U.S. Markets closed
  • S&P 500

    4,128.80
    +31.63 (+0.77%)
     
  • Dow 30

    33,800.60
    +297.03 (+0.89%)
     
  • Nasdaq

    13,900.19
    +211.39 (+1.54%)
     
  • Russell 2000

    2,243.47
    +20.42 (+0.92%)
     
  • Crude Oil

    59.34
    -0.26 (-0.44%)
     
  • Gold

    1,744.10
    -14.10 (-0.80%)
     
  • Silver

    25.33
    -0.26 (-1.02%)
     
  • EUR/USD

    1.1905
    +0.0031 (+0.2619%)
     
  • 10-Yr Bond

    1.6660
    +0.0340 (+2.08%)
     
  • Vix

    16.69
    -0.47 (-2.74%)
     
  • GBP/USD

    1.3706
    -0.0032 (-0.2316%)
     
  • USD/JPY

    109.6500
    -0.1800 (-0.1639%)
     
  • BTC-USD

    59,723.95
    -791.89 (-1.31%)
     
  • CMC Crypto 200

    1,235.89
    +45.20 (+3.80%)
     
  • FTSE 100

    6,915.75
    +30.43 (+0.44%)
     
  • Nikkei 225

    29,768.06
    +37.26 (+0.13%)
     

UPDATE 2-Merck to buy drug developer Pandion Therapeutics for $1.85 bln

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

(Adds background, share movement)

Feb 25 (Reuters) - 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.

(Reporting by Manas Mishra and Dania Nadeem in Bengaluru; Editing by Ramakrishnan M. and Krishna Chandra Eluri)