- Merck & Co Inc (NYSE:MRK) has notified NGM Biopharmaceuticals Inc (NASDAQ:NGM) that it will not exercise its option to license NGM621 and its related compounds.
- Merck will also not exercise the related ophthalmology bundle option.
- NGM estimated in its latest quarterly report that it could also have received $20.7 million in reimbursable expenses if Merck went ahead with NGM621.
- In June 2021, NGM Biopharma and Merck extended their ongoing collaboration through March 2024 with a narrower scope.
- The amended collaboration’s primary focus was retinal and, cardiovascular & metabolic diseases, built upon progress with NGM621 and MK-3655, both discovered by NGM under the partnership.
- In October, Phase 2 trial data of NGM621 exhibited geographic atrophy (GA) lesion area reduction of 6.3% and 6.5%, respectively, compared to sham (n=106), which did not reach statistical significance in either arm.
- Cardiovascular & metabolic-related research is slated to go on until March 2024.
- Price Action: NGM shares are down 0.59% at $5.04 on the last check Wednesday.
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On Monday, major U.S. indices ended the regular session mixed. The Dow Jones Industrial Average dropped 0.49%, closing at 39,806.77
