Seattle-based biotech company Kineta will receive $5M from Merck after achieving a milestone in development efforts.
Although Kineta is centered around oncology and cancer immunotherapies, its collaboration with Merck focuses on identifying and developing treatments for ALS. Following this milestone payment, Merck will undertake full responsibility for the ALS program and its future progress.
“We are proud to achieve this milestone in our collaboration with Merck,” said Shawn Iadonato, Ph.D., Chief Executive Officer of Kineta. “This milestone payment also strengthens our financial position and allows the company to continue to focus on the clinical development of our core immuno-oncology assets.”
Depending on its marketing, sales and development outcomes, Kineta may receive up to $255M in additional milestone payments from Merck.