Merck and Quartet Enter Into Strategic Agreement
NEW YORK – Paul Hastings LLP, a leading global law firm, represented Merck & Co., Inc. in a strategic agreement with Quartet Medicine, a biotechnology company focused on the development of novel treatments for chronic pain and inflammation.
Under the terms of the agreement, Merck obtains an exclusive option to purchase Quartet. If Merck exercises its option, Quartet will receive a pre-determined option exercise payment along with potential development, regulatory and sales milestones of up to $575 million in total.
In return, Quartet will receive up to $20 million split equally across an upfront payment and an undisclosed future development milestone. This research and development funding will be used to advance Quartet’s lead program through Phase 2a clinical proof-of-concept for the treatment of pain.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.