Merck Buys OncoImmune for $425 Million to Gain Covid Drug
- Potential therapy targeting severe cases of Covid-19
- Phase 3 trial starting following positive initial results
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Merck & Co. agreed to acquire privately held biopharma company OncoImmune for an upfront payment of $425 million in cash to gain a potential therapy for severe Covid-19.
OncoImmune recently announced positive interim findings from a late-stage study evaluating its lead candidate, CD24Fc, for the treatment of patients with severe disease. The therapy is designed to tamp down inflammation caused by virus-induced damage to human cells, an underlying cause of complications in hospitalized patients.