Evaxion Biotech (EVAX) said Thursday it granted Merck (MRK) an option to exclusively license two preclinical vaccine candidates, EVX-B2 and EVX-B3.
If Merck exercises the option to license either one or both candidates, Evaxion will receive $3.2 million upfront and up to $10 million in 2025, Evaxion said.
Evaxion said it is also eligible for milestone payments of up to $592 million per product.
EVX-B2 is a protein-based candidate for gonorrhea and EVX-B3, co-developed with Merck, targets an undisclosed infectious agent.
Evaxion was up more than 6%, while Merck was trading fractionally higher in pre-bell Thursday.
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