According to the Complaint, ArQule, Inc. is a biopharmaceutical company engaged in the research and development of targeted therapeutics to treat cancers and rare diseases.

This action stems from a proposed transaction announced on December 9, 2019, pursuant to which ArQule, Inc. will be acquired by affiliates of Merck & Co., Inc.

On December 6, 2019, ArQule’s Board of Directors caused the Company to enter into an agreement and plan of merger with Merck Sharp & Dohme Corp.

On December 17, 2019, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.

This case was voluntarily dismissed on January 31, 2020.