Proxygen announced a multi-year research collaboration and license agreement with Merck & Co to jointly identify and develop molecular glue degraders against multiple therapeutic targets. Under the terms of the agreement, Proxygen will receive an upfront payment from MSD and be eligible for future payments of up to $2.55 billion based on the achievement of specified research, development, and commercial milestones across all programs. Additionally, Proxygen is eligible to receive royalties on net sales of any such products.
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