The takeover of Viralytics (ASX:VLA ) by global pharmaceutical giant, Merck has come one step closer with Merck getting the green light from the Foreign Investment Review Board.
The proposed acquisition worth $502 million was announced in February this year.
Under the deal the company will become a wholly owned subsidiary of Merck and Merck will gain full rights to CAVATAK, Viralytics flagship cancer treatment.
Merck has advised the company that US authorities have no objections to the scheme.
Shares in Viralytics (ASX:VLA) are trading 0.14 per cent higher to $1.73.