Merck to Buy Autoimmune Drug Developer for $1.85 Billion
- $60 per share offer is double Wednesday’s closing stock price
- Drugmaker has been making acquisitions to expand pipeline
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Merck & Co. agreed to acquire Pandion Therapeutics Inc., a biotechnology company developing therapies for autoimmune diseases, for $1.85 billion.
The agreement, worth $60 per share in cash, is at more than double the Cambridge, Massachusetts-based company’s closing price Wednesday.