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    Merck to buy cancer drug developer Peloton Therapeutics for $1.05 billion in cash

    GarimaWritten by Garima   |  
    Merck to buy cancer drug developer Peloton Therapeutics for $1.05 billion in cash

    Merck Inc's lead drug candidate, PT2977, will be studied in a late-stage study for treating renal cell carcinoma.


    New Delhi: Merck & Co Inc said on Tuesday it would buy Peloton Therapeutics Inc for $1.05 billion in cash to gain access to the privately held company's renal cancer drug candidate.


    The company's lead drug candidate, PT2977, will be studied in a late-stage study for treating renal cell carcinoma.

    Peloton shareholders will be eligible to receive a further $1.15 billion on achieving certain milestones.

    Read Also: Merck will now be called Procter & Gamble Health


    The company had been looking to go public and gave a pricing range of $15 to $17 per share for its initial public offering last week.





    Credit Suisse acted as a financial adviser for Merck and Covington & Burling LLP as its legal adviser. Centerview Partners was a financial adviser to Peloton and Wilson Sonsini Goodrich & Rosati was its legal adviser.


    Read Also: Merck Q1 net profit up as cancer drug, vaccine sales soar



    Burling LLPcancercancer drugCovingtonMerckMerck & CoMerck GroupPelotonPeloton shareholdersPeloton TherapeuticsPT2977renal cellrenal cell carcinomaRosatitreatingWilson Sonsini Goodrich
    Source : Reuters

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    Garima
    Garima

      Garima joined Medical Dialogues in the year 2017 and is currently working as a Senior Editor. She looks after all the Healthcare news pertaining to Medico-legal cases, MCI/DCI decisions, Medical Education issues, government policies as well as all the news and updates concerning Medical and Dental Colleges in India. She is a graduate from Delhi University. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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