Interesting insight into Merck's takeover of Pandion...

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).