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.”

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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.