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Merck buys biotech Sirna Therapeutics for $1.1 billion

Merck buys biotech Sirna Therapeutics for $1.1 billion

Drugmaker Merck & Co. said Friday it has completed its $1.1 billion (euro840 million) acquisition of Sirna Therapeutics Inc., a small biotech company that won this year's Nobel Prize for medicine.
The deal closed a day after shareholders of San Francisco-based Sirna voted to approve the acquisition.
Merck, one of the world's biggest pharmaceutical companies, said Oct. 30 it had offered Sirna shareholders $13 per share for the company, about double Sirna's closing stock price that day and $4.50 above its previous high.
Sirna is among several biotech companies developing drugs that silence genes by speeding up destruction of the messenger-carrying RNA transcribed from individual genes. That could be particularly useful in developing cancer drugs.
Merck has said the technology represents a fundamental shift in how drugs are developed, which could expand the number of potential targets for drugs and make them longer-lasting and more potent.
Acquiring Sirna also complements RNA-related technology Merck got with its 2001 acquisition of Rosetta Inpharmatics, Merck has said.
Sirna shares closed up 2 cents at $13.01 a share in trading on the Nasdaq Stock Market. Merck shares rose 5 cents to $43.60 on the New York Stock Exchange.
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On the Net:
http://www.merck.com
http://www.sirna.com


Updated : 2021-05-11 22:24 GMT+08:00