Merck has agreed to acquire Pandion Therapeutics for $1.85 billion, the drugmaker said Feb. 25.
Pandion is a clinical-stage drugmaker based in Massachusetts that specializes in autoimmune disease drugs.
Pandion's shares increased 132 percent Feb. 25 after the announcement, Business Insider reported.
The deal is expected to close in the first half of 2021.
Read the full news release here.
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