Merck rejects Organon deal
Merck told a Dutch court it had to turn down an offer for Organon because it would have cost the company $700 million more than shuttering the operation, according to FierceBiotech.
Merck has said it will close the R&D unit, laying off more than 2,000 staffers.
The cost and the complexity of the transaction were reasons to reject the offer, Merck told DutchNews. The works council and supervisory board at the Organon plant went to court in an effort to have takeover talks reopened.