Pandion Therapeutics Inc. (NASDAQ: PAND) gained 131.99% to reach $59.46 at yesterday’s close. A weekly average volume for the company is 872.80K, while its volume was 5.86M.
Pandion Therapeutics (Nasdaq: PAND) designs novel therapeutics to address autoimmune diseases and improve lives. It enables Pandion to create a pipeline of product candidates that can work with immunomodulatory effector modules and combine tissue-targeted tether modules in a bifunctional format.
WHAT HAPPENED RECENTLY
February 25, 2021, The Merck (NYSE: MRK) and Pandion Therapeutics (Nasdaq: PAND) disclosed that the companies had inked a definitive deal that will allow Merck to acquire Pandion for $60 per share in cash. There are approximately $1.85 billion in total equity.
Pandion is advancing precision immune modulators that target critical immune control nodes. Their lead candidate, PT101, is an engineered IL-2 mutin coupled to a humanized protein backbone for treating autoimmune diseases and ulcerative colitis. Recently, Pandion announced that PT101 had completed a Phase 1a clinical trial that successfully achieved its primary safety objectives and tolerability. The company is also developing PD-1 agonists for multiple autoimmune diseases.
The acquisition agreement stipulates that Merck, through a subsidiary, will begin a tender offer for Pandion’s outstanding shares. Under certain conditions, such as the tender of shares representing a majority of the total number of Pandion’s fully diluted underlying shares or the expiration of the Hart-Scott-Rodino waiting period, the tender offer may close. The Merck subsidiary will merge into Pandion upon completion of the tender offer. Any shares of Pandion’s common stock remaining in the company will be canceled and converted into a right to receive $60 in the tender offer. In the first half of next year, the transaction is expected to be completed.
LASTLY,
Biotech stocks often offer strong growth potential to investors. Biotech companies use the latest scientific developments to create a variety of medicines and treatments for various diseases, so they provide different opportunities to investors with a particular enthusiasm for profits.
