Endocyte Inc. (ECYT: Quote) and Merck (MRK: Quote) 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.
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by RTT Staff Writer
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