Why ArQule Shares Are Skyrocketing Today

Shares of ArQule (NASDAQ: ARQL) were skyrocketing 103.4% as of 10:57 a.m. EST on Monday. The huge jump came after Merck (NYSE: MRK) announced plans to acquire ArQule for $2.7 billion.

Merck liked what it saw with ArQule's promising pipeline candidate ARQ 531. The experimental drug is currently in a phase 2 clinical study targeting the treatment of B-cell malignancies. Merck Research Laboratories president Roger Perlmutter said that the acquisition of ArQule "strengthens Merck's pipeline" and especially noted the potential of ARQ 531.

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Source Fool.com