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Merck & Co Inc. announced on Thursday that it would buy drug maker Pandion Therapeutics Inc for about $ 1.85 billion in cash to expand its portfolio of drugs targeting autoimmune diseases.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| MRK | MERCK & CO. INC. | 74.81 | +0.25 | + 0.34% |
| PAND | PANDION THERAPEUTICS INC. | 59.60 | +33.97 | + 132.54% |
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The $ 60 per share deal represents a premium of about 134% over Pandion’s closing price on Wednesday.
Merck company building in Kenilworth, NJ (AP Photo / Mel Evans, Archive)
Pandion’s top drug candidate, PT101, reached its main safety and tolerability goals last month in an initial test on 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.