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NEW YORK, May 11 – Merck has agreed to acquire Rosetta Inpharmatics in a stock-for-stock transaction worth $620 million, the companies said Friday.

The tax-free reorganization will swap each share of Rosetta stock for 0.2352 shares of Merck stock, giving a value of $18 per share of Rosetta stock, an 82 percent premium on Thursday’s closing price.

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