Harpoon Therapeutics acquired by Merck & Co.

UNITED STATES Life Sciences / Pharma & Biotech / R&D Biotech REV €25–50M

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 [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Healthcare & Pharma sector (15.6x in 2024).

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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.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Merck & Co.

Other operations with Merck & Co.
Date	Acquirer	Target	Country	Sector
12/2018	MERCK & CO.	ANTELLIQ	FRANCE	Animal Health

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REFERENCES

Revenue range: REV €25–50M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Harpoon Therapeutics by Merck & Co. are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Merck & Co.’s acquisition of 100% of Harpoon Therapeutics, an American company specialised in Pharma & Biotech, in 2024.

What was Harpoon Therapeutics’s revenue at the time of the deal?

At the time of the transaction, Harpoon Therapeutics’s annual revenue was estimated within the €25–50M range (FY 2022). Detailed financial figures are available to members.

How does the valuation of Harpoon Therapeutics compare to benchmarks in the Healthcare & Pharma sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 15.6x EBITDA during 2024.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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