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Merck (NYSE:MRK) will acquire ArQule, Inc. (NASDAQ:ARQL) for $20 per share in cash for an approximate total equity value of $2.7 billion.
ArQule is a biopharmaceutical company focused on kinase inhibitor discovery and development for the treatment of patients with cancer and other diseases.
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“ArQule’s focus on precision medicine has yielded multiple clinical-stage oral kinase inhibitors that have novel and important properties,” said Dr. Roger Perlmutter, president, Merck Research Laboratories in a statement. “This acquisition strengthens Merck’s pipeline with the addition of these strategic assets including, most notably, ARQ 531, a compelling candidate for the treatment of B-cell malignancies.”
Merck shares were trading 0.14% higher at $88.97 in Monday's pre-market session. The stock has a 52-week high of $89.24 and a 52-week low of $70.89.
ArQule's stock traded higher by 101% to $19.50 at time of publication.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.