By Chris Wack

F-star Therapeutics Inc. said Wednesday that Ares Trading SA, an affiliate of Merck KGaA, has exercised a fourth licensing option to develop another bispecific program under the ongoing immuno-oncology collaboration.

Under the terms of the agreement, Merck KGaA would be responsible for all future development and commercialization costs and would pay future success-based milestones and royalties on any net sales, resulting from programs covered by the agreement.

In May 2019, Merck KGaA exercised its option to bring a first program from the collaboration into its pipeline. In July 2020, Merck KGaA took an early option to a second program and in March 2021, a third option was exercised. With the fourth option now exercised, the total potential remaining milestone-based revenue due to F-star from this immuno-oncology collaboration with Merck KGaA is $765 million.

F-star Therapeutics shares were up 5%, to $5.20, in premarket trade.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 05, 2022 08:42 ET (13:42 GMT)

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