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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 targeting autoimmune diseases.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| MRK | MERCK & CO. INC. | 74.81 | +0.25 | + 0.34% |
| HOUSING | PANDION THERAPEUTICS INC. | 59.60 | +33.97 | + 132.54% |
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The $ 60 per share deal represents a premium of around 134% over Pandion’s closing price on Wednesday.
Merck Company Building, in Kenilworth, NJ (AP Photo / Mel Evans, File)
Pandion’s flagship drug candidate, PT101, achieved its primary goals of safety and tolerability in an early trial in patients with autoimmune diseases last month.
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The transaction is expected to close in the first half of 2021, the companies said in a joint statement.
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