Pandion Shares More Than Double Premarket on Takeover by Merck
February 25 2021 - 9:28AM
Dow Jones News
By Colin Kellaher
Shares of Pandion Therapeutics Inc. more than doubled in
premarket trading Thursday after the clinical-stage biotechnology
company agreed to be acquired by drug giant Merck & Co. for $60
a share, or about $1.85 billion.
The deal represents a 134% premium to Wednesday's closing price
of $25.63 for Pandion, which went public last July at $18 a
share.
Pandion shares rose as high as $27.75 on July 17, the company's
first day of trading, but haven't reached that level since.
Pandion shares were recently up 132% to $59.44 in premarket
trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 25, 2021 09:13 ET (14:13 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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