FILE PHOTO: The Merck logo is seen at a gate to the Merck & Co campus in Linden, New Jersey, U.S., July 12, 2018. REUTERS/Brendan McDermid/File Photo
(Reuters) – Merck & Co Inc said on Tuesday it would buy Peloton Therapeutics Inc for $1.05 billion in cash to gain access to the privately held company’s renal cancer drug candidate.
Peloton shareholders will be eligible to receive a further $1.15 billion on achieving certain milestones.
Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli