Merck in talks to acquire Harpoon Therapeutics for around $700M – Bloomberg (NYSE:MRK)

Merck (NYSE:MRK) is reportedly in advanced talks to buy immuno-oncology company Harpoon Therapeutics (NASDAQ:HARP) for around $700M.

Citing people familiar with the matter, Bloomberg News reported on Sunday that Merck (MRK) is discussing paying roughly $23/share for the South San Francisco-based cancer drugmaker. The offer represents a premium of 118% to Harpoon’s last closing price of $10.55.

A deal could be announced within days assuming talks don’t fall apart, the people said.

Harpoon (HARP) is developing a novel class of T cell engagers that unleash the power of the body’s immune system to fight cancer and other diseases. Earlier in October, the company reported positive data for its lung cancer treatment in early-to-mid stage trial.