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Merck to buy Viralytics for $394 million to boost immuno-oncology

Published 21/02/2018, 09:31
Updated 21/02/2018, 09:31
© Reuters.  Merck to buy Viralytics for $394 million to boost immuno-oncology

(Reuters) - U.S. drugmaker Merck (NYSE:MRK) & Co, already one of the leaders in the hot area of cancer immunotherapy, said on Wednesday it had agreed to buy Viralytics for 502 million Australian dollars ($394 million) to expand its drug pipeline.

Merck will pay 1.75 Australian dollars per share for the Sydney-based biotech company, which uses viruses to infect and kill cancer cells. That represents a premium of 160 percent to the average stock price over the past month.

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