Summary
BeOne Medicines Ltd. (ONC) has received notice from Merck KGaA regarding the termination, for convenience, of their License Agreement dated December 10, 2013, concerning the investigational RAF dimer inhibitor lifirafenib (BGB-283) within the People's Republic of China (PRC). This termination, effective upon notice, dissolves Merck KGaA's exclusive right of first negotiation for commercialization rights of lifirafenib in the PRC. Consequently, BeOne Medicines is no longer obligated to pay royalties to Merck KGaA on lifirafenib sales in the PRC, nor will they receive future milestone payments related to this territory from Merck KGaA.
Key Highlights
- 1Termination of License Agreement for lifirafenib in China by Merck KGaA.
- 2Merck KGaA's exclusive right of first negotiation for lifirafenib commercialization in PRC is terminated.
- 3BeOne Medicines is no longer required to pay royalties to Merck KGaA on lifirafenib sales in PRC.
- 4BeOne Medicines will no longer receive future milestone payments from Merck KGaA for lifirafenib in PRC.
- 5The agreement termination was initiated by Merck KGaA for convenience.
- 6The ex-PRC agreement related to lifirafenib with Merck KGaA was terminated in March 2017.
Frequently Asked Questions
Merck KGaA terminated the agreement for convenience, meaning they chose to end the contract without alleging any breach or default by BeOne Medicines.
BeOne Medicines is no longer required to pay royalties to Merck KGaA on any future sales of lifirafenib within the People's Republic of China.
BeOne Medicines will no longer be entitled to receive future milestone payments from Merck KGaA for lifirafenib within the People's Republic of China.
No, this termination specifically concerns the agreement for the People's Republic of China. A separate agreement with Merck KGaA for lifirafenib outside of the PRC was already terminated in March 2017.