Twice As Nice: Seattle Genetics, Merck & Co. Partner On Two Cancer Drugs
Companies Will Jointly Develop A Novel ADC And Commercialize Tukysa
Merck & Co. will pay Seattle Genetics $725m up front in cash under the two deals and make a $1bn equity investment in the company, providing financial flexibility to broadly fund the pipeline.
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During Q3 biopharmas reached $41.7bn in merger and acquisition value and drew in $44.4bn in potential deal value from alliances. Device company M&A values reached $17.9bn while in vitro diagnostic firms and research tools players completed M&A activity that totaled $8.2bn.
Merck Research Laboratories president Roger Perlmutter returned to the company when its R&D was at a crossroads. Now he is retiring and handing the company’s post-Keytruda growth over to SVP Dean Li.
Public Company Edition: Outside the US, Zai Lab raised more in its recent Hong Kong initial public offering – $766.4m – than PMV, Prelude, Taysha, Graybug and Greenwich combined. Also, Gilead priced debt to fund its $21bn Immunomedics buy and ADC Therapeutics raised $204m.