Merck to buy Massachusetts cancer drug developer for $2.7 billion

Merck entered into a $2.7 billion deal Monday to buy ArQule Inc., a Massachusetts-based biopharmaceutical company developing targeted therapies for cancer and rare diseases. Under the terms of the cash deal, which still requires regulatory and shareholder approval, Merck (NYSE: MRK) will pay $20 per share to ArQule (NASDAQ: ARQL) stockholders. The offer is more than a 100% premium over the $9.66 share price ArQule closed at on Friday. Based in Kenilworth, New Jersey , Merck has a large presence…
Source: bizjournals.com Health Care:Pharmaceuticals headlines - Category: Pharmaceuticals Authors: Source Type: news