FILE PHOTO: The Merck logo is seen at a gate to the Merck & Co campus in Linden, New Jersey, U.S., July 12, 2018. REUTERS/Brendan McDermid
(Reuters) – 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.
The $60-per-share deal represents about 134% premium to Pandion’s closing price on Wednesday.
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.
The transaction is expected to close in the first half of 2021, the companies said in a joint statement.
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