Ardea Biosciences (RDEA -0.1%) says it's earned a $7.5M milestone payment from Bayer (BAYRY.PK)...

|About: Ardea Biosciences, Inc. (RDEA)|By:, SA News Editor

Ardea Biosciences (RDEA -0.1%) says it's earned a $7.5M milestone payment from Bayer (BAYRY.PK) under the terms of their April 2009 global license agreement to develop and commercialize RDEA's mitogen-activated ERK kinase inhibitor compounds for cancer and other indications. The milestone was triggered by the recent initiation of Phase 2 clinical studies. Separately, Gabelli says it's raised its stake in the company from 7.9% to 8.94%.