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5/21, 1:15 PM (Source: TeleTrader)
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Merck to acquire drug maker Peloton for $1.05B

Pharmaceutical giant Merck & Co. Inc. announced on Tuesday that it is entering into a definitive agreement with Peloton Therapeutics Inc. under which it will acquire the cancer treatment developer through a subsidiary. Merck will acquire all Peloton's outstanding shares for $1.05 billion in cash. Also, Peloton shareholders will be able to receive additional $1.15 billion following the deal's regulatory approval, Merck said on its website.

"This acquisition exemplifies Merck’s strategy to pursue novel therapeutic candidates based on exceptionally promising and innovative research," President of Merck Research Laboratories Dr. Roger M. Perlmutter commented. "Peloton scientists have applied their unique expertise... which has already shown intriguing activity in the treatment of renal cell carcinoma. We look forward to advancing this late-stage asset as part of our broad oncology R&D program," he added.

Merck shares were up 0.20% in Tuesday's premarket trading on the New York Stock Exchange.

Breaking the News / SS