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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 that target autoimmune diseases.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRK | MERCK & CO. INC. | 74.48 | -0.08 | -0.11% |
| PAND | PANDION THERAPEUTICS INC. | 59.45 | +33.82 | +131.95% |
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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.
