(Bloomberg) -- Merck & Co. has agreed to buy drugmaker Acceleron Pharma Inc. for $180 per share, according to people familiar with the matter. Acceleron fell more than 4% on the news.
The boards of both companies have agreed to an all-cash deal that could be announced as soon as Thursday, said the people, who asked to not be identified because the matter isn't public. The move would see Merck take control of Acceleron's potentially lucrative pulmonary arterial hypertension drug known as Sotatercept.
At $180 per share, the deal values Acceleron at about $11 billion, according to data compiled by Bloomberg.
A representative for Merck declined to comment. Representatives for Acceleron didn't immediately respond to requests for comment.
Merck and other pharma giants have been on the hunt for future blockbuster drugs through acquisitions. Acceleron develops protein therapies to treat certain types of cancer and rare diseases.
Acceleron fell 3.4% to $176.62 at 3:32 p.m. in New York on Wednesday, giving the company a market value of about $10.8 billion.
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