KENILWORTH (NJ) (dpa-AFX) - Merck & Co., Inc. (MRK), Tuesday announced an agreement with Dr. Falk Pharma GmbH to discontinue an existing co-development contract with the company's subsidiary Prometheus BioSciences.
As per the deal, the companies will discontinue their collaboration related to co-development and co-commercialization rights in certain territories for MK-8690, an investigational anti-CD30 ligand monoclonal antibody.
This move will allow the company to assume full responsibility for the development program going forward.
In return, Falk will receive a $150 million upfront payment along with milestone payments as well as royalties on sales in certain territories.
As a result of this deal, Merck will record a pre-tax charge to research and development expenses of $150 million, or approximately $0.05 per share, in both its GAAP and non-GAAP fourth quarter results.
In the pre-market hours, MRK is trading at $82.81, up 0.39 percent on the New York Stock Exchange.
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