By Colin Kellaher

Shares of Pandion Therapeutics Inc. more than doubled in premarket trading Thursday after the clinical-stage biotechnology company agreed to be acquired by drug giant Merck & Co. for $60 a share, or about $1.85 billion.

The deal represents a 134% premium to Wednesday's closing price of $25.63 for Pandion, which went public last July at $18 a share.

Pandion shares rose as high as $27.75 on July 17, the company's first day of trading, but haven't reached that level since.

Pandion shares were recently up 132% to $59.44 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 25, 2021 09:13 ET (14:13 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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