Arix Bioscience PLC: VelosBio to be acquired by Merck for $2.75 billion

Arix Bioscience plc (“Arix”, LSE: ARIX) a global venture capital company focused on investing in and building breakthrough biotech companies, notes that its portfolio company VelosBio Inc. (“VelosBio”), today announced that it has entered into a definitive agreement with Merck (NYSE: MRK), known as MSD outside of the United States (U.S.) and Canada, pursuant to which Merck, through a subsidiary, will acquire all outstanding shares of VelosBio for $2.75 billion in cash, subject to certain customary adjustments. The sale of VelosBio is expected to deliver net proceeds to Arix of approximately $185 million (£142 million[1]), representing a 12x return on Arix’s £12 million invested capital. This equates to a £121 million (89p per share) increase in the gross value of Arix’s holding in VelosBio of £21 million[2].

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