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MSD and LaNova Medicines Enter Exclusive Global License Agreement for Novel Cancer Therapy, LM-299

NextEdge Admin

14 Nov 2024

2 min 47 sec

LaNova Medicines Ltd.,bispecific antibody targeting

Merck & Co., Inc. (MSD) and LaNova Medicines Ltd., a clinical-stage biotechnology company, have announced a global licensing agreement granting MSD exclusive rights to develop, manufacture, and commercialize LM-299, LaNova's investigational bispecific antibody targeting PD-1 and VEGF. LM-299 represents an innovative approach in oncology, as it combines inhibition of the PD-1/PD-L1 immune checkpoint with anti-angiogenesis activity by targeting VEGF, a key factor in blood vessel formation. By addressing both immune evasion and tumor vascularization, LM-299 is designed to enhance antitumor effects, offering a new therapeutic pathway for various cancer types.

Under the agreement, LaNova will receive an upfront payment of $588 million and is eligible for up to $2.7 billion in milestone payments based on development, regulatory, and commercial achievements across multiple cancer indications. Closing of the transaction is expected by the end of 2024, pending approval under the Hart-Scott-Rodino Antitrust Improvements Act and other conditions. MSD has stated that it will take a pre-tax charge related to the upfront payment upon closing, impacting GAAP and non-GAAP earnings for that quarter.

Dr. Dean Y. Li, president of MSD Research Laboratories, highlighted MSD’s commitment to expanding its oncology pipeline with diverse, differentiated mechanisms. “This agreement adds to MSD’s growing oncology pipeline, and we look forward to advancing LM-299 for patients in need,” said Dr. Li.

LaNova’s founder and CEO, Dr. Crystal Qin, praised the partnership, attributing the progress to her team’s dedication and innovation. “This agreement with MSD underscores LaNova’s commitment to advancing innovative therapies for patients worldwide,” said Dr. Qin. Currently, a Phase 1 clinical trial for LM-299 is enrolling patients in China, marking a critical step forward in the development of this novel therapeutic approach in cancer treatment.