LATER UPDATE: Here is a rather breathless account of the deal's back and forth -- from Bloomberg. I'll not need to add. . . anything to that link. I guess Roger has known the NGM folks since at least 2004, at Amgen.
In any event -- from that gent, Ed, who had it first -- at Pharmalot, then:
. . . .Merck will provide a $94 million upfront payment and a $106 million equity investment for a 15% stake, and also fund $250 million of NGM R&D projects over the next five years, although NGM has full authority to control R&D. Merck R&D chief Roger Perlmutter and NGM chief scientific officer, Jin-Long Chen, by the way, once worked together at Amgen. . . .
Off to court, and other sundry duties!
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