Merck MRK will acquire ArQule, Inc. 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.
“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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.