Mersana would receive $30 million in an upfront payment and up to $800 million in development, regulatory and commercial milestones.
Under the agreement, Mersana would develop cancer drug candidates against up to two targets that would utilize its platform to combine Merck KGaA's proprietary antibodies.
Pre-clinical activities will be split between the companies. Merck Germany will be solely responsible for all clinical development and potential commercialization activities relating to any resulting product candidates.
Mersana said it was also eligible to receive royalties of up to low double-digit percentages on global net sales for any approved ADCs developed under the agreement.
Price Action: MRSN shares are down 2.68% at $5.82 on the last check Friday.
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