Merck & Co. has advanced its biosimilars business with an exclusive global agreement to develop and commercialise HD203, a biosimilar version of Pfizer and Amgen’s blockbuster arthritis and psoriasis drug Enbrel® (etanercept), which is being developed by South Korea’s Hanwha Chemical. Merck will be responsible for the development, manufacturing and commercialisation of HD203 worldwide, with the exception of South Korea and Turkey where Hanwha has retained marketing rights. Although specific financial terms of the agreement were not disclosed, the total deal value is reportedly in the region of US$720 M.