Diabetes-related therapy candidate stars in $700 million-plus Merck & Co deal
East Coast, USA, protease inhibitor specialist KalVista Pharmaceuticals (Nasdaq: KALV) has signed a deal with Merck & Co (NYSE: MRK), sending shares in the thinly-traded startup through the roof.
Under the terms of the deal, Merck will pay $37 million upfront, and there is a potential for some $700 million or more in milestone payments and royalties, if all goes well.
Merck will acquire a near-10% stake in the firm, which saw its share price double this morning before dropping back to about 1.5 times the opening bell-asking price.
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