Merck drops $2.7B on 26-year-old Burlington biotech

Drug giant Merck& Co. announced Monday that it will spend billions to buy a 26-year old biotech company that's struggled to bring a cancer drug to market.   Merck (NYSE: MRK) will spend approximately $2.7 billion to acquire Burlington-based ArQule Inc. (Nasdaq: ARQL). The biotech's drug that's furthest along in clinical trials is in the mid-stage tests against relapsed or refractory chronic lymphocytic leukemia. ArQule is expected to disclose more clinical data at an industry conference Monday. ArQule,…
Source: bizjournals.com Health Care:Pharmaceuticals headlines - Category: Pharmaceuticals Authors: Source Type: news