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Merck acquired Pandion Therapeutics for $1.85B for autoimmune disease treatment.
NCT06113328 — Phase 2a MK-6194 in non-segmental vitiligo, sponsor Merck Sharp & Dohme, 169 enrolled. Overall status: Terminated (business reasons). Primary…
Merck to acquire Pandion Therapeutics for $60 per share approximately $1.85 billion gaining TALON technology.
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Merck (NYSE: MRK) acquired Pandion Therapeutics in an all-cash tender offer of $60.00 per share, ~$1.85 billion, announced February 25, 2021 and completed April 1, 2021. The deal brought Pandion's TALON (bispecific tethered effector) platform and its lead asset PT101 (renamed MK-6194), an engineered IL-2 mutein designed to selectively expand regulatory T cells for autoimmune disease. Under Merck, MK-6194 advanced into Phase 2, including a Phase 2a study in non-segmental vitiligo (NCT06113328) and exploratory work in systemic lupus erythematosus and ulcerative colitis. In July 2025 Merck discontinued MK-6194 after a review of primary results from trial MK-6194-007 and exploratory Phase 1b data showed the candidate "did not confer clinical benefit" (Merck spokesperson); the move came amid a broader ~$3B cost-cutting program. The vitiligo study was terminated (status: Terminated, business reasons; primary completion March 2025). Phase 1 PK/PD data (ImmunoHorizons, March 2025) confirmed dose-dependent, Treg-selective expansion, but efficacy did not translate. The outcome leaves the $1.85B acquisition without a clinical asset to show for its core rationale.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Merck & Co. Inc. / Pandion Therapeutics (this deal) | 2021 | $1.9B | 52 |
| 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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