Merck bets $2.2B on a small cancer drug biotech, snatching it out of the IPO lineup
Merck R&D chief Roger Perlmutter has found another biotech company to love. And he’s buying it, snatching it out of the IPO queue.
The pharma giant said Tuesday morning that it will pay $1.05 billion in cash for Peloton Therapeutics, adding another $1.15 billion in milestones as they determine if the biotech’s approach to cancer is as promising as it looks.
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