Merck expands oncology pipeline with Harpoon acquisition

9 January 2024

US pharma giant Merck & Co (NYSE: MRK) entered into a definitive agreement under which Merck, through a subsidiary, will acquire Harpoon Therapeutics (Nasdaq: HARP) for $23.00 per share.

Harpoon’s shares shot up 112% to $22.36 following the announcement that was made at the ongoing JP Morgan conference.

Harpoon’s board has unanimously approved the transaction, which has an equity value of around $680 million and is expected to close in the first half of 2024.The $23 per share offer represents a 118% premium to the stock's last close on Friday.

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