Key Developments: Endocyte Inc (ECYT.OQ)
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1 Aug 2013
$0.83 (+4.62%)
$17.97
$18.12
$18.86
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$18.86
$7.50
Latest Key Developments (Source: Significant Developments)
Merck & Co Inc And Endocyte Inc. Announces Worldwide Agreement To Develop And Commercialize Phase III Cancer Candidate Vintafolide
Merck & Co Inc and Endocyte Inc.announced that they have entered into an agreement to develop and commercialize Endocyte's investigational therapeutic candidate vintafolide (EC145). Under the agreement, 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 payments of up to $880 million based on the achievement of development, regulatory and commercialization goals for vintafolide for a total of six cancer indications. In addition, if vintafolide receives regulatory approval, Endocyte will receive an equal share of the profit in the United States (U.S.) as well as a double digit percentage royalty on sales of the product in the rest of the world. Endocyte has retained the right to co-promote vintafolide with Merck in the U.S. and Merck has the exclusive right to promote vintafolide in the rest of world. Endocyte will be responsible for the majority of funding and completion of the PROCEED trial. Merck will be responsible for all other development activities and costs and have all decision rights for vintafolide. Endocyte remains responsible for the development, manufacture and commercialization worldwide of etarfolatide, a non-invasive companion diagnostic imaging agent that is used to identify folate receptor positive tumor cells. Full Article

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