07:53 AM EST, 11/14/2024 (MT Newswires) -- Merck ( MRK ) said Thursday it has acquired an exclusive global license from LaNova Medicines to develop, manufacture, and commercialize LM-299, an investigational PD-1/VEGF bispecific antibody.

As part of the deal, LaNova will receive a $588 million upfront payment and may earn up to $2.7 billion in milestone payments for development, regulatory, and commercial achievements across various indications, Merck ( MRK ) said.

The deal is expected to close in Q4, subject to Hart-Scott-Rodino Act clearance and other conditions, Merck ( MRK ) added.

Merck ( MRK ) stock was up 0.4% in recent premarket activity.

Price: 98.91, Change: +0.41, Percent Change: +0.42