Merck & Co Inc (NYSE:MRK) is close to acquiring Harpoon Therapeutics Inc, a cancer drug developer, for about US$700 million to bolster its oncology portfolio.
The proposed deal, which could value Harpoon at US$23 per share, aligns with Merck's strategy to seek new growth opportunities as its top-selling cancer drug Keytruda faces future pricing pressures.
Harpoon, up 41% in stock value last year, specialises in immunotherapies targeting lung cancer and multiple myeloma.
Merck, known for actively enhancing its product range through acquisitions, has recently undertaken significant deals in the pharmaceutical sector, including partnerships with Daiichi Sankyo Co and Prometheus.