Covington Represents Merck in $1.85B Acquisition of Pandion Therapeutics

Covington Represents Merck in $1.85B Acquisition of Pandion Therapeutics

February 25, 2021

WASHINGTON—Covington represented Merck & Co., Inc. in its definitive agreement  under which Merck, through a subsidiary, will acquire Pandion Therapeutics, Inc., at a price of $60.00 per share in cash, representing an approximate total equity value of $1.85 billion.

Pandion is a clinical-stage biotechnology company developing novel therapeutics designed to address the unmet needs of patients living with autoimmune diseases.

The Covington team included Catherine Dargan and Michael Riella (corporate), Erika Skougard (employee benefits), and Van Ellis (life sciences transactions).