Shots:

• Mersana to receive $100M up front. If GSK exercises its option, Mersana will eligible to receive ~$1.36B in option exercise, development, regulatory & commercial milestones
• Mersana also holds options for US profit-sharing & co-promotion of XMT-2056 in the US. If it exercises its option, Mersana will receive tiered royalty in Ex-US markets. If not, it will receive double-digit royalties on global net sales
• GSK gets an exclusive license option globally to co-develop and commercialize XMT-2056 which targets tumor-resident immune cells & tumor cells to stimulate the innate immune system through STING signaling. The P-I trial of XMT-2056 is expected to be initiated for HER2-expressing tumors

Ref: Mersana | Image: GSK