Merck Serono has entered into a new alliance with Threshold Pharmaceuticals to co-develop a promising new anti-cancer therapy.
A global agreement between the companies will see them collaboratively developing and commercialising TH-302, a small molecule hypoxia-targeted drug from Threshold.
The drug is currently undergoing phase III testing among patients with soft tissue sarcoma, while data from a phase II study assessing the treatment among advanced pancreatic cancer sufferers will be published later this month.
Under the terms of the deal, Threshold will receive an upfront payment of 19 million euros (15.78 million pounds) plus further milestones and royalties, as well as a co-commercialisation option in the US.
Susan Jane Herbert, head of global business development and strategy at Merck Serono, said: "The addition of TH-302 to our pipeline provides an important opportunity in several different tumour types to expand our oncology development programme."
Earlier this month, the company pledged to increase its support for global efforts to combat the tropical worm disease schistosomiasis, as part of a new collaborative agreement between drugmakers and global health authorities.