Skip to main content

Market Overview

Why Pandion Therapeutics Stock Shot Up 133% Today

Share:
Why Pandion Therapeutics Stock Shot Up 133% Today

Pandion Therapeutics Inc (NASDAQ: 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 (NYSE: 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.

 

Related Articles (MRK + PAND)

View Comments and Join the Discussion!

Posted-In: autoimmune diseasesBiotech News Small Cap Movers Trading Ideas General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com