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NASTECH SEALS DEAL WITH P&G - SHARES JUMP A MULTIMILLION-DOLLAR LINKUP ON OSTEOPOROSIS NASAL SPRAY.(Business)
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Seattle Post-Intelligencer (Seattle, WA)
- Article date:
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February 2, 2006
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Copyright informationCOPYRIGHT 2006 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: BRAD WONGP-I reporter
Shares of Nastech Pharmaceutical Co. Inc. jumped 18 percent Wednesday, after the Bothell biotechnology company announced a multimillion-dollar agreement with Procter & Gamble Pharmaceuticals Inc. to develop a nasal spray for osteoporosis.
In regular trading, Nastech shares closed at $18.79, up $2.89 from Tuesday.
The deal would give Nastech $10 million in an upfront payment. During the partnership's first year, payments could reach $32 million. Overall, payments could climb to $577 million, depending on the nasal spray's development, marketing and commercialization.
The companies will focus on Nastech's parathyroid hormone ...