Merck bets on HIF2As with Peloton takeout ahead of planned listing

Days before Peloton was to price an IPO that would fund Phase III testing of its HIF2A program to treat kidney cancer, the biotech has elected instead to take a buyout offer from Merck & Co.

Shareholders of Peloton Therapeutics Inc. (Dallas, Texas) will receive $1.05 billion up front and are eligible for another $1.15 billion in undisclosed milestones.

The upfront price represents a 48% premium to Peloton's proposed IPO terms,

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