Ipsen jumps into the TCR space, teaming with startup helmed by former Merck KGaA cancer chief

Ipsen is continuing its dealmaking ways to kick off the new month, shelling out a handsome $45 million upfront to a TCR upstart Monday morning.

The French pharma company is partnering with Marengo Therapeutics on two experimental drugs, with the biotech taking on preclinical work and Ipsen planning to run the clinical studies. And the payoff for Marengo could be huge — Ipsen is promising nearly $1.6 billion in milestones if both programs hit all of their goals.