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Vertex Gets Research Funding

It extends a pact with Cystic Fibrosis Foundation Therapeutics.

Vertex Pharmaceuticals

(VRTX) - Get Vertex Pharmaceuticals Incorporated Report

said it extended a research collaboration with Cystic Fibrosis Foundation Therapeutics (CFFT).

Under the extended agreement, CFFT will provide an additional $22 million to Vertex through early 2008 for Cystic Fibrosis Drug Research.

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CFFT is the drug discovery and development affiliate of the Cystic Fibrosis Foundation, a nonprofit organization.

Vertex retains the right to develop and commercialize any compounds discovered under the agreement, and will pay CFFT royalties on net sales. P/>Vertex initiated its CF research program in May 2000 as part of collaboration with CFFT, and expanded the agreement in May 2004.

Shares of Vertex are trading on Thursday afternoon at $34.21, up 29 cents, or 0.85%.

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