Merck & Co. Stock Falls on Cancer Drug Deal and Clinical Trial Results
Merck & Co.'s stock price took a hit in after-hours trading on September 30, closing at EUR 129.46, down 1.71 percent from its prior close. The decline may be attributed to news of the company's license agreement with SciBrunch Therapeutics for SPR2015, an experimental cancer drug.
The exclusive global license agreement grants Merck worldwide rights to develop and commercialize SPR2015, a preclinical oral KRAS G12D inhibitor. In exchange, SciBrunch will receive a USD 400 million upfront payment and may be eligible for additional milestone payments worth up to USD 2.13 billion.
Merck also announced positive results from its Phase 2b study of tulisokibart in moderate to severe hidradenitis suppurativa. The treatment met its primary endpoint, with 72 percent of patients in the high-dose group and 64 percent in the medium-dose group achieving HiSCR50 at week 16.