WHITEHOUSE STATION, N.J. and SAN DIEGO, July 25, 2007
Merck & Co Inc, one of the world's leading research-based pharmaceutical companies, and NovaCardia, Inc, a privately held clinical-stage pharmaceutical company focused on cardiovascular diseases, have announced that they have entered into a definitive agreement under which Merck will acquire NovaCardia.
Under the agreement, Merck will acquire all of the outstanding equity of NovaCardia for $350 million plus the amount of cash on hand at the time of closing, all of which will be paid in Merck stock based on the average closing stock price on the five days prior to closing of the acquisition.
"This acquisition continues to deliver on our strategy of targeted acquisitions in areas of unmet medical need in the therapeutic areas of strategic importance for Merck such as cardiovascular diseases," said Richard Kender, vice president of business development and corporate licensing at Merck.
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