Merck Buys Peloton Therapeutics For $1.05B Ahead Of IPO

Law360 (May 21, 2019, 12:52 PM EDT) -- Merck said Tuesday it has agreed to snap up Peloton Therapeutics in a deal steered by Covington & Burling and Wilson Sonsini that could be worth a total of $2.2 billion — the day before the privately held biopharmaceutical company was set to price its initial public offering.

In the companies’ joint statement, privately held Peloton and New Jersey-based Merck & Co. said the pharmaceutical giant will buy all of Dallas-based Peloton’s outstanding shares through a subsidiary for $1.05 billion in cash up front. Another $1.15 billion could be paid to Peloton shareholders if certain regulatory and sales goals are met,...

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