lost the ability to develop, manufacture, and market new serum antitoxins and vaccines. The primary focus is on the H. K. Mulford Company, on Sharp & Dohme, which acquired Mulford in 1929, and on Merck & Co., Inc., which merged with Sharp & Dohme in 1953. By surveying a century of innovation in biologicals, the authors show how the activities of these three commercial enterprises were related to a series of complex, evolving networks of scientific, governmental, and medical institutions in the United States and abroad.

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