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Merck & Co. completes $2.7B acquisition of cancer therapy developer ArQule

Merck & Co. Inc. completed its $2.7 billion acquisition of Burlington, Mass.-based precision medicine specialist ArQule Inc.

The Kenilworth, N.J.-based maker of blockbuster cancer drug Keytruda offered $20 for every ArQule share acquired. At the close of the tender offer period, 75.3% of ArQule's outstanding common stock were validly tendered, with the remaining shares canceled and converted into a right to receive $20 apiece.

ArQule — whose lead product candidate is blood cancer therapy ARQ 531 — will delist from the Nasdaq Global Select Market and operate as a wholly owned subsidiary of Merck.