NEW YORK (Thomson Financial) - Geron Corp. Wednesday said it had received $4
million from pharmaceutical giant Merck & Co. related to a licensing agreement
made between the two companies that provided Merck with exclusive worldwide
rights to develop and sell a cancer vaccine.
The research, development and commercialization agreement was made in July
2005.
The payment was prompted by Merck filing an investigational new drug
application for the vaccine. Geron said it is also eligible to receive other
payments upon certain development milestones, as well as royalties on worldwide
product sales.
Geron is a pharmaceutical company based in Menlo Park, Calif. Its stock
closed Tuesday at $6.56.
Shares of Merck closed Tuesday at $60.40.
Ryan Vlastelica
rv/pc
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