Merck to Buy ArQule for $2.7 Billion, or $20/Share
December 09 2019 - 07:26AM
Dow Jones News
By Colin Kellaher
Merck & Co. (MRK) Monday said it agreed to buy ArQule Inc.
(ARQL) for $20 a share in cash, for a total equity value of roughly
$2.7 billion.
The purchase price is more than double Friday's closing price of
$9.67 for ArQule, a Burlington Mass., biopharmaceutical
company.
Shares of ArQule surged more than 100% to $19.45 in premarket
trading.
Merck, a Kenilworth, N.J., drug maker known for the cancer drug
Keytruda, said the deal expands its oncology pipeline into targeted
therapies that treat hematological malignancies.
Merck said it expects to complete the acquisition early in the
first quarter.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 09, 2019 07:11 ET (12:11 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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