Merck to Buy Pandion Therapeutics for $1.85 Billion
February 25 2021 - 7:28AM
Dow Jones News
By Colin Kellaher
Merck & Co. on Thursday said it agreed to buy clinical-stage
biotechnology company Pandion Therapeutics Inc. for $60 a share, or
about $1.85 billion, in cash.
The purchase price is more than double Wednesday's closing price
of $25.63 for Pandion, a Watertown, Mass., company that is
developing novel therapeutics for autoimmune diseases.
Merck said the acquisition adds a pipeline of candidates
designed to rebalance the immune response, with potential
applications across an array of autoimmune diseases.
The Kenilworth, N.J., drugmaker said it expects to complete the
acquisition in the first half of 2021.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 25, 2021 07:13 ET (12:13 GMT)
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