Arix Bioscience PLC has provided a financial update on its expected returns from the acquisition of Harpoon Therapeutics by Merck. Merck, through a subsidiary, has agreed to acquire Harpoon for $23.00 per share in cash, totaling approximately $680 million. Arix is expected to receive net proceeds of approximately $18.9 million, representing a 1.2x return on the total capital invested in Harpoon since Arix first invested.
Peregrine Moncreiffe, Chairman of Arix, expressed satisfaction with the acquisition, stating, "Arix has been an investor in Harpoon Therapeutics since 2017, and it is great to see a company that we have been a part of since the early stages move through the clinic and receive recognition for the platform they have worked hard to develop."
The transaction is anticipated to close in the first half of 2024. Arix Bioscience PLC is a global venture capital company focused on investing in breakthrough biotechnology companies around cutting-edge advances in life sciences. They collaborate with exceptional entrepreneurs and provide the capital, expertise, and global networks to help accelerate their ideas into important new treatments for patients.