Incyte and Merus closed a global strategic research collaboration to discover, develop and commercialize up to 11 bispecific antibodies across oncology. Merus received a $120M upfront cash payment plus an $80M equity investment ($200M total at closing) and is eligible for up to $350M per program in development, regulatory and sales milestones (~$2.8B aggregate across remaining programs) plus tiered royalties. Original deal announced December 21, 2016 with closing in January 2017.
Did it work? Outcome assessment
Strategic verdict
Failed to Achieve
Financial impact
Neutral
Pipeline outcome
Mixed
Assessment window: 5yr post-close.
Key facts
AnnouncedJan 23, 2017
ClosedJan 23, 2017
Deal value$3.0B
Deal typeLicensing/Option
Therapeutic areaOncology (multiple)
IndicationsOncology (multiple)
Key assetsMultiple bispecific antibody programs (up to 11)