Viralytics Ltd. said it implemented a previously announced scheme of arrangement to be acquired by Merck & Co. Inc.
The scheme was approved by Viralytics' shareholders and by the Federal Court of Australia on May 28 and June 4, respectively.
Under the deal, Merck paid A$502.4 million, or A$1.75 per share, to acquire all ordinary shares of the Sydney-based immuno-oncology company.
Following the scheme's implementation, Viralytics applied to be removed from the official list of the Australian Securities Exchange after trading closes on June 21.
Further, all Viralytics directors — except for Malcolm McColl — have retired from the company's board. The vacated seats on the company's board have been filled by Merck Sharp & Dohme (Holdings) Pty. Ltd. directors Riad El-Dada and Paul Dodd.
Viralytics is a developer of immunotherapy treatments for certain cancers. Its lead product, Cavatak, is being evaluated in multiple phase 1 and phase 2 trials, including in combination with Merck's blockbuster cancer drug Keytruda for treating skin, prostate, lung and bladder cancers.