The agreement is set to conclude in Q4 2024. Credit: Merck & Co.

MSD has secured an exclusive worldwide license from LaNova Medicines for developing, manufacturing, and commercialising the latter’s new investigational programmed cell death 1 (PD-1)/vascular endothelial growth factor (VEGF) bispecific antibody, LM-299.

Under the terms of the agreement, LaNova is set to receive an upfront payment of $588m and is also eligible for up to $2.7bn in milestone payments.

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These payments are tied to the technology transfer, regulatory approval, and commercialisation of LM-299 across several indications.

The transaction is subject to customary closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act. It is anticipated to conclude in the fourth quarter (Q4) of 2024.

LaNova Medicines founder, chair, and CEO Dr Crystal Qin said: “This agreement with MSD is a strong testament to the hard work of LaNova’s talented team of scientists who created LM-299.

“Through internal R&D [research and development] innovation and strategic external partnerships, LaNova is committed to advancing its pipeline to benefit patients worldwide.”

The antibody targets both PD-1 and VEGF, aiming to release a key immune checkpoint and inhibit angiogenesis.

Its molecular design includes an anti-VEGF antibody linked to two single-domain anti-PD-1 antibodies.

At present, a Phase I study of LM-299 is enrolling subjects in China.

MSD Research Laboratories president Dr Dean Y Li said: “At MSD, we continue to assemble a strong and diversified oncology pipeline spanning differentiated mechanisms and multiple modalities.

“This agreement adds to MSD’s growing oncology pipeline and we look forward to advancing LM-299 with speed and rigour for patients in need.”

Last month, MSD acquired Modifi Biosciences to enhance its portfolio with preclinical compounds designed to target DNA repair defects in hard-to-treat cancers.

In May 2023, LaNova and AstraZeneca entered into an exclusive licence deal for LaNova’s LM-305.

LaNova, a China-based company, specialises in new biologic therapies, particularly in antibody-drug conjugates and immuno-oncology.

ADC content on Pharmaceutical Technology (Or Clinical Trials Arena) is supported by Syngene. Editorial content is independently produced and follows the highest standards of journalistic integrity. Topic sponsors are not involved in the creation of editorial content.