TMTPOST -- Merck (MRK) has announced an exclusive licensing agreement with LaNova Medicines, a privately-held biotech company based in China, for the development of its PD-1xVEGF bispecific antibody candidate, LM-299. Under the terms of the deal, Merck will obtain global rights to develop and commercialize LM-299. LaNova will receive an upfront payment of $588 million, with the potential to earn up to $2.7 billion in milestone payments as the drug progresses through development.