Merck has agreed to take over the development of Biomira's experimental lung cancer therapy in a deal that sent the Canadian biotech's share price up 30 percent. Merck will take over financial responsibility for L-BLP25, a vaccine for non-small-cell lung cancer, beginning March 1. "This is an excellent agreement and will ensure the fastest possible initiation of the Phase 3 program...as well as the possibility of exploring L-BLP25's potential in other forms of cancer," said Biomira CEO Alex McPherson. "Merck's decision to take over the full cost of the trials will enable Biomira to focus our efforts and resources on our follow-on cancer vaccine, BGLP40, and on building our pipeline by acquiring new products."
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