Merck & Co., through a subsidiary, will acquire outstanding shares of VelosBio in a $2.75 billion cash deal, subject to particular customary adjustments according to the company’s press release. The acquisition of VelosBio, a privately-held clinical-stage biopharmaceutical company developing first-in-class cancer therapies, strengthens Merck’s oncology pipeline for treating hematological malignancies and solid tumors.
- Merck – VelosBio transaction is expected to be completed by the end of 2020, after passing to antitrust approvals and customary conditions.
- Merck is a market leader in oncology, and the acquisition strengthens the lead product candidate VLS-101, an investigational antibody-drug conjugate for treating malignancies and tumors.
- In October 2020, VelosBio initiated a Phase 2 clinical trial for the efficacy of VLS-101 in treating solid tumors and non-squamous non-small-cell lung cancer, which showed early signs of success.
Merck & Co. stock is gaining. MRK: NYSE is up 2.01%