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Covington Represents Merck in $1.05B Acquisition of Peloton Therapeutics

Press Release May 21, 2019

WASHINGTON—Covington advised Merck & Co., Inc., in its definitive agreement under which Merck, through a subsidiary, will acquire privately held Peloton Therapeutics, Inc. in exchange for an upfront payment of $1.05 billion in cash. In addition, Peloton shareholders will be eligible to receive a further $1.15 billion contingent upon successful achievement of future regulatory and sales milestones for certain candidates.

Peloton is a clinical-stage biopharmaceutical company focused on the development of novel small molecule therapeutic candidates targeting hypoxia-inducible factor-2α (HIF-2α) for the treatment of patients with cancer and other non-oncology diseases.  Peloton’s lead candidate is PT2977, a novel oral HIF-2α inhibitor in late-stage development for renal cell carcinoma.

The Covington team was led by Catherine Dargan, Patrick Manchester, Drew Fischer, and John Knight (M&A), Robert Newman and Erika Skougard (employment/benefits), Emily Leonard and Asher Hodes (life sciences), Ansgar Simon and Jon Endean (tax), Mike Labson and Anna Zhao (regulatory), Heather Haberl and Ned Dix (real estate), Einar Stole and Jessica Milner (intellectual property), Dan Cooper (privacy), and Marty Myers (insurance).

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