- Merck & Co Inc (NASDAQ:MRK) and Orion Corporation announced a global development and commercialization agreement for Orion’s ODM-208 and other drugs targeting cytochrome P450 11A1 (CYP11A1), an enzyme essential in steroid production.
- ODM-208 is an oral, non-steroidal inhibitor of CYP11A1 currently in a Phase 2 trial for metastatic castration-resistant prostate cancer.
- Under the terms of the agreement, Orion and Merck will co-develop and co-commercialize ODM-208.
- Merck will make an upfront payment to Orion of $290 million.
- Of this upfront payment, Orion recognizes approximately €220 million as income at the time of signing. Approximately €60 million is reserved to cover Orion’s share of the ODM-208 development cost.
- Orion will be responsible for manufacturing the clinical and commercial supply of ODM-208.
- In addition, the contract provides both parties with an option to convert the initial co-development and co-commercialization agreement into a global exclusive license to Merck.
- If the option is exercised, Merck would assume full responsibility for all accrued and future development and commercialization expenses associated with the program. Orion would be eligible to receive milestone payments.
- Price Action: MRK shares are down 0.59% at $93.08 during the market session on the last check Wednesday.
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