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Article: Nastech, Merck In Obesity Deal Worth Up To $346M.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. 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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Staff Writer
In what its CEO called the most significant transaction in the history of the company, Nastech Pharmaceutical Co. Inc. formed a potential $346 million global alliance with Merck & Co. Inc. to develop and commercialize Peptide YY 3-36 Nasal Spray (PYY) for obesity.
The company's stock (NASDAQ:NSTK) surged 70 percent Monday, or $5.41, to close at $13.15.
Under the agreement, Bothell, Wash.-based Nastech will receive an up-front cash payment of $5 million and will be eligible to receive up to $131 million in development and approval milestones, and up to $210 million in sales-related milestones, in addition to royalties.
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