Merck Buying NovaCardia

Pharmaceutical company buying NovaCardia, which focuses on cardiovascular disease, for $350 million.

WHITEHOUSE STATION, N.J. (AP) - Pharmaceutical company Merck & Co. Inc. said Wednesday it has entered into an agreement to buy NovaCardia Inc., a pharmaceutical company that focuses on cardiovascular diseases, for $350 million. Merck will fund the acquisition with stock.

Merck said NovaCardia is now testing a drug that preserves renal function in patients with acute congestive heart failure.

Merck said the acquisition is expected to close within 45 days. The company said it will update its full-year 2007 earnings guidance once the deal closes.

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