Merck snaps up local biotech Viralytics for $500m

Another one of Australia's biotechs is poised to be snapped up by Americans after global pharmaceutical giant Merck & Co snapped up Viralytics in a $502 million deal to secure its immunotherapy cancer drug.

MSD, which is the trade name for Merck outside of the US, has bid $1.75 cash per share for Viralyticsstaggering a 160 per cent premium to the average stock price over the past month.