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US stocks mostly fell on Tuesday morning after closing at record highs.
Achillion's been a takeover target for years. But Merck's acquisition of Idenix may mean Achillion's time has come.
June 10- Achillion Pharmaceuticals Inc said the U.S. Food and Drug Administration allowed it to resume the development of one of its hepatitis C drugs, lifting a clinical hold that was imposed nearly a year ago.
U.S. stock index futures pointed to a lower start to Wall Street trade on Tuesday, despite more upbeat news out of China.
June 10- Achillion Pharmaceuticals Inc said the U.S. Food and Drug Administration allowed it to resume the development of one of its hepatitis C drugs, lifting a clinical hold that was imposed nearly a year ago. Achillion submitted additional data on the drug in September, but the FDA maintained the hold.
Asia stocks ended mostly higher on Tuesday following a pick up in Chinese consumer inflation, but Japanese shares fell on profit-taking.
*Apple attracts heavy trading following stock split. *International Game Technology shares fly after Reuters report. NEW YORK, June 9- The Dow and S&P 500 ended at record highs again on Monday as more deal news raised enthusiasm for stocks, though Wall Street's fear gauge advanced.
U.S. stocks tallied slight gains on Monday, with benchmark indexes again closing at records.
Baupost Group appears to have made a nearly $1 billion off of Merck's deal to buy Idenix.
*Apple sees heavy trading following stock split. NEW YORK, June 9- U.S. stocks were nearly flat on Monday after the Dow and S&P 500 hit intraday record highs again on more deal news, while Wall Street's fear gauge rebounded.
Analysts say there's more to Merck's interest in Idenix than its drug portfolio: intellectual property. And that's why Gilead's shares are lower.
*Apple sees heavy trading following stock split. NEW YORK, June 9- U.S. stocks edged higher on Monday, pushing the Dow and S&P 500 to intraday record highs again after a series of deals, though Wall Street's fear gauge also bounced back. Merck& Co said it has agreed to buy Idenix Pharmaceuticals Inc in a deal valued at about $3.85 billion.
CNBC's Meg Tirrell reports Merck is buying Idenix Pharmaceuticals for $3.85 billion. CNBC contributor Herb Greenberg provides insight on the important deal.
Some of Monday's midday movers:
*Apple sees heavy trading following stock split. NEW YORK, June 9- U.S. stocks advanced on Monday, boosted by a number of major acquisition deals, though gains were slight with key indexes continuing to hover around records. While Wall Street's upward trend looks intact, traders may need new catalysts to bid the market up further lest the momentum runs out of steam.
Merck is buying Idenix Pharmaceuticals for $3.85 billion in a deal that has already been approved by the boards of both companies, reports CNBC's Meg Tirrell.
Drug giant Merck said it would purchase Idenix Pharmaceuticals for $3.85 billion, a deal already approved by both companies' board of directors.
U.S. stock index futures pointed to a flat-to-lower open on Wall Street on Monday, despite upbeat data from China and Japan.
Merck announced it will buy biotechnology company Idenix for $24.50 per share in cash, with the "Squawk on the Street" crew. Jim Cramer explains why he wasn't eyeing phase 2 data closely enough.
*Apple may see heavy action following stock split. NEW YORK, June 9- U.S. stock index futures pointed to modest losses at the open on Monday, as a rash of corporate deals weren't enough reason for investors to keep buying following a rally that has taken major indexes to repeated record highs.