Merck Relinquishes Rights to Nastech Drug

Merck & Co. (MRK) returned full rights of obesity drug PYY3-36 to Nastech Pharmaceutical Co. (NSTK) after disappointing test results. Shares of Nastech plunged $8.594 to close at $14.43 while Merck stock edged up 16 cents to close at $35.12.