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Pfizer pays top dollar to buy into Merck's anti-cancer research


Business

Pfizer pays top dollar to buy into Merck's anti-cancer research

Bid fever over US drugs giant Pfizer appears to have calmed with the news it is to collaborate with Germany’s Merck in a major deal to develop an immunotherapy drug.

Merck will share its rights on the cancer treatment in return for an immediate 680-million-euro cash payment, and a success-linked bonus of up to 1.6 billion euros.

This means Pfizer is less likely to revive its controversial takeover bid for Britain’s AstraZeneca, which has a rival treatment under development.

Pfizer will also be less reliant on Astra’s products.

Russian billionaire Yevtushenkov stays under house arrest over oil company purchase

Business

Russian billionaire Yevtushenkov stays under house arrest over oil company purchase