Merck announces that it has entered into a definitive agreement with Curon Biopharmaceutical to acquire its CN201, a novel, clinical-stage, investigational bispecific antibody for the treatment of B-cell diseases.

Under the agreed terms, Merck will acquire full worldwide rights to CN201 for an upfront payment of $700 million, with Curon eligible to receive up to $600 million in development and regulatory milestone payments.

CN201 is currently in Phase 1 and Phase 1b/2 clinical trials for the treatment of patients with relapsed or refractory forms of non-Hodgkin's lymphoma (NHL) and B-cell acute lymphocytic leukemia (ALL), respectively.

Subject to customary conditions, the transaction is expected to close in the third quarter and result in a pre-tax charge of around 750 million, or approximately $0.28 per share, to be included in the Group's non-GAAP results.

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