Merck has entered into an agreement to acquire Rigontec, a biotechnology company developing cancer immunotherapies, for €115 million upfront and as much as €349 million in milestone payments. Rigontec’s lead candidate, RGT100, is currently in Phase I development for the treatment of various tumors.

“Rigontec’s immuno-oncology approach of engaging the innate immune system to safely eliminate cancer cells complements our strategy and our current pipeline,” said Dr. Eric Rubin, vice president of early-stage development, clinical oncology, Merck Research Laboratories. “We are eager to build upon Rigontec’s science as we continue our efforts in bringing forward meaningful advances for patients with cancer.”

“Merck is a true pioneer in the immuno-oncology space and we are thrilled that our technology will benefit from their experience and leadership position,” said Christian Schetter, Ph.D., chief executive officer of Rigontec. “We are confident that our programs will be in the best hands and that the team at Merck will continue the work we established with our scientific founders and brought into the clinic within three years since our foundation as a company.”

The transaction is subject to certain closing conditions.