We study in detail the bound state spectrum of the generalized Morse
potential~(GMP), which was proposed by Deng and Fan as a potential function for
diatomic molecules. By connecting the corresponding Schr\"odinger equation with
the Laplace equation on the hyperboloid and the Schr\"odinger equation for the
P\"oschl-Teller potential, we explain the exact solvability of the problem by
an $so(2,2)$ symmetry algebra, and obtain an explicit realization of the latter
as $su(1,1) \oplus su(1,1)$. We prove that some of the $so(2,2)$ generators
connect among themselves wave functions belonging to different GMP's (called
satellite potentials). The conserved quantity is some combination of the
potential parameters instead of the level energy, as for potential algebras.
Hence, $so(2,2)$ belongs to a new class of symmetry algebras. We also stress
the usefulness of our algebraic results for simplifying the calculation of
Frank-Condon factors for electromagnetic transitions between rovibrational
levels based on different electronic states.