Pharmaceutical deal worth $3.9B signed

Merck will buy the biotechnology company Idenix Pharmaceuticals for $3.85 billion in an effort to bolster its arsenal of potential drugs in the hotly competitive hepatitis C area, the companies announced on Monday.

According to the New York Times, Merck will pay $24.50 in cash per share, 3.4 times Idenix's closing price of $7.23 a share on Friday.

Merck will buy the biotechnology company Idenix Pharmaceuticals for $3.85 billion in an effort to bolster its arsenal of potential drugs in the hotly competitive hepatitis C area, the companies announced on Monday.

Read more from the New York Times.