MSD (tradename of Merck & Co., Inc., Rahway, N.J., USA) and our portfolio company LaNova Medicines, a clinical-stage biotechnology company, announced that MSD has entered into an exclusive global license to develop, manufacture and commercialize LM-299, a novel investigational PD-1/VEGF bispecific antibody from LaNova Medicines. 

Qiming Venture Partners led LaNova Medicines' Series A round, co-led the Series B round, and continued to invest in the Series C1 round, making it the largest institutional investor in the company.

 The deal with LaNova Medicines bolsters MSD's push into the promising new field of dual-targeted antibodies. Under the agreement, LaNova Medicines has granted MSD an exclusive global license to develop, manufacture and commercialize LM-299. LaNova Medicines will receive an upfront payment of $588 million. LaNova Medicines is also eligible to receive up to $2.7 billion in milestone payments associated with the technology transfer, development, regulatory approval and commercialization of LM-299 across multiple indications. The transaction is expected to close in the fourth quarter of 2024.

LM-299 is an investigational bispecific antibody targeting both programmed cell death protein-1 (PD-1) and vascular endothelial growth factor (VEGF). This innovative therapeutic approach is designed to inhibit both PD-1/PD-L1 and VEGF/VEGFR receptor signaling pathways releasing a key immune checkpoint while also inhibiting the production of new blood vessels (angiogenesis). LM-299 has a differentiated molecular design, comprising an anti-VEGF antibody linked to two C-terminal single domain anti-PD-1 antibodies. A Phase 1 clinical trial for LM-299 is currently enrolling patients in China.

"At MSD, we continue to assemble a strong and diversified oncology pipeline spanning differentiated mechanisms and multiple modalities," said Dr. Dean Y. Li, President, MSD Research Laboratories. "This agreement adds to MSD's growing oncology pipeline and we look forward to advancing LM-299 with speed and rigor for patients in need."

"This agreement with MSD is a strong testament to the hard work of LaNova Medicines' talented team of scientists who created LM-299," said Dr. Crystal Qin, Founder, Chairwoman and Chief Executive Officer, LaNova Medicines. "Through internal R&D innovation and strategic external partnerships, LaNova Medicines is committed to advancing its pipeline to benefit patients worldwide."