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Market Update : 
Merck Pays $1.1 B for Sirna
Author: Elena Todorova
123jump.com
Last Update: 8:14 AM EST October 31 2006

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Sirna is a small biotechnology company developing drugs based on new technology, the so-called RNA interference technology. Merck''s $13-per-share offer is almost a 102% premium over Sirna''s closing price of $6.45. Sirna''s stock surged 98% to $12.74 in after-hours trading.

 
In morning European trading, the euro fell to $1.2685, compared with $1.2729 in New York late Monday. The British pound declined to $1.9001 from $1.9020. The dollar rose to 117.75 Japanese yen from 117.41 yen on Monday after the Bank of Japan suggested it would not rush into another rate increase.
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