Merck & Co. (NYSE: MRK) announced a decision Thursday that will assist it in becoming the top maker of biotech drugs by purchasing a British company, according to Associated Press.
The world's second biggest drugmaker says its United Kingdom subsidiary has agreed to acquire Avecia Biologics. Financial terms were not disclosed.
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The company has been making small amounts of biotech drugs for use in patient tests of experimental treatments for heart disease, blood disorders and cancers for a number of companies since 1998.It plans to start making a drug for commercial sale.
A year ago, Merck launched a new division to develop new brand name and generic biotech drugs, which are grown in cells rather than chemically synthesized like traditional drugs.
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