Merus (MRUS) and Biohaven (BHVN) said Sunday they are partnering to co-develop three bispecific therapies using Merus' Biclonics platform and Biohaven's technologies.

Financial terms of the research collaboration and license agreement were not disclosed.

The collaboration has "the potential to significantly benefit patients across various cancer types through an enhanced efficacy and safety profile," said Brian Lestini, president of oncology at Biohaven.

Merus will receive a payment and license fee for the first ADC program, while preclinical costs will be split, with Merus covering bispecific antibody generation and Biohaven handling ADC generation cost, the companies added.

Both companies plan to share further development and marketing costs if the programs advance, they said.