Xencor, Inc. and Merck have entered into a licensing agreement granting Merck an exclusive license to Xencor’s Xtend technology for the development of antibodies towards an undisclosed Merck drug target. Xencor will receive an upfront $3 million license fee and an additional payment upon selection of an Xtend variant. Xencor is also eligible to receive clinical development milestones and royalties on product sales. “We are delighted to establish with Merck one of the first collaborat...