Stocks
Merck Agrees to $400 Million Cancer Treatment Deal with SciBrunch Therapeutics
Merck MRK shares fell about 1.5% to $146.48 on Tuesday after the company agreed to pay $400 million upfront for a potential new cancer treatment.
The deal gives Merck worldwide rights to develop, make, and sell SciBrunch Therapeutics' oral KRAS G12D inhibitor, SPR2015, although the headline value of $2.13 billion depends on future milestones.
The agreement adds another potential oncology growth engine to Merck's pipeline, but investors are paying a premium for a drug candidate that has yet to reach human testing.