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Full analysis, sources & comparables →Merck & Co. has reached a deal potentially worth more than $3 billion to license a next-generation immunotherapy from China's LaNova Medicines, becoming the…
Merck & Co. is entering the hottest class in immuno-oncology, paying $588 million upfront and up to $2.7 billion in milestones to China's LaNova Medicines for…
Merck continues its pipeline rebuild with a third Chinese in-license deal in 2024, paying LaNova Medicines $588 million upfront and up to $2.7 billion in…
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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).
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Merck & Co. Inc. / LaNova Medicines Ltd. (this deal) | 2024 | $3.3B | — |
| 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. / Eisai Co., Ltd. | 2018 | $5.8B | 83 |
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