Merck to buy drug developer Pandion Therapeutics for $1.85 bln

Shares of Pandion rose 131.6% to a record high of $59.37 before the bell, while Merck shares were up about 1%. Pandion's lead drug candidate, PT101, met its main goals of safety and tolerability last month in an early-stage trial in patients with autoimmune diseases. Merck was represented by Credit Suisse Securities, Covington & Burling, while Centerview Partners LLC and Skadden, Arps, Slate, Meagher & Flom LLP represented Pandion.

Reuters | Updated: 25-02-2021 18:14 IST | Created: 25-02-2021 18:09 IST
Merck to buy drug developer Pandion Therapeutics for $1.85 bln
Representative image. Image Credit: Wikimedia

Merck & Co Inc said on Thursday it would buy drug developer Pandion Therapeutics Inc for about $1.85 billion in cash, expanding its portfolio of drugs that target autoimmune diseases.

The $60-per-share deal represents about 134% premium to Pandion's closing price on Wednesday. Shares of Pandion rose 131.6% to a record high of $59.37 before the bell, while Merck shares were up about 1%.

Pandion's lead drug candidate, PT101, met its main goals of safety and tolerability last month in an early-stage trial in patients with autoimmune diseases. In November, Merck agreed to buy privately-held VelosBio for $2.75 billion to strengthen its cancer drug portfolio as the drugmaker looks to reduce its reliance on its blockbuster cancer therapy Keytruda.

The deal between Merck and Pandion is expected to close in the first half of 2021, the companies said in a joint statement. Merck was represented by Credit Suisse Securities, Covington & Burling, while Centerview Partners LLC and Skadden, Arps, Slate, Meagher & Flom LLP represented Pandion.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Viral variants and vaccine nationalism pose two-pronged threat to Covid victory

... ...

Tracking Fintech during COVID-19: Harnessing power of technology

Its abundantly clear now that as fintech cements its place in the financial sector, accelerated further by the COVID-19 pandemic, it could open the sector to new possibilities by harnessing the power of technology to deliver financial ...

Tectonic turns: How technology shaped healthcare over the decades

Tracing an episodic evolution, with technology at the interface of human and his health....

World Water Day sees crises of inequality in countries both rich and poor

... ...

Videos

Latest News

Rouble recovers to two-week high vs dollar after Biden-Putin call

The rouble pared losses seen in the first half of April and firmed to a two-week high on Wednesday after a phone call between U.S. President Joe Biden and his Russian counterpart Vladimir Putin helped to ease fears of imminent new sanctions...

Pant has grown in last 4 months, will do a good job: Lara

Legendary West Indian batsman Brian Lara believes young wicketkeeper-batman Rishabh Pant has improved a lot in the last few months and will do a good job in leading Delhi Capitals in the ongoing IPL.The 23-year-old Pant was appointed as the...

iMerit Technology Recognized as Great Place to Work®

The company added over 1,200 people during the pandemic, surpassing 4000 in total LOS GATOS, California and KOLKATA, India, April 14, 2021 PRNewswire -- iMerit, a leading data annotation and enrichment company for artificial intelligence ap...

Iran president calls 60% enrichment an answer to 'evilness'

Irans president on Wednesday called Tehrans decision to enrich uranium up to 60 percent after saboteurs attacked a nuclear site an answer to your evilness, linking the incident to ongoing talks in Vienna over its tattered nuclear deal with ...

Give Feedback