Merck & Co. Inc. MRK, +0.12% said Thursday that it entered into an agreement with Sichuan Kelun Pharmaceutical Co. Ltd. 002422, +10.00% to develop seven new cancer therapies. Merck will pay the Chinse biotech an upfront payment of $175 million, with milestone payments worth up to $9.3 billion. Merck will also make an equity investment in the company. Merck’s stock is up 44.7% so far this year, while the S&P 500 SPX, -1.45% is down 18.6%.
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