Imago BioSciences Stock Surges. It’s Being Bought by Merck.

Merck


announced Monday it would buy biopharmaceutical company

Imago BioSciences


in a deal valued at $1.35 billion.

Pharmaceuticals giant

Merck


(ticker: MRK) will pay $36 in cash per share for Imago (IMG), which is roughly double Imago’s closing price of $17.40 a share on Friday.