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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