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Pandion Therapeutics Inc (NASDAQ: PAND) shares closed over 133% higher today.
What Happened: Pandion a developer of novel therapeutics targeting autoimmune diseases will be acquired by a subsidiary of drug multinational
Merck & Co, Inc (NYSE: MRK), according to a statement issued Thursday.
Merck is purchasing Pandion for $60 per share in cash, which values the deal at nearly $1.85 billion.
“This acquisition builds upon Merck’s strategy to identify and secure candidates with differentiated and potentially foundational characteristics,” said Dean Y. Li, President Merck Research Laboratories.
Merck will through a tender offer acquire all outstanding shares of Pandion subject to conditions, including the purchase of a majority of the company.
Merck to Acquire Rahul Kakkar-Led Pandion Therapeutics for $1.85 Billion
Rahul Kakkar
WATERTOWN, Mass.– Merck and Pandion Therapeutics, Inc. announced that the companies have entered into a definitive agreement, under which Merck, through a subsidiary, will acquire Pandion, a clinical-stage biotechnology company developing novel therapeutics designed to address the unmet needs of patients living with autoimmune diseases, for $60 per share in cash. This represents an approximate total equity value of $1.85 billion.
“This acquisition builds upon Merck’s strategy to identify and secure candidates with differentiated and potentially foundational characteristics,” Dr. Dean Y. Li, president, Merck Research Laboratories, said in a statement. “Pandion has applied its TALON technology to develop a robust pipeline of candidates designed to re-balance the immune response with potential applications across a wide array of autoimmune diseases.”
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