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Merck Spends $1 Billion To Buy The Rights To New Cancer Drug

Merck Spends $1 Billion To Buy The Rights To New Cancer Drug
4/16/2012 1:56 PM ET

Merck has reportedly secured the rights to Endoycte's new late-stage ovarian cancer drug Vintafolide in a billion dollar deal. Merck broke the news in a press release on Monday, saying that the purchase of Vintafolide rights shows their dedication to cancer treatments.

"Vintafolide is a promising and innovative late-stage cancer drug candidate. In addition to pursuing the lead indication of platinum-resistant ovarian cancer, Merck plans to further evaluate its potential for treatment of multiple other cancer types," said Peter S. Kim, executive vice president and president at Merck Research Laboratories.

The drug giant paid $120 million upfront and committed to another $880 million in residuals.

"This agreement underscores our strategy of building a portfolio of oncology therapeutics that employ a companion diagnostic to facilitate selection of those patients most likely to respond to treatment."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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