Merck to Buy Australia's Viralytics for $394 Million

   By Colin Kellaher

Merck & Co. (MRK) Wednesday said it agreed to buy Australia's Viralytics Ltd. (VLA.AU) for about $394 million in cash in a deal that expands Merck's immuno-oncology pipeline.

Merck, based in Kenilworth, N.J., said it will pay 1.75 Australian dollars for each share of Viralytics, a Sydney-based company focused on oncolytic-immunotherapy treatments for a range of cancers. The deal represents a 160% premium to Viralytics's one-month volume weighted average share price.

Merck said it will gain full rights to Cavatak, Viralytics's investigational oncolytic immunotherapy, which is currently being evaluated in multiple Phase 1 and Phase 2 clinical trials, including in combination with Merck's Keytruda anti-PD-1 therapy. Under an agreement the companies announced in November 2015, a study is investigating the use of the Cavatak and Keytruda combination in melanoma, prostate, lung and bladder cancers.

Merck said it expects to complete the acquisition of Viralytics in the second quarter.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 21, 2018 06:26 ET (11:26 GMT)

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