MGI kept at buy by Merrill

Merrill Lynch analyst Eric Ende maintained MGI Pharma Inc. at buy on news that MGI licensed ex-North American Dacogen rights to Johnson & Johnson. The deal includes a $10 million upfront payment, $47 million in milestone payments and $25 million in research and development funding over three years, plus royalties. Shares of the Bloomington, Minn.-based biopharmaceutical company were down 26 cents, or 1.21%, at $21.19 on volume of 654,898 shares versus the three-month running average of 1,172,340 shares. (Nasdaq: MOGN)

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