Global pharmaceutical giant Merck & Co. Inc., in the Whitehouse Station section of Readington, announced Wednesday a licensing agreement with British drugmaker AstraZeneca. The latter will pay $50 million to license Phase IIa ovarian cancer drug MK-1775.
According to the announcement, Merck will be eligible to receive future payments tied to development and regulatory milestones, plus sales-related payments and tiered royalties. AstraZeneca will be responsible for all future clinical development, manufacturing and marketing.
The agreement is contingent on expiration or termination of the waiting period under the Hart Scott-Rodino Antitrust Improvement Act.
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