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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The ADC specialist could have a fourth cancer drug on the market this year and is preparing for its first commercial launch in Europe.
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.