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MARKET INTEL by PharmaCompass
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By PharmaCompass
2019-05-24
Impressions: 172 Article
Merck & Co. announced it would acquire privately held Peloton Therapeutics for an upfront payment of US$ 1.05 billion. The acquisition will give Merck access to Peloton’s lead cancer drug candidate — PT2977, a novel oral HIF-2α inhibitor in late-stage development for renal cell carcinoma (RCC), the most common type of kidney cancer.
In addition, Peloton shareholders will be eligible to receive a further US$ 1.15 billion contingent upon successful achievement of future regulatory and sales milestones for certain candidates.
In April, confident of its pipeline, Peloton had filed for an initial public offering (IPO) with plans to raise US$ 115 million and had given a pricing range of US$ 15 to US$ 17 per share for its IPO last week.
At the upper limit of that range, the company would have been valued at US$ 903.6 million, including underwriters’ option and other outstanding shares.
With the Merck deal now in place, Peloton shareholders would be eligible to receive a further US$ 1.15 billion on achieving certain sales and regulatory milestones.
In addition to cancer, Peloton announced it had plans to complete a planned Phase 1 trial and initiate a Phase 2 trial for PT2567 in non-oncology applications such as treating pulmonary arterial hypertension.
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