May 21, 2001 — WHITEHOUSE STATION, NJ — U.S.-based pharmaceutical Merck & Co. plans to acquire Rosetta Inpharmatics.
Under the deal, each Rosetta share will be converted into 0.2352 shares of Merck stock, putting the value of the transaction at approximately $620 million. Rosetta will also operate as an independent unit within MRL. Merck will keep Rosetta’s facilities in Kirkland and Bothell, Washington.
Merck officials say the deal will allow the company to further enhance its work in the area of genomics.
“We realize that the availability of the human genome sequence is just the first step in a long process of identifying gene products and their functions, and translating them into innovative medicines that can prevent, treat or cure disease. Rosetta will be a tremendous asset in helping Merck more efficiently analyze gene data and intelligently select drug targets. We are pleased to have an organization so well skilled in genomics research join our fold,” said Anthony Ford-Hutchinson, executive vice president, worldwide basic research, Merck Research Laboratories (MRL).