Byline: -- Staff and Wire Services
Merck to pay huge for Sirna
Pharmaceutical company Merck & Co. said Monday that it agreed to pay an eye-popping $1.1 billion to buy Sirna Therapeutics Sirna Therapeutics Inc. (NYSE: RNAI), Sirna develops therapeutics based on RNA interference (RNAi) technology, a new and extremely potent method of using nucleic acids as drugs. Inc., a tiny biotechnology firm developing drugs based on new technology at the heart of last month's Nobel Prize Nobel Prize, award given for outstanding achievement in physics, chemistry, physiology or medicine, peace, or literature. The awards were established by the will of Alfred Nobel, who left a fund to provide annual prizes in the five areas listed above. for medicine award.
Merck's $13-per-share offer for the San Francisco-based company is almost a 102 percent premium over Sirna's closing Nasdaq Stock Market Nasdaq stock market
The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. price of $6.45, which fell 5 cents before the bid was made public after the stock markets closed. Sirna's stock surged 98 percent, to $12.74, in after-hours trading after-hours trading
The trading of securities after the exchanges are closed. After-hours trading often refers to trading a listed security in the over-the-counter market after the exchanges have been closed for the day. .
Spending slows as incomes rise
Consumers kept a tight grip on their wallets in September, increasing their spending by only 0.1 percent, down from a 0.2 percent increase in August.
Incomes, meanwhile, rose briskly.
The Commerce Department's report, released Monday, showed that consumers had a solid appetite for big-ticket goods such as cars and appliances last month. Americans' incomes -- the fuel for future spending -- rose by a brisk 0.5 percent in September.
Findings: BP aware of woes
HOUSTON -- Internal documents show that budget cuts and a lack of leadership contributed to significant safety problems at BP PLC's Texas City plant, the site of last year's deadly explosion, federal investigators said Monday.
In preliminary findings, the U.S. Chemical Safety and Hazard Investigation Board The U.S. Chemical Safety and Hazard Investigation Board, also know as the Chemical Safety Board or CSB, is a U.S. federal agency charged with investigating industrial chemical accidents. said BP management knew about maintenance, spending and infrastructure problems well before the March 2005 blast that killed 15 people and injured in·jure
tr.v. in·jured, in·jur·ing, in·jures
1. To cause physical harm to; hurt.
2. To cause damage to; impair.
3. more than 170.