Merck, Orion In Deal To Develop Orion's Prostate Cancer Drug ODM-208

Merck (MRK) and Orion Corporation Wednesday announced a global partnership to develop and sell ODM-208, Orion's drug candidate for the treatment of metastatic castration-resistant prostate cancer.

ODM-208, a non-steroidal and selective inhibitor of the CYP11A1 enzyme, is currently being evaluated in a Phase 2 study.

As per the deal, Merck, through its subsidiary, Merck Sharp & Dohme LLC, and Orion will co-develop and co-commercialize ODM-208. Orion will receive an upfront payment of $290 million.

Additionally, there is an option to convert the collaboration into a global exclusive license to Merck, under which Merck would assume all expenses related to the development and commercialization of ODM-208. Orion would be eligible for milestone payments with the progress of the drug development and double-digit royalties on sales if the product is approved.

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