Geron, Pharmacia & Upjohn deal

The companies finalized their agreement to develop cancer drugs that inhibit telomerase, an enzyme responsible for immortalizing cancer cells (see BioCentury Jan. 6). GERN could receive up to $58 million, including $10 million in equity as well as research funding and milestones, which are partially recoverable against future royalties. Pharmacia & Upjohn,which made a $2 million equity investment in GERN upon signing in December, will purchase an additional $8 million in equity in two tranches - a $4 million purchase next month and a $4 million purchase on the first anniversary of the signing. ...