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Merck (MRK) continues to employ M&A to bolster its leading position in oncology, as it has acquired ArQule (ARQL) in what seems to be quite an aggressive move to add to its pipeline. Despite the aggressiveness, ArQule is just a bolt-on acquisition for a firm the size of Merck which continues to add to the pipeline, driven by very strong operational momentum.
The Deal
Merck has reached a deal to acquire ArQule for $20 per share in cash, working down to a $2.7 billion equity valuation. The company focuses on so-called