Merck Ready to Pay $1 Billion for Cancer Drug - FOX44 - Burlington / Plattsburgh News, Weather & Sports

Merck Ready to Pay $1 Billion for Cancer Drug

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RAHWAY, N.J. -

The pharmaceutical giant Merck is ready to pay $1 billion for a cancer drug.

The company says it will shell out $120 million upfront as part of a deal with the bio-pharmaceutical company, Endocyte.

According to the agreement, it will give Merck rights to develop and commercialize Endocyte's experimental cancer drug Vintafolide.

If certain conditions are met, Merck will pay Endocyte an additional $880 million.

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