Artios will receive a $30 million upfront payment and Merck will have exclusive worldwide rights to develop and commercialise selected therapeutics discovered under the collaboration. If Merck chooses to exercise the option, subject to double digit option fees, Artios will be eligible to receive up to $860 million per target, in addition to up to double digit royalty payments on net sales of each product. Subject to certain conditions, Artios also has opt-in rights for joint development and commercialisation with Merck for the programmes.