Pandion Therapeutics Inc. (NASDAQ: PAND) stock has been skyrocketing in pre-market trades today following news of a definitive agreement of acquisition. As of 08:50 a.m. EST, the stock was trading at $59.40 with a gain of 131.76%.
Get the hottest stocks to trade every day before the market opens 100% free. Click here now.
What’s actually causing the surge?
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Pandion Therapeutics aims to address the unmet needs of patients living with autoimmune diseases with development of novel therapeutics. Through TALON (Therapeutic Autoimmune reguLatOry proteiN) pharmaceutical design and discovery platform, the Pandion can identify pipeline candidates that use immunomodulating effector modules in combination with tissues-targeted tether modules in a bifunctional path.
Read More
One of its lead product candidates, PT101, uses a mutin effector module with a chitin backbone to selectively expand regulatory T cells inside and outside of the body without activating cells that promote inflammation, such as natural killer cells. A key part of Pandion’s early-stage research and discovery pipeline is to expand its existing library of effector and tether modules.
Pandion Therapeutics today announced that Merck & Co., Inc. (NYSE: MRK) signed a definitive agreement to acquire Pandion.
- Under the acquisition agreement, Merck will acquire Pandion for an in-cash price of $60 per share through a subsidiary.
- For Pandion, this represents $1.85 billion in total equity value, or 134% more than the last-session closing price of $25.63.
- A subsidiary of Merck will bid on all outstanding shares of Pandion under the terms of the deal.
- There will be certain conditions, such as the tender of minimum a majority of Pandion’s outstanding shares of fully diluted common stock, for the tender to be valid.
- A number of other conditions will also apply to the agreement including expiration of Hart-Scott-Rodino Antitrust Improvements Act waiting period.
- Merck’s acquisition subsidiary will be merged into Pandion after the tender offer closes.
- All remaining shares of Pandion will be canceled and will be granted the right to be redeemed for the same amount of $60.
- The companies expect the transaction to be close in the first half of 2021.
