Merck & Co Inc says it is buying Peloton Therapeutics Inc for $1.05 billion in cash plus $1.15 billion in additional payments based on how the company's drugs fare once they are further developed. The purchase will give it access to the privately held company’s lead kidney cancer drug candidate.
Peloton had said earlier this month that it was planning to raise up to $159.4 million in an initial public offering. That offering was set to begin trading publicly on Wednesday.