Pandion Therapeutics: More than doubles on Merck's $1.85 bln buyout deal
25/02/2021 12:46
** Shares of drug developer PAND.O are set to more than
double to $59.37 after Merck & Co MRK.N to buy co for $60/shr
** The offer price represents a premium of ~134% to PAND's
last close
** The ~$1.85 billion cash deal will expand MRK's portfolio
of drugs that target autoimmune diseases urn:newsml:reuters.com:*:nL4N2KV3JL
** Transaction is expected to close in H1
** "We believe Merck is well positioned to bring our novel
approach to the millions of those living with autoimmune
diseases"- PAND
** PAND has 29.52 mln shares outstanding as of Feb. 24 -
Refinitiv IBES
** MRK shares marginally up at $74.91
** MRK has fallen 7% in the last 12 months, while PAND has
gained 41.6% since it started trading in July 2020
(Reporting by Trisha Roy in Bengaluru)
((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))