Sino Biopharm buys Merck’s PD-1xVEGF bispecific partner LaNova for up to $951M

CAR-T Digest - August 2020

15 July 2025: Sino Biopharm buys Merck’s PD-1xVEGF bispecific partner LaNova for up to $951M

Sino Biopharm is acquiring LaNova Medicines for up to $951 million, consolidating its earlier minority stake. The net payment is around $501 million due to existing cash reserves. LaNova is known for its bispecific PD-1xVEGF antibody LM-299, which Merck licensed in a $3.3 billion deal
LaNova’s pipeline includes multiple oncology assets, notably ADCs such as LM-305 (licensed to AstraZeneca for up to $600 million) targeting GPRC5D, and a Claudin 18.2 ADC in Phase 3 in China, alongside a CCR8 antibody and various bispecifics
Sino Biopharm, with $4B in 2024 revenue (37% from oncology), is repositioning after offloading F-star Therapeutics, signaling strategic focus on advanced antibody platforms including ADCs and tumor microenvironment-modulating therapies