Merck's share of deal: $95M

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Merck's share of deal: $95M

By KRIS HUNDLEYPublished January 30, 2007

Giant drugmaker Merck & Co. Inc. has pledged nearly $100-million, including $65-million in cash, to create a major cancer tumor research center in Tampa.

The pledge, disclosed in confidential documents obtained by the St. sburg Times, indicates Merck is willing to shoulder more than half the cost of establishing M2GEN, a for-profit subsidiary of Tampa's H. Lee Moffitt Cancer Center and Research Center, a far bigger percentage than other recent biotech incentive packages in Florida.

Nevertheless, the arrangement remained in limbo Monday as both county and state officials continued to drag their feet on approving public funds that are critical to the deal. The Merck/Moffitt partnership, which was announced last month, calls for $15-million from the state's Quick Action Closing Fund and $28-million in cash and land from Hillsborough County.

FULL STORY:

http://www.sptimes.com/2007/01/30/Business/Merck_s_share_of_deal.shtml