Pfizer dampens Astra bid hopes with German Merck cancer deal

November 17, 2014 10:37 AM

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Pfizer dampens Astra bid hopes with German Merck cancer deal

FRANKFURT/LONDON (Reuters) - Pfizer (PFE.N) dampened investors' expectations of a renewed bid for AstraZeneca (AZN.L) on Monday by signing a major cancer drug deal with Germany's Merck KGaA (MRCG.DE), reducing the U.S. firm's need for Astra's products.

Merck will get an upfront payment of $850 million from the U.S. drugmaker for sharing rights to develop its experimental immunotherapy drug with Pfizer. It is also eligible for up to $2 billion in payments based on the medicine's future success.

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