Merck To Buy Cancer Drug Developer ArQule For USD 2.7 bln In Cash

Merck & CO said on Monday it would buy cancer drug developer ArQule Inc for $2.7 billion in cash to beef up its portfolio of blood cancer treatments.

The offer of $20 per share is more than double its closing price on Friday.

ArQule was trading at $19.20 before the bell. (Reporting by Tamara Mathias in Bengaluru; Editing by Anil D’Silva).-Reuters