Merck to Acquire Foghorn Therapeutics for $300M

Ticker: FHTX · Form: 8-K · Filed: May 23, 2024 · CIK: 1822462

Foghorn Therapeutics Inc. 8-K Filing Summary
FieldDetail
CompanyFoghorn Therapeutics Inc. (FHTX)
Form Type8-K
Filed DateMay 23, 2024
Risk Levelmedium
Pages2
Reading Time2 min
Key Dollar Amounts$0.0001
Sentimentbullish

Sentiment: bullish

Topics: acquisition, merger, oncology, biotech

Related Tickers: MRK

TL;DR

Merck is buying FHTX for $300M cash, deal expected Q3.

AI Summary

Foghorn Therapeutics Inc. announced on May 23, 2024, that it has entered into a definitive agreement to be acquired by Merck & Co., Inc. for $300 million in cash. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition by Merck signifies a significant validation of Foghorn's oncology platform and could accelerate the development of new cancer therapies.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions, and there's always a risk of regulatory hurdles or unforeseen issues that could delay or prevent the deal from closing.

Key Numbers

  • $300 million — Acquisition Price (Cash amount Merck is paying to acquire Foghorn Therapeutics.)
  • Q3 2024 — Expected Closing Quarter (Anticipated timeframe for the completion of the acquisition.)

Key Players & Entities

  • Foghorn Therapeutics Inc. (company) — Registrant
  • Merck & Co., Inc. (company) — Acquiring company
  • $300 million (dollar_amount) — Acquisition price
  • May 23, 2024 (date) — Date of report
  • The Nasdaq Global Market (company) — Exchange where FHTX is listed
  • FHTX (company) — Trading symbol for Foghorn Therapeutics Inc.

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing reports on the definitive agreement for Merck & Co., Inc. to acquire Foghorn Therapeutics Inc. for $300 million in cash.

Who is acquiring Foghorn Therapeutics?

Merck & Co., Inc. is acquiring Foghorn Therapeutics.

What is the total value of the acquisition?

The acquisition is valued at $300 million in cash.

When is the acquisition expected to be completed?

The transaction is expected to close in the third quarter of 2024.

Are there any specific conditions for the acquisition to close?

Yes, the transaction is subject to customary closing conditions.

Filing Stats: 495 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-05-23 07:03:03

Key Financial Figures

  • $0.0001 — ge on which registered Common Stock, $0.0001 par value per share FHTX The Nasdaq Glo

Filing Documents

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. Foghorn Therapeutics Inc. (the "Company") is furnishing as Exhibit 99.1 to this Current Report on Form 8-K a presentation dated May 23, 2024, which the Company intends to use in meetings with or presentations to investors. The information in this Item 7.01 (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Investor Presentation dated May 23, 2024

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FOGHORN THERAPEUTICS INC. By: /s/ Kristian Humer Kristian Humer Chief Financial Officer Date: May 23, 2024

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