Under the terms of the agreement Merck will pay Xencor an upfront license fee of $3 million, and an additional payment upon selection of an Xtend variant. Merck will also pay Xencor clinical development milestones and royalties on product sales.
Bassil Dahiyat, CEO of Xencor, said: “We are delighted to establish with Merck one of the first collaborations for our new Xtend platform and are excited at the potential of this program. Merck is an outstanding partner, and we enjoy the high quality of the scientific interactions with our Merck colleagues.”