Merck to Pay at Least $70 Million for Rights to Abbisko Joint-Tumor Drug
December 04 2023 - 9:09AM
Dow Jones News
By David Sachs
Merck has a deal worth at least $70 million with Abbisko
Therapeutics to commercialize a drug to treat joint tumors.
The German pharmaceutical company said Monday that its deal with
the Chinese drugmaker allows the company to commercialize
pimicotinib, a phase-3 pill that treats tenosynovial giant cell
tumor. Merck said it will pay $70 million up front for the
exclusive rights, with additional payments for meeting certain
regulatory and commercial milestones. Merck also has the option to
co-develop the drug for a fee, it said.
The deal applies to mainland China, Hong Kong, Macau and Taiwan,
with an option for the rest of the world. Regulators in China and
the U.S. have deemed the medicine a breakthrough while European
regulators have designated it a priority drug, Merck said.
"Pimicotinib provides an opportunity to address a significant
unmet medical need and for us to expand our commercial footprint in
oncology in China, the second largest pharmaceutical market in the
world," said Andrew Paterson, chief marketing officer for Merck's
healthcare arm.
Write to David Sachs at david.sachs@wsj.com
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Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
December 04, 2023 08:54 ET (13:54 GMT)
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