Pharma BD Deal Intelligence
A $5.76B global oncology collaboration that paired Eisai's Lenvima with Merck's Keytruda across five cancer types, including endometrial cancer, hepatocellular carcinoma, and NSCLC. Merck fronted $300M upfront plus up to $4.36B in milestones, with Eisai retaining Lenvima sales bookings; the partnership's goals were only partially achieved.
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.
Assessment window: 5yr post-close.
200K US cases/yr · $30.0B Global NSCLC therapeutics
NSCLC accounts for ~85% of lung cancers. Treatment has been revolutionized by immunotherapy and targeted therapies for driver mutations (EGFR, ALK, ROS1, KRAS G12C). Checkpoint inhibitors are standard first-line for most patients without actionable mutations.
No driver mutation: pembrolizumab +/- chemo. EGFR+: osimertinib. ALK+: alectinib, lorlatinib. KRAS G12C: sotorasib. Key players: Merck (Keytruda $25B+), Roche (Tecentriq), AZ (Tagrisso $5B+, Imfinzi), Pfizer (Lorbrena), Amgen (Lumakras).
82K US cases/yr · $8.0B Global RCC therapeutics
RCC accounts for ~90% of kidney cancers. IO-TKI combinations have become standard first-line for advanced disease.
First-line: pembrolizumab + lenvatinib, nivolumab + cabozantinib, or nivolumab + ipilimumab. Key players: Merck/Eisai (Keytruda+Lenvima), BMS (Opdivo), Exelixis (Cabometyx), Pfizer (Inlyta).
67K US cases/yr · $3.0B Global endometrial cancer therapeutics
Endometrial cancer is the most common gynecologic cancer. The lenvatinib + pembrolizumab combination has become standard for advanced/recurrent MSS endometrial cancer. Dostarlimab approved for dMMR/MSI-H.
Early: surgery +/- radiation. Advanced: carboplatin/paclitaxel + pembrolizumab. MSS: lenvatinib + pembrolizumab. dMMR/MSI-H: dostarlimab or pembrolizumab. Key players: Merck/Eisai (Keytruda+Lenvima), GSK (Jemperli).
66K US cases/yr · $3.0B Global HNSCC therapeutics
HNSCC is driven by tobacco/alcohol or HPV infection. Pembrolizumab has become standard first-line for recurrent/metastatic disease.
Recurrent/metastatic: pembrolizumab +/- chemo (KEYNOTE-048). Locally advanced: cisplatin + radiation. Key players: Merck (Keytruda), BMS (Opdivo).
42K US cases/yr · $4.0B Global HCC therapeutics
HCC is the most common primary liver cancer, often arising from cirrhosis. Atezolizumab + bevacizumab and durvalumab + tremelimumab have replaced sorafenib as standard first-line systemic therapy.
First-line: atezolizumab + bevacizumab or durvalumab + tremelimumab. Lenvatinib + pembrolizumab combination also approved. Key players: Roche (Tecentriq+Avastin), AZ (Imfinzi+Imjudo), Eisai/Merck (Lenvima+Keytruda).
Merck paid $300M upfront plus potential $5.46B in milestones for 50/50 co-development of lenvatinib.
FDA approved combination for advanced endometrial carcinoma, first major regulatory win.
FDA approved combination for first-line advanced renal cell carcinoma. Regulatory step in Merck & Co. Inc.'s acquisition process for Eisai Co., Ltd..
Keytruda+Lenvima failed in NSCLC, bladder cancer, and liver cancer Phase 3 trials.
See timeline for full assessment. Assessment of Merck & Co. Inc.'s $5.8B acquisition of Eisai Co., Ltd. and its strategic outcomes.
| 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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