Merck pulls out of license deal with Ono Pharma for MS drug ceralifimod
German drug major Merck KGaA (MRK: DE) revealed this morning that, by mutual agreement, it has terminated its licensing agreement with Japan’s Ono Pharmaceutical (TYO: 4528) on ceralifimod (ONO-4641) because it does not meet Merck’s threshold for continued investment.
The group’s Merck Serono unit obtained worldwide exclusive license rights from Ono Pharmaceutical for the development and commercialization of ceralifimod (ONO-4641), an oral investigational sphingosine-1-phosphate (S1P) receptor modulator, in multiple sclerosis outside of Japan, Korea and Taiwan.
Under the terms of that deal, Ono received an upfront 1.5 billion yen (about $19.5 million at then current exchange rates) and could have received additional payments based on the achievement of certain development, regulatory and commercial milestones for ONO-4641. No further financial terms are disclosed. The drug candidate is currently in clinical development (Phase II).
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