Merck to Buy Australia's Viralytics for $394 Million
February 21 2018 - 6:41AM
Dow Jones News
By Colin Kellaher
Merck & Co. (MRK) Wednesday said it agreed to buy
Australia's Viralytics Ltd. (VLA.AU) for about $394 million in cash
in a deal that expands Merck's immuno-oncology pipeline.
Merck, based in Kenilworth, N.J., said it will pay 1.75
Australian dollars for each share of Viralytics, a Sydney-based
company focused on oncolytic-immunotherapy treatments for a range
of cancers. The deal represents a 160% premium to Viralytics's
one-month volume weighted average share price.
Merck said it will gain full rights to Cavatak, Viralytics's
investigational oncolytic immunotherapy, which is currently being
evaluated in multiple Phase 1 and Phase 2 clinical trials,
including in combination with Merck's Keytruda anti-PD-1 therapy.
Under an agreement the companies announced in November 2015, a
study is investigating the use of the Cavatak and Keytruda
combination in melanoma, prostate, lung and bladder cancers.
Merck said it expects to complete the acquisition of Viralytics
in the second quarter.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 21, 2018 06:26 ET (11:26 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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