\n and Peloton Therapeutics, Inc. today announced that the companies have
\n entered into a definitive agreement under which Merck, through a
\n subsidiary, will acquire privately held Peloton, a clinical-stage
\n biopharmaceutical company focused on the development of novel small
\n molecule therapeutic candidates targeting hypoxia-inducible factor-2\u03b1
\n (HIF-2\u03b1) for the treatment of patients with cancer and other
\n non-oncology diseases. Peloton\u2019s lead candidate is PT2977, a novel oral
\n HIF-2\u03b1 inhibitor in late-stage development for renal cell carcinoma
\n (RCC).\n <\/p>\n
\n \u201cThis acquisition exemplifies Merck\u2019s strategy to pursue novel
\n therapeutic candidates based on exceptionally promising and innovative
\n research,\u201d said Dr. Roger M. Perlmutter, president, Merck Research
\n Laboratories. \u201cPeloton scientists have applied their unique expertise in
\n HIF-2\u03b1 biology to develop PT2977, which has already shown intriguing
\n activity in the treatment of renal cell carcinoma. We look forward to
\n advancing this late-stage asset as part of our broad oncology R&D
\n program.\u201d\n <\/p>\n
\n Under terms of the agreement, Merck, through a subsidiary, will acquire
\n all outstanding shares of Peloton in exchange for an upfront payment of
\n $1.05 billion in cash. In addition, Peloton shareholders will be
\n eligible to receive a further $1.15 billion contingent upon successful
\n achievement of future regulatory and sales milestones for certain
\n candidates.\n <\/p>\n
\n \u201cMerck is recognized as a leader in cancer research and shares our
\n commitment to accelerating the development of candidates targeting
\n HIF-2\u03b1 to help patients with advanced cancers and other diseases,\u201d said
\n John A. Josey, Ph.D., Peloton\u2019s Chief Executive Officer. \u201cWe are proud
\n to have advanced PT2977 to this stage of development and believe that
\n Merck is well suited to build upon the progress our company has made.\u201d\n <\/p>\n
\n The closing will be subject to certain conditions, including the
\n expiration of the waiting period under the Hart-Scott-Rodino Antitrust
\n Improvements Act and other customary conditions. The companies
\n anticipate the acquisition will close in the third quarter of 2019.\n <\/p>\n
\n Merck was represented by Covington & Burling LLP as legal advisor and
\n Credit Suisse as financial advisor. Peloton was represented by Wilson
\n Sonsini Goodrich & Rosati as legal advisor and Centerview Partners as
\n financial advisor.\n <\/p>\n
\n About PT2977<\/b>\n <\/p>\n
\n PT2977 is a potent, selective, investigational oral HIF-2\u03b1 inhibitor
\n currently being evaluated in multiple clinical studies. Specifically,
\n PT2977 is being evaluated in a Phase 2 clinical trial in von
\n Hippel-Lindau (VHL) disease-associated RCC, a Phase 2 clinical trial in
\n combination with cabozantinib, a VEGFR-targeting agent, in metastatic
\n RCC, a Phase 1\/2 dose-escalation and dose-expansion clinical trial in
\n patients with metastatic RCC, and an expansion arm of its Phase 1\/2
\n clinical trial in glioblastoma multiforme (GBM). In cancer, HIF-2\u03b1 is
\n aberrantly activated in these diseases as a result of the inactivity of
\n the VHL tumor suppressor. This inactivation of the VHL tumor suppressor
\n is observed in over 90% of clear cell RCC, the most common form of
\n kidney cancer. Results from a Phase 1\/2 study of PT2977 demonstrated
\n favorable safety and early signs of anti-tumor activity as a monotherapy
\n for the treatment of patients with advanced or metastatic RCC.\n <\/p>\n
\n About Peloton<\/b>\n <\/p>\n
\n Peloton Therapeutics, Inc. is a clinical-stage biopharmaceutical company
\n focused on translating novel scientific insights into first-in-class
\n medicines for patients with cancer and other debilitating or
\n life-threatening conditions. The company\u2019s lead development program is
\n evaluating a small molecule inhibitor of HIF-2\u03b1, a transcription factor
\n implicated in the development and progression of clear cell RCC and a
\n variety of other disorders. HIF-2\u03b1 was previously thought to be
\n intractable using small molecules.\n <\/p>\n
\n Merck\u2019s Focus on Cancer<\/b>\n <\/p>\n
\n Our goal is to translate breakthrough science into innovative oncology \n About Merck<\/b>\n <\/p>\n \n For more than a century, Merck, a leading global biopharmaceutical \n Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA<\/b>\n <\/p>\n \n This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the \n Risks and uncertainties include but are not limited to, general industry
\n medicines to help people with cancer worldwide. At Merck, the potential
\n to bring new hope to people with cancer drives our purpose and
\n supporting accessibility to our cancer medicines is our commitment. As
\n part of our focus on cancer, Merck is committed to exploring the
\n potential of immuno-oncology with one of the largest development
\n programs in the industry across more than 30 tumor types. We also
\n continue to strengthen our portfolio through strategic acquisitions and
\n are prioritizing the development of several promising oncology
\n candidates with the potential to improve the treatment of advanced
\n cancers. For more information about our oncology clinical trials, visit vip2-msd.com\/merckcom-migrated\/clinicaltrials<\/a>.\n <\/p>\n
\n company known as MSD outside of the United States and Canada, has been
\n inventing for life, bringing forward medicines and vaccines for many of
\n the world\u2019s most challenging diseases. Through our prescription
\n medicines, vaccines, biologic therapies and animal health products, we
\n work with customers and operate in more than 140 countries to deliver
\n innovative health solutions. We also demonstrate our commitment to
\n increasing access to health care through far-reaching policies, programs
\n and partnerships. Today, Merck continues to be at the forefront of
\n research to advance the prevention and treatment of diseases that
\n threaten people and communities around the world – including cancer,
\n cardio-metabolic diseases, emerging animal diseases, Alzheimer\u2019s disease
\n and infectious diseases including HIV and Ebola. For more information,
\n visit vip2-msd.com\/merckcom-migrated<\/a>
\n and connect with us on Twitter<\/a>,
\n Facebook<\/a>,
\n Instagram<\/a>,
\n YouTube<\/a>
\n and LinkedIn<\/a>.\n <\/p>\n
\n \u201ccompany\u201d) includes \u201cforward-looking statements\u201d within the meaning of
\n the safe harbor provisions of the U.S. Private Securities Litigation
\n Reform Act of 1995. These statements are based upon the current beliefs
\n and expectations of the company\u2019s management and are subject to
\n significant risks and uncertainties. There can be no guarantees with
\n respect to pipeline products that the products will receive the
\n necessary regulatory approvals or that they will prove to be
\n commercially successful. If underlying assumptions prove inaccurate or
\n risks or uncertainties materialize, actual results may differ materially
\n from those set forth in the forward-looking statements.\n <\/p>\n
\n conditions and competition; general economic factors, including interest
\n rate and currency exchange rate fluctuations; the impact of
\n pharmaceutical industry regulation and health care legislation in the
\n United States and internationally; global trends toward health care cost
\n containment; technological advances, new products and patents attained
\n by competitors; challenges inherent in new product development,
\n including obtaining regulatory approval; the company\u2019s ability to
\n accurately predict future market conditions; manufacturing difficulties
\n or delays; financial instability of international economies and
\n sovereign risk; dependence on the effectiveness of the company\u2019s patents
\n and other protections for innovative products; and the exposure to
\n litigation, including patent litigation, and\/or regulatory actions.\n <\/p>\n
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