By David Sachs

Merck has a deal worth at least $70 million with Abbisko Therapeutics to commercialize a drug to treat joint tumors.

The German pharmaceutical company said Monday that its deal with the Chinese drugmaker allows the company to commercialize pimicotinib, a phase-3 pill that treats tenosynovial giant cell tumor. Merck said it will pay $70 million up front for the exclusive rights, with additional payments for meeting certain regulatory and commercial milestones. Merck also has the option to co-develop the drug for a fee, it said.

The deal applies to mainland China, Hong Kong, Macau and Taiwan, with an option for the rest of the world. Regulators in China and the U.S. have deemed the medicine a breakthrough while European regulators have designated it a priority drug, Merck said.

"Pimicotinib provides an opportunity to address a significant unmet medical need and for us to expand our commercial footprint in oncology in China, the second largest pharmaceutical market in the world," said Andrew Paterson, chief marketing officer for Merck's healthcare arm.

Write to David Sachs at david.sachs@wsj.com

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Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

December 04, 2023 08:54 ET (13:54 GMT)

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