Merck to buy drug developer Pandion Therapeutics for $1.85B

The $60-per-share deal represents about 134% premium to Pandion’s closing price

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

Ticker Security Last Change Change %
MRK MERCK & CO., INC. 72.04 +0.07 +0.10%
PAND n.a. n.a. n.a. n.a.

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The $60-per-share deal represents about 134% premium to Pandion’s closing price on Wednesday.

 Merck company building, in Kenilworth, N.J. (AP Photo/Mel Evans, File)

Pandion’s lead drug candidate, PT101, last month met its main goals of safety and tolerability in an early-stage trial in patients with autoimmune diseases.

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The transaction is expected to close in the first half of 2021, the companies said in a joint statement.