Merck has successfully completed the acquisition of Harpoon Therapeutics, Inc., making Harpoon a wholly-owned subsidiary of Merck. As a result of this acquisition, Harpoon’s common stock will no longer be listed or publicly traded on the Nasdaq Stock Market. This strategic move is part of Merck’s ongoing efforts to bolster and diversify its oncology pipeline through innovative cancer treatment approaches.
Harpoon’s lead candidate, MK-6070 (formerly HPN328), is a T-cell engager that targets delta-like ligand 3 (DLL3), a protein highly expressed in small cell lung cancer (SCLC) and neuroendocrine tumors. Currently, MK-6070 is under evaluation in a Phase 1/2 clinical trial as monotherapy for patients with advanced cancers that express DLL3. Additionally, the study is exploring the use of MK-6070 in combination with atezolizumab for patients with SCLC. In recognition of its potential, the U.S. FDA granted Orphan Drug Designation to MK-6070 for the treatment of SCLC in March 2022.
Beyond MK-6070, Harpoon’s pipeline includes HPN217, a BCMA-targeting T-cell engager in Phase 1 development for relapsed/refractory multiple myeloma, and several preclinical candidates like HPN601, which targets the epithelial cell adhesion molecule (EpCAM) for patients with EpCAM-expressing tumors.
As per the merger agreement terms, Merck acquired all outstanding shares of Harpoon, resulting in a non-tax deductible R&D expense charge of approximately $650 million for Merck. The anticipated impact of this transaction on Merck’s full-year non-GAAP EPS is approximately $0.26 per share, already accounted for in Merck’s financial outlook for 2024.
Merck’s dedication to transforming cancer treatment emphasizes the importance of immuno-oncology, with extensive development programs exploring over 30 tumor types. Moreover, Merck continues to enhance its oncology portfolio via strategic acquisitions and prioritizes the development of promising candidates that could advance the treatment of advanced cancers. Further information about Merck’s oncology clinical trials can be found at their dedicated website.
Source link: http://www.businesswire.com/news/home/20240311072472/en/Merck-Completes-Acquisition-of-Harpoon-Therapeutics-Inc.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
