07:36 AM EST, 12/20/2024 (MT Newswires) -- Merck ( MRK ) said Friday it has closed the exclusive global license agreement for LM-299, an investigational PD-1/VEGF bispecific antibody, from LaNova Medicines.

As previously announced, Merck ( MRK ) will develop, manufacture and commercialize LM-299.

Merck ( MRK ) said it will record a pre-tax charge of $588 million, or about $0.18 per share, in Q4 results related to the upfront payment.

LaNova is also eligible for up to $2.7 billion in milestone payments tied to the technology transfer, development, regulatory approval, and commercialization of LM-299 across multiple indications, including $300 million upon technology transfer anticipated to be completed in 2025, Merck ( MRK ) said.