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Endocyte Inc. (ECYT) Is Up Sharply On Merck Agreement

Endocyte Inc. (ECYT) and Merck (MRK) announced Monday morning that they have entered into an agreement to develop and commercialize Endocyte's investigational therapeutic candidate, vintafolide. Merck, through a subsidiary, will gain worldwide rights to develop and commercialize vintafolide. Endocyte will receive a $120 million upfront payment and is eligible for milestone payments of up to $880 million.

Endocyte has gapped open sharply higher Monday and is now up 4.05 at $7.85 on above average volume. The stock has jumped to a 4-month high.

by RTTNews Staff Writer

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