Pharma BD Deal Intelligence
Merck entered exclusive global license agreement with LaNova Medicines for LM-299, a novel investigational PD-1/VEGF bispecific antibody in Phase 1 in China. $588M upfront plus up to $2.7B in technology transfer, development, regulatory and commercialization milestones across multiple indications. Defensive play against Keytruda biosimilars/next-gen IO competition. Top-25 pharma buyer. The license closed December 20, 2024 (Merck recorded the $588M upfront as a Q4 2024 pre-tax charge; LaNova eligible for a $300M technology-transfer milestone targeted for 2025). Merck advanced the asset under its internal designation MK-2010 and presented first-in-human Phase 1 data in non-small cell lung cancer at AACR 2026 (data cutoff December 25, 2025).