Merck partners with Daiichi Sankyo in ADC deal with $4B upfront

Merck is committing $4 billion upfront to team up with Daiichi Sankyo on a trio of antibody-drug conjugates, adding fuel to a space that’s heating up on blockbuster revenue, data readouts and a flurry of M&A.

All three programs the two companies will be co-developing and…
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