Why Pandion Therapeutics Stock Shot Up 133% Today

Pandion Therapeutics Inc PAND shares closed over 133% higher today.

What Happened: Pandion — a developer of novel therapeutics targeting autoimmune diseases — will be acquired by a subsidiary of drug multinational Merck & Co, Inc MRK, according to a statement issued Thursday.

Merck is purchasing Pandion for $60 per share in cash, which values the deal at nearly $1.85 billion.

“This acquisition builds upon Merck’s strategy to identify and secure candidates with differentiated and potentially foundational characteristics,” said Dean Y. Li, President Merck Research Laboratories.

Merck will through a tender offer acquire all outstanding shares of Pandion subject to conditions, including the purchase of a majority of the company.

The transaction is expected to be closed in the first half of 2021. 

Pandion Price Action: Pandion shares closed 133.36% higher at $59.81 on Wednesday and fell 0.43% in the after-hours trading.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: BiotechNewsSmall CapMoversTrading IdeasGeneralautoimmune diseases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!