[Merck: Agreement obtains exclusive global license for Lixin Pharmaceuticals' PD-1/VEGF bispecific antibody LM-299] According to Jinshi Data on November 14, Merck and Lixin Pharmaceutical Technology Co., Ltd. announced on November 14 that Merck has agreed to obtain exclusive global development, production and commercialization license for Lixin Pharmaceuticals' new PD-1/VEGF bispecific antibody LM-299. Under the terms of the agreement, Lixin Pharmaceuticals has authorized Merck to have exclusive global development, production and commercialization licenses for LM-299. Lixin Pharmaceuticals will receive an initial payment of US$588 million. Based on the technology transfer, development, approval and commercialization progress of LM-299 for multiple indications, Lixin Pharmaceuticals will also receive milestone payments of up to US$2.7 billion. (Reprinted from: Jinshi Data)