Merck to buy drug developer Immune Design for $300 million

Merck will pay $5.85 in cash for each share of Immune Design. Shares of Immune Design closed at $1.42 on Wednesday.

U.S: Merck & Co Inc said on Thursday it would buy drug developer Immune Design Corp for nearly $300 million, to gain access to its immunotherapy programs.

Merck will pay $5.85 in cash for each share of Immune Design. Shares of Immune Design closed at $1.42 on Wednesday.

Immune Design's treatments help activate the immune system to produce or expand specific immune cells to fight cancer and other diseases.

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Seattle, Washington-based Immune Design's pipeline includes late-stage immunotherapy technologies such as Glass And Zvex.

Credit Suisse is the financial adviser to Merck, while Gibson, Dunn & Crutcher LLP its legal adviser.

Lazard is the financial adviser to Immune Design and Cooley LLP the legal counsel.

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The transaction is expected to close early in the second quarter of 2019, the companies said.