Benzinga -
- PDS Biotechnology Corporation (NASDAQ: PDSB) announced an exclusive global license agreement with Merck KGaA (OTC: MKGAF) (OTC: MKKGY) for the tumor-targeting IL-12 fusion protein M9241 (formerly known as NHS-IL12), which will join the pipeline as PDS0301.
- Under the terms of the agreement, PDS Biotech will receive from Merck KGaA an exclusive license to M9241.
- PDS Biotech will assume responsibility for the future development, commercialization, and manufacturing of M9241.
- Related: PDS Biotechnology Triple Combo Therapy Shows 21 Months Of Overall Survival In HPV-Positive Cancers.
- Under the terms of the agreement, Merck KGaA will receive an upfront cash payment of $5 million and will be entitled to up to $11 million in development and regulatory milestone payments, including first commercial sales for the first two indications, and up to $105 million in commercial milestones, and a 10% royalty on future sales of M9241 with standard step-down provisions.
- Merck KGaA will receive 378,787 shares of PDS Biotech's shares valued at $5 million.
- Price Action: PDSB shares are down 12.50% at $11.55 on the last check Tuesday.