* Matrix Pharmaceutical Inc., a money-losing biotech...
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Bloomberg News
* Matrix Pharmaceutical Inc., a money-losing biotech firm, said it bought rights to a Hoechst Marion Roussel Inc. compound to develop as a treatment for lung and colorectal cancer. Matrix said it paid $4 million for rights to develop FMdC, an intravenous drug with a chemical structure similar to Eli Lilly & Co.’s Gemzar, among the world’s best-selling cancer drugs. Matrix will make further payments to Kansas City, Mo.-based HMR, plus pay a royalty if the drug makes it to market.
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