Merck to Buy Harpoon Therapeutics for $680 Million
08 Janeiro 2024 - 10:12AM
Dow Jones News
By Colin Kellaher
Merck & Co. has struck a deal to buy clinical-stage
immunotherapy company Harpoon Therapeutics for about $680
million.
Merck on Monday said it will pay $23 a share in cash for
Harpoon, more than double Friday's closing price of $10.55 for the
South San Francisco, Calif., company.
Bloomberg earlier reported that Rahway, N.J.-based Merck was in
talks to buy Harpoon.
Merck said the deal adds Harpoon's HPN328, which is being
evaluated in certain patients with small cell lung cancer and
neuroendocrine tumors.
Merck, which is girding for the pending 2028 loss of patent
protection for its blockbuster cancer drug Keytruda, said it
expects to complete the Harpoon acquisition in the first half of
the year, adding that the deal will result in a charge of about
$650 million, or 26 cents a share.
Harpoon shares were recently up about 110% to $22.11 in
premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 08, 2024 07:57 ET (12:57 GMT)
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