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Merck to buy RNAi therapeutics company for $1.1 billion

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WHITEHOUSE STATION, N.J. — Merck & Co. Inc. has entered into a definitive agreement with Sirna Therapeutics Inc. to acquire Sirna for approximately $1.1 billion, or $13 cash per share, the companies announced.

Sirna stockholders owning roughly 36% of Sirna's outstanding shares have committed their support to the transaction and have entered into voting agreements, according to a joint press release from the two companies. The acquisition still requires clearance under antitrust laws and approval of Sirna's stockholders. The two companies expect to complete the acquisition in 2007, company officials said in the press release.

Sirna Therapeutics specializes in RNA interference (RNAi) therapeutics, which catalyze the destruction of RNA transcribed from individual genes. The company's lead clinical candidate, Sirna-027, is moving into phase 2 clinical testing for treating age-related macular degeneration, according to the release.