Credit: Reuters/Andrew Kelly
The Pfizer logo is seen at their world headquarters in New York April 28, 2014.
The two companies will develop Merck's so-called anti-PD-L1 agent as a single therapy as well as in combinations with Pfizer's and Merck's portfolio of approved and experimental drug candidates.
Apart from the upfront payment, Merck is eligible to receive regulatory and commercial milestone payments of up to $2 billion.
Both companies will jointly fund all development and commercialization costs and will share all revenues obtained from selling any anti-PD-L1 or anti-PD-1 immunotherapy products that arise from the collaboration.
(Reporting by Ludwig Burger; Editing by Georgina Prodhan)
