Pfenex (PFNX) announced the receipt of a milestone payment from Merck (MRK) associated with the initiation of the first Phase 3 clinical study of, an investigational polyvalent conjugate vaccine for the prevention of pneumococcal disease. Under the agreement, signed in 2007, Pfenex is eligible to receive annual fees, milestone payments, and a tiered royalty based on net sales for all products developed by Merck that use the Pfenex Expression Technology platform.
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