Merck returning all vernakalant rights to Cardiome

Merck & Co. Inc. (NYSE:MRK) will return all rights to develop and commercialize IV and oral formulations of atrial fibrillation (AF) product vernakalant to partner Cardiome Pharma Corp. (TSX:COM; NASDAQ:CRME). On a conference call on Wednesday, Cardiome said Merck "made a business decision to elect to discontinue the franchise as it doesn't meet their specific strategic needs at this point in time." As part of the termination of the 2009 deal, Cardiome will no longer have access to a $100 million credit facility from Merck, $50 million of which has been drawn down. The companies are negotiating a transition plan, but declined to disclose details. Cardiome was up C$0.02 to C$0.38 on Wednesday. On NASDAQ, the stock was up $0.03 to $0.40. ...