Merck Completes NovaCardia Buy

Merck & Co. (NYSE: MRK) has completed its acquisition of NovaCardia Inc., a San Diego-based drug company focused on cardiovascular disease. The deal was valued at approximately $350 million in Merck stock, plus the value of NovaCardia's cash on hand. NovaCardia had raised around $88 million in VC funding since its 2001 formation, from firms like Domain Associates (24.9% stake), Forward Ventures (15.6%), InterWest Partners (10.4%), Skyline Venture Partners (15.3%), Versant Ventures (13.6%) and Montreaux Equity Partners (12.5%).