ImmuLogic Pharmaceutical Corp. said Thursday that it hasreceived a $7 million license payment from Marion Merrill DowInc. in connection with the signing of a final agreement tojointly develop allergy therapeutics based on ImmuLogic'sAllervax compounds.
In November, MMD purchased 1 million ImmuLogic shares for$18 million and acquired for $1.2 million an option to buy250,000 more shares (NASDAQ:IMUL) for $35 per share.Additional license fees and milestone payments would rangebetween $25 million and $35 million, some of which would bereimbursable to MMD.
ImmuLogic expects to file this quarter to begin trials of itsmost advanced Allervax product, Catvax for the treatment ofcat allergies.
ImmuLogic shares rose $1 Thursday to $18.
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