Merck buys vax unit from bankrupt Hawaii Biotech

Merck (NYSE: MRK) has agreed to purchase bankrupt Hawaii Biotech's dengue fever vaccine unit for an undisclosed sum. It's a critical move for Hawaii, which filed for Chapter 11 bankruptcy protection last year and will deplete a $2 million credit line by the end of this month. The sale leaves Hawaii with a West Nile virus vaccine in development. Hawaii CEO Elliot Parks says Merck's interest in the dengue unit validates the work his company has done on the program. "We're very proud to...