logo
Plus   Neg
Share
Email

Merck To Acquire ArQule For $20/share In Cash - Quick Facts

Biopharmaceutical company Merck (MRK), known as MSD outside the U.S. and Canada, agreed Monday to acquire, through a subsidiary, its peer ArQule, Inc. (ARQL) for $20 per share in cash for an approximate total equity value of $2.7 billion. The transaction is expected to close early in the first quarter of 2020.

ArQule is a publicly traded biopharmaceutical company focused on kinase inhibitor discovery and development for the treatment of patients with cancer and other diseases.

The acquisition of ArQule further diversifies Merck's oncology pipeline with expansion into targeted therapies that treat hematological malignancies.

ArQule's lead investigational candidate, ARQ 531, is a novel, oral Bruton's tyrosine kinase (BTK) inhibitor currently in a Phase 2 dose expansion study for the treatment of B-cell malignancies.

Under the terms of the agreement, Merck, through a subsidiary, will initiate a tender offer to acquire all outstanding shares of ArQule at $20 per share.

The closing of the tender offer is primarily subject to the tender of shares representing at least a majority of the total number of ArQule's outstanding shares and other customary conditions. Upon the successful completion of the tender offer, Merck's acquisition subsidiary will be merged into ArQule.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Swiss drug major Novartis AG reported Wednesday that its fourth-quarter net profit declined, while operating income climbed on strong sales growth. Looking ahead, for fiscal 2020, the company expects net sales to grow mid to high-single digit and core operating income to grow high-single to low double digit, both in constant currency. Starbucks on Tuesday said it has closed more than half of its stores in China temporarily due to the worsening coronavirus outbreak that claimed around 132 lives in the country. The coffee giant is also monitoring and modifying the operating hours of all of its stores in the region.The closed store count would be more than 2000 as Starbucks operates almost 4,300 outlets in China. eBay Inc. (EBAY) Wednesday reported a fourth-quarter profit that trumped Wall Street analysts' estimates, as did revenues. However, shares of the company slipped over 5% after the company issued a weak outlook for the first quarter. eBay's fourth-quarter profit dropped to $558 million or $0.69 per...
Follow RTT
>