Kelun Pharmaceutical Announces Merck Terminates Collaboration on Two Excluded Preclinical ADC Assets

Kelun Pharmaceutical Announces that its Controlling Subsidiary, Kelun-Biotech, Has Received Formal Written Notice from MSD. MSD Decides to (1) Terminate the Exclusive License Granted by Kelun-Biotech for the Development, Manufacturing, and Commercialization of a Preclinical ADC Asset; (2) Not Exercise the Exclusive Option Granted by Kelun-Biotech to Obtain an Exclusive License for Another Preclinical ADC Asset. Except for the Changes Disclosed Above, There Are No Other Changes in the Cooperation Between Kelun-Biotech and MSD. The Cooperation Between Kelun-Biotech and MSD on Three Clinical-Stage ADC Assets and Four Preclinical ADC Assets Has Not Been Affected.