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.
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.
Garima Joined Medical Dialogues as Desk Editor for Medical Dialogues in the year 2017. She covers all the Healthcare news in different categories. She is a graduate from Delhi University. She can be contacted at email@example.com Contact no. 011-43720751