About a year after its deal for the compound ended with Bayer AG, Paratek Pharmaceuticals Inc. entered a license and development deal with Merck & Co. Inc. worth up to $127 million plus royalties if the FDA approves PTK 0796, a broad-spectrum antibiotic with oral and intravenous versions in Phase I clinical trials. (BioWorld Today)

ImClone Systems Inc. stands to get a $250 million milestone payment from partner Bristol-Myers Squibb Co., thanks to the FDA’s approval of the colorectal cancer drug Erbitux for the added indication of head and neck cancer. (BioWorld Today)

With enrollment finished in the Phase III trial testing its prostate cancer drug, GPC Biotech AG raised €36.2 million ($43M) in a private placement with a pair of German investment firms owned by the family of Dietmar Hopp, who founded the world’s largest business software concern, SAP AG. (BioWorld Today)