Merck to Acquire OncoImmune for $425M

 Merck to Acquire OncoImmune for $425M

Merck to Acquire OncoImmune for $425M

Shots:

  • Merck to acquire all outstanding shares of Oncolmmune for $425 M in cash as an upfront. Additionally, Oncolmmune will receive sales-based and contingent payments on the achievement of the regulatory milestones
  • The acquisition will give Merck control of CD24Fc which showed improvement in an interim efficacy analysis of a P-III study for the treatment of patients with severe and critical COVID-19. The acquisition is expected to be closed by the end of 2020
  • Prior to the completion of the acquisition, OncoImmune will spin-out certain rights and assets unrelated to the CD24Fc program to a new entity owned by the existing shareholders. Merck will invest $50M in the new entity

Click here ­to­ read full press release/ article | Ref: BusinessWire | Image: San Diego Business Attorney

Tuba Khan

Tuba Khan is Senior Editor at PharmaShots. She is curious, creative, and passionate about recent updates and innovation in the Life sciences industry. She covers Biopharma, MedTech, and Digital health segments. Tuba also has an experience of digital and social media marketing and runs the campaigns independently. She can be contacted on tuba@pharmashots.com

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