Pharmaceutical giant Merck is about to become a whole lot bigger.
The company announced this morning that it has entered into a definitive agreement with Cubist Pharmaceuticals to acquire Cubist for a total transaction value of approximately $9.5 billion.
"Cubist is a global leader in antibiotics and has built a strong portfolio of both marketed and late-stage pipeline medicines," said Kenneth C. Frazier, chairman and CEO of Merck. "Combining this expertise with Merck's strong capabilities and global reach will enable us to create a stronger position in hospital acute care while addressing critical areas of unmet medical need, such as antibiotic resistance."
The transaction is expected to close in the first quarter of 2015.
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