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.
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