Merck has wrapped up its previously announced $1.85 billion acquisition of Massachusetts-based clinical-stage biotech company Pandion Therapeutics.

The pharma giant said that it had successfully completed the cash tender offer, via a subsidiary, for all of the outstanding shares of Pandion Therapeutics at $60 per share.

After the finalization of the tender offer, Merck closed the acquisition of the US biotech company by a merger of its fully-owned subsidiary with and into the latter.

Pandion Therapeutics is now Merck’s wholly-owned subsidiary and its common stock will no longer be listed or traded on the Nasdaq Global Select Market.

The biotech company has been engaged in advancing a pipeline of precision immune modulators that target critical immune control nodes. Its lead candidate is PT101 – a modified IL-2 mutein fused to a protein backbone.

PT101 has been designed to preferentially trigger and expand regulatory T cells (Tregs) for the potential treatment of ulcerative colitis and other autoimmune diseases. Read more about Merck acquisition of Pandion Therapeutics here.

  Massachusetts, Merck, Pandion Therapeutics, Pharma acquisition news, PT101, USA