Deals

Merck Is in Advanced Talks to Buy Cancer Drugmaker Harpoon Therapeutics

Deal reflects 118% premium to Harpoon’s close price on Friday
Merck also doubled its long-term outlook for oncology sales

Merck headquarters in Rahway, New Jersey
Photographer: Christopher Occhicone/Bloomberg

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By Cynthia Koons, Michelle F Davis, and Robert Langreth

January 8, 2024 at 4:39 AM UTC

Updated on

January 9, 2024 at 12:48 AM UTC

This article is for subscribers only.

Merck & Co. has agreed to acquire cancer drugmaker Harpoon Therapeutics Inc. for $680 million as it seeks to solidify its leadership position in the profitable oncology space.

The drugmaker will pay $23 a share for South San Francisco-based Harpoon, it said in a statement on Monday that confirmed an earlier report by Bloomberg News. Merck is offering more than double Harpoon’s last closing share price on Friday.