Merck (MRK) and Hansoh Pharma, a Chinese biopharmaceutical company, announced that they have entered into an exclusive global license agreement for HS-10535, an investigational preclinical oral small molecule GLP-1 receptor agonist. Under the agreement, Hansoh Pharma has granted Merck an exclusive global license to develop, manufacture and commercialize HS-10535. Hansoh Pharma will receive an upfront payment of $112M and is eligible to receive up to $1.9B in milestone payments associated with the development, regulatory approval and commercialization of the candidate, as well as royalties on sales. Hansoh Pharma may co-promote or solely commercialize HS-10535 in China subject to certain conditions. Merck will record a pre-tax charge of $112M, or 4c per share, to be included in GAAP and non-GAAP results in the Q4.
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