Global pharmaceutical giants: Merck & Co. and Merck KGaA—do you still confuse them?

On October 30, 2023, Merck KGaA announced a licensing agreement with Jiangsu Hengrui Medicine Co., Ltd., securing an exclusive global license (excluding China) to develop, manufacture, and commercialize the PARP1 inhibitor HRS-1167, along with an option to select SHR-A1904. The upfront payment amounted to €160 million, with additional milestone payments to follow. On December 4, Merck KGaA entered into an agreement with Abbisko Therapeutics (Shanghai Akeso Biopharma Co., Ltd.), acquiring the rights to commercialize the CSF-1R small-molecule inhibitor pimicotinib for all indications in Greater China (mainland China, Hong Kong, Macau, and Taiwan). Akeso retains exclusive development rights for pimicotinib within the licensed territory. Akeso received a one-time, non-refundable upfront payment of USD 70 million; if Merck KGaA exercises its global commercialization option, Akeso will receive an additional option exercise fee. Combined with R&D and sales milestone payments, the total potential payments could reach up to USD 605.5 million. In addition, Merck KGaA will pay Akeso a double-digit percentage royalty on net sales. On July 31, 2024, Merck KGaA acquired Mirus Bio LLC, a life sciences company specializing in the development and commercialization of transfection reagents, for USD 617 million. On October 31, 2024, Merck KGaA acquired Unity-SC SAS (France), a supplier of metrology and inspection instruments for the semiconductor industry, for €144 million plus potential contingent consideration. On December 23, 2024, Merck KGaA acquired Hub Organoids Holding B.V. (Netherlands), which holds foundational patents in organoid technology. Hub’s technologies and services bridge the gap between laboratory research and clinical trials, enabling identification and validation of potential clinical drug candidates in vitro. The acquisition price was €83 million, with an agreed contingent payment of up to €40 million. On July 25, 2024, Merck KGaA signed an agreement with Global New Material International Holdings Ltd. to divest its Surface Solutions business. Merck KGaA’s key developments in 2025: Financial performance: In 2025, Merck KGaA achieved total revenue of €21.102 billion, representing a 0.26% decline year-on-year. Revenue breakdown: Pharmaceuticals segment — €8.607 billion (40.79% of total revenue); Electronics segment — €3.515 billion (16.66% of total revenue); Life Science Services segment — €8.980 billion (42.56% of total revenue).

Merck’s 2025 international regulatory approvals, collaboration/licensing deals, acquisitions and mergers, clinical developments, and financial disclosures—summary.

Merck KGaA’s official website disclosed the following product regulatory approval progress in 2025, including Ezmekly for plexiform neurofibromas, Ogsiveo for progressive desmoid tumors, and pimicotinib for tenosynovial giant cell tumor. Collaboration and licensing activities in 2025 included: a partnership with Opentrons Labworks Inc. on automated diagnostic kits; a collaboration with Shanghai Akeso Biopharma Co., Ltd. on pimicotinib; a partnership with imec on microphysiological systems platforms; a collaboration with Mantro on protein replacement therapies; a partnership with Siemens on digital transformation; and a collaboration with Promega Corporation on organoid-based drug screening and discovery.

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