Merck wraps up $1.8bn acquisition of Pandion Therapeutics

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.

Merck wraps up $1.8bn acquisition of Pandion Therapeutics

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.