Merck & Co Inc (NYSE:MRK) is in talks to acquire Cubist Pharmaceuticals Inc (NASDAQ:CBST)for more than $7 billion in a deal that could be announced as early as next week, the New York Times reported on Friday, citing people briefed on the matter.
Continue Reading Below
Merck will likely pay roughly $100 a share for Cubist, valuing the company that makes drugs to fight superbugs, in the range of $7.5 billion, the people said. (http://nyti.ms/1IbKXcJ)
It was not immediately clear if Merck would pay for Cubist shares with cash, stock or a mix of the two, the newspaper said.
Cubist shares rose about 22.7 percent to $91.25 on the Nasdaq in extended trade. Merck shares were flat. Both companies were unavailable for comment outside of regular business hours.
Earlier in June, Merck agreed to buy Idenix Pharmaceuticals for $3.85 billion to boost its hepatitis C drug portfolio.
(Reporting by Natalie Grover in Bengaluru; Editing by Lisa Shumaker)