Pharma BD Deal Intelligence
A platform-value bargain: Merck paid $5.85/share (~$300 million) for Immune Design after CMB305's Phase 3 collapse, betting on the GLAAS and ZVex vaccine platforms rather than a near-term product—86.75% of shares tendered without a competing bidder emerging.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Merck's $5.85/share offer represented a ~312% premium over Immune Design's depressed close, reflecting platform-acquisition logic following the CMB305 Phase…
SVB Leerink's Jonathan Chang said the deal would 'bolster Merck's vaccine capabilities' and viewed competing bidders as unlikely, citing the existing G100 +…
Nine-month negotiation backstory: 'Merck proposed acquiring the company for $200 million in cash, with two potential further payments of $85 million,' before…
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Merck agreed to acquire Immune Design for $5.85/share, or approximately $300 million, to add the GLAAS and ZVex platforms used to develop cancer vaccines and immunotherapies. Closed Q2 2019.
Assessment window: 5yr post-close.
Cancer vaccines aim to teach the immune system to recognize tumor antigens, but the field carries a long history of late-stage failures (Provenge's commercial struggles, GSK MAGE-A3, Immune Design's own CMB305 in synovial sarcoma). The acquired GLAAS and ZVex platforms target this space by delivering tumor antigens with TLR4-based adjuvants (GLA) or dendritic-cell-targeting lentiviral vectors.
At deal close, Merck dominated immuno-oncology with Keytruda (pembrolizumab) approaching $11B/year and held a parallel cancer vaccine bet with Moderna (mRNA-4157, personalized neoantigen). Direct cancer vaccine competitors included BioNTech (autogene cevumeran), Gritstone bio (GRANITE/SLATE), Genocea, Vaccibody (now Nykode) and Advaxis. The Immune Design buy was triggered by the October 2018 collapse of CMB305 in synovial sarcoma, which slashed the share price and forced an 18% workforce cut. SVB Leerink's Jonathan Chang called the $300M price 'reasonable' and judged competing bidders unlikely. The strategic logic was platform/team acquisition: GLAAS (TLR4 agonist GLA, including G100 in lymphoma combos with Keytruda) and ZVex (lentiviral vector to dendritic cells) feed Merck's broader vaccine and adjuvant capability — including infectious disease applications — rather than any single near-term commercial product. G100 has not advanced to a Merck-branded commercial filing.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Merck & Co. Inc. / Immune Design Corp. (this deal) | 2019 | $300M | — |
| Merck & Co. Inc. / Acceleron Pharma Inc. | 2021 | $11.5B | 90 |
| Merck & Co. Inc. / Peloton Therapeutics Inc. | 2019 | $2.2B | 88 |
| Merck & Co. Inc. / AstraZeneca PLC | 2017 | $8.5B | 87 |
| Merck & Co. Inc. / Moderna, Inc. | 2022 | $250M | 86 |
| Merck & Co. Inc. / Moderna, Inc. | 2016 | $250M | 84 |
| Merck & Co. Inc. / Eisai Co., Ltd. | 2018 | $5.8B | 83 |
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