Merck Inc., acquires OncoImmune Inc., and with it,CD24Fc for the treatment of COVID-19

Merck Inc., known as MSD outside the United States and Canada, and OncoImmune, a privately-held, clinical-stage biopharmaceutical company, announced that the companies have entered into a definitive agreement pursuant to which Merck, through a subsidiary, will acquire all outstanding shares of OncoImmune for an upfront payment of $425 million in cash. In addition, OncoImmune shareholders will be eligible to receive sales-based payments and payments contingent on the successful achievement of certain regulatory milestones. OncoImmune recently announced positive top-line findings from an interim efficacy analysis of a Phase III study evaluating its lead therapeutic candidate CD24Fc for the treatment of patients with severe and critical COVID-19.