Merck boosts late-phase cancer pipeline with $1.1B Peloton buy
Merck struck a deal to buy Peloton Therapeutics for $1.1B upfront days before the biotech was due to list on Nasdaq. This deal will give Merck control of an experimental oral HIF-2α inhibitor that could challenge Keytruda for the metastatic renal cell carcinoma market.
Peloton was due to go public this week and raise $150M or more, but a late offer from Merck has persuaded the biotech to switch lanes. Merck could pay $1.2B in milestones on top of the $1.1B cash upfront.