HARPOON THERAPEUTICS acquired by MERCK & CO.
Context
Merck has entered into a definitive agreement to acquire 100% of the outstanding shares of Harpoon Therapeutics. Strategically, this acquisition allows Merck to further diversify its oncology pipeline by integrating Harpoon’s proprietary TriTAC and ProTriTAC T-cell engager platforms. The rationale for the deal centers on the potential of the lead candidate, HPN328, which targets DLL3 in small cell lung cancer and neuroendocrine tumors, providing Merck with a highly complementary asset for its existing immunotherapy portfolio. This move is a classic example of a "platform-driven" acquisition where a large-cap pharmaceutical player secures innovative R&D capabilities and preclinical assets to reinforce its therapeutic leadership. From a transaction facts perspective, the deal will be accounted for as an asset acquisition, with a non-GAAP charge of approximately $650 million expected upon closing.
HARPOON THERAPEUTICS, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Healthcare & Pharma sector (15.3x).
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Target
Harpoon Therapeutics is a clinical-stage immunotherapy company pioneering a novel class of T-cell engagers designed to harness the power of the body’s immune system to treat solid tumors and hematologic malignancies. Headquartered in South San Francisco, the firm utilizes its proprietary Tri-specific T cell Activating Construct (TriTAC) platform to engineer proteins that direct a patient's own T cells to identify and eliminate tumor cells. The company has further evolved its technology with the ProTriTAC platform, which applies a prodrug concept ensuring therapeutic activity is specifically localized within the tumor microenvironment to minimize systemic toxicity. Its lead clinical candidate, HPN328, targets delta-like ligand 3 (DLL3) and is currently undergoing Phase 1/2 evaluation for small cell lung cancer (SCLC) and neuroendocrine tumors. The business model is centered on advancing breakthrough oncology science through high-assurance clinical development, targeting high-unmet-need indications with specialized molecular architectures.
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REFERENCES
Revenue range: 25M - 50M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.