Merck To Acquire Pandion Therapeutics - Quick Facts

(RTTNews) - Merck (MRK) has agreed to acquire Pandion Therapeutics, Inc. (PAND), a clinical-stage biotechnology company developing therapeutics designed to address the unmet needs of patients living with autoimmune diseases, for $60 per share in cash. This represents an approximate total equity value of $1.85 billion.

Merck, through a unit, will initiate a tender offer to acquire all outstanding shares of Pandion. Upon the successful completion of the tender offer, Merck's acquisition unit will be merged into Pandion. The deal is expected to close in the first half of 2021.

PT101, the lead candidate of Pandion, is an engineered IL-2 mutein fused to a protein backbone designed to selectively activate and expand regulatory T cells (Tregs) for the potential treatment of ulcerative colitis and other autoimmune diseases. PT101 had completed a phase 1a clinical trial, which achieved its primary objective of safety and tolerability.