commercialize bintrafusp alfa (M7824), a bifunctional TGF-beta trap/anti-PD-L1 fusion protein. GSK paid EUR 300M upfront with up to EUR 500M in development milestones and EUR 2.9B in approval/commercial milestones. The collaboration was terminated September 2021 after multiple clinical trial failures.