F-star Biotechnology Ltd. (Cambridge, U.K.) granted Merck KGaA (Xetra:MRK) an exclusive option to acquire five bispecific immuno-oncology antibodies developed using F-star's Modular Antibody technology, including lead candidate FS118. If it exercises the option, Merck would acquire F-star subsidiary F-star Delta, in which the antibodies are housed.
Merck is to pay F-star up to €115 million ($129.5 million) in an upfront payment, R&D funding, fees, and milestone payments during the first two years of the deal's term. F-star CEO John Haurum declined to disclose specific terms, but said F-star and its shareholders are eligible to receive about €900 million ($1 billion) more in the deal, including a pre-negotiated acquisition fee and additional milestones...