Pharma BD Deal Intelligence

Merck & Co. Inc. / Moderna, Inc.

2016 · Licensing/Option · $250M · Complete

Strongly positive — critic reaction at announcement

Worked — the deal delivered on its rationale

CALLED IT — OFF BY 4

Merck and Moderna established a collaboration to develop personalized cancer vaccines (PCVs) using Moderna's mRNA platform combined with Keytruda. In October 2022, Merck exercised its option for $250M to jointly develop and commercialize mRNA-4157/V940. Costs and profits shared 50/50. The vaccine received FDA Breakthrough Therapy Designation in 2023 for adjuvant melanoma treatment after reducing recurrence risk by 44%.

Key facts

Announced Jun 29, 2016
Closed Jun 29, 2016
Deal value $250M
Deal type Licensing/Option
Therapeutic area Oncology, Vaccines
Indications Melanoma, NSCLC, Solid Tumors
Key assets mRNA-4157/V940, Moderna mRNA platform
Mechanism Personalized neoantigen mRNA cancer vaccine

Related deals — scored

Deal	Year	Value	Outcome
Merck & Co. Inc. / Moderna, Inc. (this deal)	2016	$250M	84
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. / Eisai Co., Ltd.	2018	$5.8B	83
Merck & Co. Inc. / Prometheus Biosciences Inc.	2023	$10.8B	77

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