Interesting insight into Merck's takeover of Pandion earlier this week.
'Three year courtship (and turndowns) Merck pounced on first look at clinical data in $1.85b takeover.
Merck made several offers to collaborate with varying and escalating offers since Jan 2020.
First was $65m up front and $425m in milestones.
Pandion turned down more lucrative offers until Merck increased its offer in Feb 21 to $40 per share and finally agreed on $60 ps this month.
Obviously the recent clinical data had to be compelling but it was still a 1b trial (autoimmune disease) and showed large increase in Treg in 51 patients.
No PFS/ORR data 'well tolerated'
Huge message - Marc play hard to get please.
With $50 million in the kitty and more mature data across AIPAC and TACTI trials soon, we could (if positive/compelling) be in a strong negotiating position.
Pandion could have taken the first offer and be down over a billion dollars.
Another thing Marc. Please have a chat with Fred and tell him to get 761 into the clinic pronto!
761 has the pre-clinical potential to better than Pandion drug (PT101).
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