Big Law
Merck Acquires Small Biotech Firm with Promising COVID-19 Vaccine
Nov. 23 (UPI) — Pharmaceutical company Merck said Monday it will acquire a small, privately-held biotech firm that has developed a promising drug candidate for treating severe cases of COVID-19.
Merck will acquire OncoImmune and its therapeutic coronavirus candidate CD24Fc for $425 million, according to Merck President Roger Perlmutter.
“Recent clinical investigations support the view that CD24Fc may provide benefit beyond standard of care therapy for COVID-19 patients requiring oxygen support, and hence will represent an important addition to the Merck pipeline of investigational medicines and vaccines designed to address the COVID-19 pandemic,” Perlmutter said in a statement Monday.
