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Market Pulse: Geron and Merck to develop cancer vaccine
Monday July 18, 7:42 am ET
By Leslie Wines
NEW YORK (MarketWatch) - Geron Corp. Monday said it entered an agreement with Merck & Co. to develop a cancer vaccine targeting the enzyme telomerase. Geron will receive an upfront payment of unspecified amount, milestone payments upon achievement of certain development and regulatory events, and royalties. The arrangement also calls for Merck to acquire equity in Geron at a future date. Telomerase is an enzyme, active in most cancer cells, that maintains telomere length at the ends of chromosomes. In pre-market trade, shares of Geron rose 9.3%, gaining 80 cents to $9.40.
Geron Enters into a Collaboration and License Agreement with MERCK & CO., INC. for Cancer Vaccines Targeting Telomerase
Monday July 18, 7:30 am ET
MENLO PARK, Calif.--(BUSINESS WIRE)--July 18, 2005--Geron Corporation (Nasdaq:GERN - News) announced today it has entered into a collaboration and license agreement with Merck & Co., Inc. (NYSE:MRK - News) to develop a cancer vaccine targeting telomerase utilizing Merck's expertise in vaccine technologies.
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Under the terms of the agreement, Geron will receive an upfront payment, milestone payments upon achievement of certain development and regulatory events, and royalties. Merck has also agreed to acquire equity in Geron at a future date as part of Geron's next round of financing. Additional financial terms were not disclosed.
In addition, Merck has acquired an exclusive option to negotiate a separate agreement for Geron's dendritic cell-based telomerase vaccine currently in Phase I/II clinical trials at Duke University Medical Center. Geron will receive an option payment from Merck in consideration for the option. The structure and terms of an agreement for the dendritic cell vaccine will be negotiated should Merck exercise its rights under the option.
"This alliance reflects Merck's recognition of telomerase as an important cancer target and Geron's recognition of the strength of Merck's vaccine platform," said Thomas Okarma, M.D., Ph.D., Geron's president and chief executive officer. "Our decision to collaborate with Merck was an easy one to make. In the course of our discussions, we have been impressed with Merck's focus and commitment to developing cancer vaccines."
Geron and Merck have jointly developed a research and development plan to optimize and expedite the demonstration of efficacy and tolerability of a potential vaccine against telomerase using Merck's platform. Meanwhile, Geron will continue development of its dendritic cell-based vaccine product, which is currently in Phase I/II clinical trials and is the subject of the exclusive option obtained by Merck.
"We at Merck are excited about what Geron has demonstrated with telomerase in cancer. Our objective is to combine our technologies with the hope of bringing a product to market that may have application across a large number of cancers," said Stephen Friend, M.D., Ph.D., executive vice president, Advanced Technology and Oncology at Merck Research Laboratories. "This is a project of high interest and commitment at Merck, and is indicative of Merck's strategic direction in developing new anti-cancer therapies."
Telomerase and Cancer
Telomerase is an enzyme, active in most cancer cells, that maintains telomere length at the ends of chromosomes. This activity confers replicative immortality to the cells in the tumor, allowing the cancer to grow and metastasize over long periods of time. Because telomerase is inactive or only transiently expressed in normal human tissues, and is critical to the growth and progression of most cancer types, it is regarded as a universal and specific cancer target.
Geron Corporation
Geron is a biopharmaceutical company developing and commercializing three groups of products: i) therapeutic products for oncology that target telomerase; ii) pharmaceuticals that activate telomerase in tissues impacted by senescence, injury or degenerative disease; and iii) cell-based therapies derived from its human embryonic stem cell platform for applications in multiple chronic diseases.
Geron has two anti-cancer products in the clinic that target telomerase: GRN163L, a potent and specific telomerase inhibitor drug that has just received clearance from the FDA to begin testing in patients with chronic lymphocytic leukemia (CLL); and GRNVAC1, a telomerase therapeutic vaccine currently in multiple Phase I/II trials at Duke in patients with prostate cancer.
In March, results of the first completed Phase I/II clinical trial at Duke of GRNVAC1 in metastatic prostate cancer patients was published in the Journal of Immunology (JI, 2005, 174:3798-38097). The vaccine protocol successfully generated telomerase specific T-cell responses in 19 of 20 subjects. The vaccine was well tolerated with no major treatment-related toxicities. Peak immune responses to vaccination were remarkably high, with between 1%-2% of circulating CD8+ T-cells demonstrating anti-telomerase specificity. Clinically, vaccination was associated with a statistically significant increase in PSA doubling time and clearance of prostate cancer cells from the patients' blood.
This news release may contain forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements in this press release regarding potential applications of Geron's technologies constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks inherent in the development and commercialization of potential products, need for future capital, dependence on collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Geron's periodic reports, including the quarterly report on Form 10-Q for the quarter ended March 31, 2005
Geron, Merck in Vaccine Partnership
Monday July 18, 8:15 am ET
Geron Shares Soar in Premarket Activity on Cancer Vaccine Development Agreement With Merck
MENLO PARK, Calif. (AP) -- Geron Corp. shares surged 21 percent in Monday premarket activity, after the biopharmaceutical company said it will team with Merck & Co. to develop a cancer vaccine against telomerase.
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Telomerase is an enzyme, active in most cancer cells, that maintains telomere length at the ends of chromosomes. This activity allows the cancer to grow and metastasize over long periods of time.
Under terms of the agreement, Geron will receive an upfront payment, milestone payments upon reaching certain development and regulatory targets, and royalties. Merck also has agreed to acquire equity in Geron at a future date as part of Geron's next round of financing. Additional financial terms were not disclosed.
Geron shares shot up $1.83, or 21.3 percent, to $10.43 in early electronic trading. Merck shares closed Friday at $31.91 on the New York Stock Exchange.
"We at Merck are excited about what Geron has demonstrated with telomerase in cancer. Our objective is to combine our technologies with the hope of bringing a product to market that may have application across a large number of cancers," said Stephen Friend, executive vice president of Advanced Technology and Oncology at Merck Research Laboratories. "This is a project of high interest and commitment at Merck, and is indicative of Merck's strategic direction in developing new anti-cancer therapies."
In addition, Merck acquired an exclusive option to negotiate a separate agreement for Geron's dendritic cell-based telomerase vaccine currently in Phase I/II clinical trials at Duke University Medical Center. Geron will receive an option payment from Merck in consideration for the option. The structure and terms of an agreement for the dendritic cell vaccine will be negotiated if Merck decides to exercise its rights under the option.
Geron currently has two anti-cancer products in the clinic that target telomerase: GRN163L, a telomerase inhibitor drug that has just received FDA clearance to begin testing in patients with chronic lymphocytic leukemia, and GRNVAC1, a telomerase therapeutic vaccine currently in multiple Phase I/II trials at Duke in patients with prostate cancer.
UPDATE 1-Geron says Merck in cancer vaccine license deal
Mon Jul 18, 2005 08:02 AM ET
(Adds details, share activity)
CHICAGO, July 18 (Reuters) - Biotech company Geron Corp.(GERN.O: Quote, Profile, Research) said on Monday it has entered a licensing deal with drugmaker Merck & Co.(MRK.N: Quote, Profile, Research) to develop a cancer vaccine that targets telomerase, an enzyme involved in tumor growth.
Geron's shares rose 16.3 percent to $10 in premarket trade Monday on the Inet electronic brokerage, from a close of $8.60 Friday on Nasdaq.
Under the terms of the agreement, Geron will receive an upfront payment, milestone payments upon achievement of certain development and regulatory events and royalties.
Merck has also agreed to buy equity in Geron at a future date as part of Geron's next round of financing. Additional terms were not disclosed.
Geron said Merck also acquired the option to negotiate a separate deal for its dendritic cell-based telomerase vaccine currently in Phase I/II clinical trials. Dendritic cells are responsible for detecting foreign matter and instructing cancer-killing cells to attack the tumor.
Geron will receive an option payment from Merck in consideration for the option. The structure and terms of an agreement for the dendritic cell vaccine will be negotiated should Merck exercise its rights under the option.
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