Pharma BD Deal Intelligence

Merck & Co. Inc. / Eisai Co., Ltd.

2018 · Co-Development · $5.8B · Complete

Worked — the deal delivered on its rationale

Merck and Eisai entered a global strategic oncology collaboration to jointly develop and commercialize Lenvima (lenvatinib) as monotherapy and in combination with Keytruda (pembrolizumab). Merck paid $300M upfront, up to $650M in option rights, $450M in R&D reimbursement, plus up to $4.36B in milestones. Eisai books all Lenvima sales globally with profits shared equally.

Did it work? Outcome assessment

Strategic verdict

Partially Achieved

Financial impact

Accretive

Pipeline outcome

Mixed

Assessment window: 5yr post-close.

Key facts

Announced Mar 08, 2018
Closed Mar 08, 2018
Deal value $5.8B
Deal type Co-Development
Therapeutic area Oncology
Indications Endometrial Cancer, Hepatocellular Carcinoma, NSCLC, Head and Neck Cancer, Renal Cell Carcinoma
Key assets Lenvima (lenvatinib), Keytruda/Lenvima combination data
Mechanism Multi-kinase inhibitor (VEGFR, FGFR, PDGFR, RET, KIT), PD-1 checkpoint inhibitor

Related deals — scored

Deal	Year	Value	Outcome
Merck & Co. Inc. / Eisai Co., Ltd. (this deal)	2018	$5.8B	83
Merck & Co. Inc. / Acceleron Pharma Inc.	2021	$11.5B	90
Merck & Co. Inc. / Peloton Therapeutics Inc.	2019	$2.2B	88
Merck & Co. Inc. / AstraZeneca PLC	2017	$8.5B	87
Merck & Co. Inc. / Moderna, Inc.	2022	$250M	86
Merck & Co. Inc. / Moderna, Inc.	2016	$250M	84
Merck & Co. Inc. / Prometheus Biosciences Inc.	2023	$10.8B	77

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More: 2018 deals · Merck & Co. Inc. deals · Oncology deals