Moderna shares rose 19.63% on Tuesday on the NASDAQ, to $197.54 each, after the US drugmaker reported that it exercised its option to jointly develop and market a personalized cancer vaccine with Merck.
The agreement for the vaccine, known as mRNA-4157/V940, was signed 6 years ago and amended two years later.
Merck will pay Moderna $250 million in the third quarter after it exercised its option to jointly develop and market a personalized cancer vaccine.
The two companies agreed to work on the development and commercialization of the vaccine, as well as to share the costs and benefits equally. “We have been collaborating with Merck on PCV since 2016, and together we have made significant progress in advancing mRNA-4157 as an investigational personalized cancer treatment used in combination with KEYTRUDA,” said Stephen Hoge, President of Moderna.
The two drugmakers said they are on track to report data from the Phase 2 trial of mRNA-4157/V940 in combination with Keytruda for high-risk melanoma patients in the fourth quarter of this year.
In a statement, the companies explained that the use of the vaccine together with the drug Keytruda reduced the risk of patients to relapse or die by 44% compared to when that cancer treatment was used alone. (With agency information)
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