Merck has announced that it will buy the privately held Peloton Therapeutics for $1.05 billion in cash. The acquisition will bring Peloton's lead kidney cancer drug candidate to the American multinational, strengthening its cancer drug portfolio.
According to Peloton, it will start studying its kidney cancer treatment code named as “PT2977,” in a late-stage trial later this year.
Last week, Peloton was seeking to go public, having given a pricing range of $15 to $17 per share for its initial public offering.
Peloton shareholders are now eligible to receive a further $1.15 billion on achieving certain sales and regulatory milestones.
Read the Reuters report.