Biotech Pandion's secret to moving a $65M Merck offer to a $1.9B done deal in a year? Just keep saying no

If you want Merck to snap you for nearly $2 billion, all you have to do is play hard ball.

That’s according to a new Securities and Exchange Commission (SEC) filing from the Big Pharma, which details how Merck bought up little Pandion for $1.9 billion last month.

Merck has in fact been sniffing around Pandion and its pipeline of immune modulator since 2018, but it was not until 31 Jan. 2020 that it made a firm offer: $65 million upfront with nearly half a billion dollars in biobucks attached. Pandion promptly said thanks, but no thanks.