Kenilworth-based Merck announced on Thursday the successful completion of the cash tender offer, through a subsidiary, for all of the outstanding shares of common stock of ArQule Inc. at a purchase price of $20.00 per share.
ArQule is a biopharmaceutical company focused on kinase inhibitor discovery and development for the treatment of patients with cancer and other diseases. ArQule’s lead investigational candidate, ARQ 531, is a novel, oral Bruton’s tyrosine kinase (BTK) inhibitor currently in a Phase 2 dose-expansion study for the treatment of B-cell malignancies.
Following the completion of the tender offer, Merck completed the acquisition of ArQule through a merger of Merck’s wholly-owned subsidiary with and into ArQule in which all shares not tendered into the offer were canceled and converted into the right to receive cash equal to the $20.00 offer price per share, without interest, less any applicable tax withholding.
At the completion of the merger, ArQule became a wholly-owned subsidiary of Merck. The common stock of ArQule will no longer be listed or traded on the NASDAQ Global Select Market.