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Merck: buys Australian oncology firm Viralytics

(CercleFinance.com) - US drug giant Merck has signed a definitive agreement to acquire Viralytics, an Australian company focused on oncolytic immunotherapies, for which it will pay 394 million dollars in cash.

The price of 1.75 Australian dollar offered for each Viralytics share listed on the Australian Securities Exchange represents a premium of 160% to the share's average price over the last month, Merck said.

After the deal is completed, Viralytics will become a wholly-owned subsidiary of Merck, allowing the US drugmaker to gain full rights to Cavatak, Viralytics's investigational immunotherapy that infects and kills cancer cells.

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