Merck has secured global rights to develop, manufacture and commercialize SPR2015, an experimental oral cancer therapy from Chinese biotechnology company SciBrunch Therapeutics, in a deal valued at up to $2.13 billion. SciBrunch will receive $400 million upfront and could collect as much as $1.73 billion in milestone payments tied to clinical and commercial progress. SPR2015 targets KRAS G12D mutations, which are frequently found in pancreatic, lung and colorectal cancers, but remains preclinical with no human trials begun. Merck will record a $400 million pretax charge, or about 13 cents per share, in its third-quarter 2026 results. The transaction is part of a broader pattern in which Chinese biotechs retain domestic rights while licensing overseas development and commercialization to international drugmakers in return for upfront payments, milestones and royalties.