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Biotech’s deal refusals led to pricey buyout by Merck

March 5, 2021


Merck, under outgoing CEO Ken Frazier and now retired research chief Roger Perlmutter, has stayed away from large-scale dealmaking. But the pharma has proven an enthusiastic acquirer of early-stage, smaller companies, buying up seven private and public biotechs over the past two years.

Merck’s paid a high price for several of those deals, too, agreeing to pay a more than 300% premium for Immune Design in 2019, a 107% premium for ArQule that same year and, last month, a 140% premium for Pandion.

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