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After an enthusiastic midweek hop, biotech stocks rounded out a blasé end-of-week performance with business updates and legal matters Friday.
Celera(CRA Quote), however, emerged as a winner. The company said Friday it received a $2 million milestone payment from Merck(MRK Quote) for the advancement of odanacatib for osteoperosis into a phase III clinical trial.
Celera, an Applera(ABI Quote) subsidiary, and Merck have had a collaboration agreement since 1996 on a program targeting cathepsin K, an enzyme believed to play a role in osteoperosis. Merck has been sole responsible for research and development since February 2003. ...
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