BioCentury
DATA GRAPHICS | Deals

How Pandion’s triple-digit premium ranks among recent biotech takeouts: Data Byte

March 4, 2021 12:59 AM UTC

The takeout of Pandion Therapeutics Inc. (NASDAQ:PAND) by Merck & Co. Inc. (NYSE:MRK) last week came at a per-share price more than double the immunology company’s all-time intraday high and a 134% premium over its most recent close. Among takeouts of public biotechs valued at more than $1 billion since the beginning of 2020, Pandion saw the second-highest premium on a percentage basis, ranking behind the $2.6 billion buyout of food allergy company Aimmune Therapeutics Inc. by the Nestlé Health Science unit of Nestlé S.A. (SIX:NESN).

The average premium among the 12 deals in BioCentury’s analysis was just over 75%, with four buyers paying premiums larger than 100%. ...