KENILWORTH (NJ) (dpa-AFX) - Merck (MRK) has reached an agreement with Peloton Therapeutics, Inc., under which a Merck unit will acquire Peloton for an upfront payment of $1.05 billion. Peloton shareholders will receive a further $1.15 billion on achievement of certain milestones.
Peloton Therapeutics is a clinical-stage biopharmaceutical company focused on the development of small molecule therapeutic candidates for the treatment of patients with cancer and other non-oncology diseases. Peloton's lead candidate PT2977, an oral HIF-2? inhibitor, is in late-stage development for renal cell carcinoma.
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