(Reuters) – Merck & Co Inc said on Thursday it agreed to acquire privately held VelosBio for $2.75 billion in cash, a move that will help it strengthen its cancer drug portfolio.
VelosBio’s lead investigational drug is being evaluated in clinical trials for the treatment of patients with hematologic malignancies and solid tumors.
The closing of the transaction is expected by the end of 2020, the companies said.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila, Bernard Orr)
