Merck and LaNova Medicines, a privately held clinical-stage biotechnology company, have entered into an exclusive global license to develop, manufacture and commercialise LM-299, a novel investigational PD-1/VEGF bispecific antibody from LaNova.

Initially, LaNova will receive a payment of $588 million, followed by milestone payments totalling up to $2.7 billion; which will be in relation to LM-299 development, commercialisation, regulatory approval and technology transfer.

LM-299 is a novel investigational bispecific antibody targeted at both programmed cell death protein-1 (PD-1) and vascular endothelial growth factor (VEGF). A phase 1 clinical trial is currently recruiting patients in China.