Pandion Therapeutics : Shares More Than Double Premarket on Takeover by Merck

By Colin Kellaher

Shares of Pandion Therapeutics Inc. more than doubled in premarket trading Thursday after the clinical-stage biotechnology company agreed to be acquired by drug giant Merck & Co. for $60 a share, or about $1.85 billion.

The deal represents a 134% premium to Wednesday's closing price of $25.63 for Pandion, which went public last July at $18 a share.

Pandion shares rose as high as $27.75 on July 17, the company's first day of trading, but haven't reached that level since.

Pandion shares were recently up 132% to $59.44 in premarket trading.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

02-25-21 0913ET