- Royalty Pharma ( NASDAQ: RPRX ) said it signed an agreement with Merck ( NYSE: MRK ) to co-fund the development of MK-8189, which is being evaluated in a phase 2b trial to treat schizophrenia.
- Under the agreement, Royalty Pharma will provide $50M upfront to Merck to support ongoing development of MK-8189. After Merck's decision to proceed with phase 3, Royalty Pharma has the option to provide an additional $375M to co-fund the pivotal clinical development program, the company said in an Oct. 12 press release.
- Royalty Pharma will be eligible for milestone payments linked to certain regulatory approvals of MK-8189, and royalties on sales of any approved product.
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Royalty Pharma to co-fund development of schizophrenia drug with Merck