Merck, an American multinational pharmaceutical company, agreed to acquire OncoImmune, a clinical-stage biopharmaceutical company, from HM Capital Partners, GF Xinde Investment Management, 3E Bioventures Capital and Kaitai Capital for $425m. In addition, OncoImmune shareholders will be eligible to receive sales-based payments and payments contingent on the successful achievement of certain regulatory milestones. Under the agreement, prior to the completion of the acquisition, OncoImmune will spin-out certain rights and assets unrelated to the CD24Fc program to a new entity to be owned by the existing shareholders of OncoImmune. Upon the closing of the acquisition, Merck will invest $50m, and become a minority shareholder, in the new entity. “Outstanding work by the OncoImmune team has provided compelling evidence regarding the use of CD24Fc in patients with severe and critical COVID-19 in our Phase 3 Trial. We look forward to working with the scientists and manufacturing engineers at Merck as well as regulators as we seek to accelerate the global development of this potentially important therapy," Yang Liu, OncoImmune Co-Founder and CEO.