Document:

pand-ex1024_275.htm

 

Exhibit 10.24

AMENDMENT NO. 2 TO

THE CONFIDENTIAL DISCLOSURE-IN AGREEMENT

THIS AMENDMENT NO. 2 TO THE CONFIDENTIAL DISCLOSURE AGREEMENT (this “Amendment No. 2”) is entered into as of December 18, 2020 (the “Amendment No. 2 Effective Date”), confirms the mutual understanding between Merck Sharp & Dohme Corp., having a place of business at 33 Avenue Louis Pasteur, Boston, Massachusetts 02115 USA (“Merck”) and Pandion Therapeutics, Inc., having a place of business at 134 Coolidge Ave., Watertown, MA 02472 (“Discloser”). Merck and the Discloser may be referred to herein individually as a “Party” or together as the “Parties”.

RECITALS

 

	
A.
	
On April 9, 2018 the Parties entered into a Confidential Disclosure-In Agreement, as amended on December 16, 2019 (the “Original Agreement”) pursuant to which the Parties agreed to exchange certain information solely for the purpose of evaluating a potential business opportunity on the terms and subject to the conditions set forth therein.

 

	
B.
	
The Parties desire to amend the Original Agreement as set forth in this Amendment No. 2 in anticipation of the exchange of additional Confidential Information.

AGREEMENT

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

	
1.
	
DEFINITIONS; REFERENCES. Each capitalized term used but not defined in this Amendment No. 2 shall have the meaning assigned to such term in the Original Agreement. Each reference in the Original Agreement to “hereof,” “hereunder,” “hereby,” “this Agreement,” “the Agreement” or any similar term shall, from and after the Amendment No. 2 Effective Date, refer to the Original Agreement (as amended by this Amendment No. 2). Each reference in the Original Agreement to the “date of this Agreement”, “date of the Agreement”, the “date hereof” or any similar term shall refer to April 9, 2018. Except as otherwise indicated, all references in the Original Agreement to “Sections” are intended to refer to Sections of the Original Agreement (as amended by this Amendment No. 2), and not sections of this Amendment No. 2.

 

	
2.
	
AMENDMENT TO ORIGINAL AGREEMENT. The Original Agreement is hereby amended by inserting a new Section 14, which shall read as follows:

“14. The Parties hereby acknowledge their awareness of the United States securities laws regarding the use and communication of material, non-public information about a company.”

 

	
3.
	
MISCELLANEOUS.

 

	
 
	
(a)
	
No Further Amendment. Except as otherwise expressly provided in this Amendment No. 2, all of the terms and conditions of the Original Agreement remain unchanged and continue in full force and effect.

 

	
 
	
(b)
	
Effect of Amendment. This Amendment No. 2 shall form a part of the Original Agreement for all purposes, and each Party hereto and thereto shall be bound hereby. This Amendment No. 2 shall be deemed to be in full force and effect from and after the execution of this Amendment No. 2 by the Parties hereto.

 

	
 
	
(c)
	
Survival of this Amendment. Without limiting Section 6 of the Original Agreement (as amended by this Amendment No. 2), Section 2 above shall survive any expiration or termination of the Original Agreement.

 

	
 
	
 
	
 
	
 
	
 

	

	
 
	
Page 1 of 3
	
 
	
 

 

 

	
 
	
(d)
	
Entire Agreement; Counterparts. Without limiting Section 11 of the Original Agreement, the Original Agreement (as amended by this Amendment No. 2) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof. This Amendment No. 2 may be executed in separate counterparts (including by facsimile or by an electronic scan, including portable document format (.pdf) delivered by electronic mail), each of which shall be deemed an original and both of which shall constitute one and the same instrument.

[Remainder of page intentionally left blank]

 

	
 
	
 
	
 
	
 
	
 

	

	
 
	
Page 2 of 3
	
 
	
 

 

 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment No. 2 to be duly executed by their respective authorized officers as of the day and year first above written.

 

	
 
	
 
	
 
	
 
	
 

	
Merck Sharp & Dohme Corp.

	
 
	
 

	
By:
	
 
	
/s/ Lizabeth Leveille

	
 
	
 
	
Name:
	
 
	
Lizabeth Leveille

	
 
	
 
	
Title:
	
 
	
AVP, BD&L

	
 

	
Pandion Therapeutics, Inc.

	
 
	
 

	
By:
	
 
	
/s/ Vikas Goyal

	
 
	
 
	
Name:
	
 
	
Vikas Goyal

	
 
	
 
	
Title:
	
 
	
SVP Business Development

 

	
 
	
 
	
 
	
 
	
 

	

	
 
	
Page 3 of 3pand-ex1025_276.htm

Exhibit 10.25

 

			
	

 
	

	
	
 
	
 
	
 

	
 
	
 
	
2000 Galloping Hill Road

	
STRICTLY PRIVATE & CONFIDENTIAL
	
 
	
Kenilworth, NJ 07033 U.S.A.

	
 
	
 
	
T: 908-740-4000

	
February 13, 2021
	
 
	
 

	
 
	
 
	
merck.com

	
Dr. Rahul Kakkar
	
 
	
 

	
Chief Executive Officer
	
 
	
 

	
Pandion Therapeutics, Inc.

134 Coolidge Avenue
	
 
	
 

	
Watertown, Massachusetts 02472
	
 
	
 

Dear Dr. Kakkar,

We refer to the Confidential Disclosure-In Agreement, dated as of April 9, 2018, as subsequently amended by Amendment No. 1 to Confidential Disclosure-In Agreement, dated December 19, 2019 and Amendment No. 2 to the Confidential Disclosure-In Agreement, dated December 18, 2020 (collectively, the “Confidentiality Agreement”), by and between Pandion Therapeutics, Inc. (the “Company”) and Merck Sharp & Dohme Corp. (“Merck” and, together with the Company, the “Parties”). In order to facilitate and expedite our discussions between the Parties with respect to a Potential Transaction (as defined below), the Parties hereby agree as set forth below.

 

	
1.
	
Purpose. The definition of the term “Purpose” under the Confidentiality Agreement is hereby amended (by expansion and not by supersession) to include the evaluation by Merck and its Affiliates of a potential business combination transaction involving the Company (a “Potential Transaction”).

 

	
2.
	
Mutuality. Each Party shall be considered and treated as “Discloser” under the Confidentiality Agreement with respect to any and all Confidential Information disclosed by or on behalf of such Party to the other Party or any of such other Party’s Affiliates or Representatives in connection with a Potential Transaction. The Company agrees to be bound by the obligations of “Merck”, as if it were “Merck” under the Confidentiality Agreement (as amended hereby) with respect to any Confidential Information disclosed by or on behalf of Merck to the Company or any of its Affiliates or Representatives in connection with a Potential Transaction.

 

	
3.
	
Subject Matter. The term “Subject Matter” as defined in the Confidentiality Agreement shall be amended and restated, solely with respect to Confidential Information disclosed by or on behalf of Merck, to reference “biologics for autoimmune regulation.”

 

	
4.
	
Miscellaneous. Capitalized terms not otherwise defined herein have the meanings set forth in the Confidentiality Agreement. All terms and conditions of the Confidentiality Agreement not modified by this letter agreement shall remain in full force and effect. This letter agreement shall be governed by and construed in accordance with the laws of the State of New Jersey. This letter agreement may be executed manually or electronically and in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one agreement. This letter agreement may be amended, modified or extended only by a written agreement signed by each of the Parties.

[Remainder of the page intentionally left blank.]

 

		
	

	
 
	
2000 Galloping Hill Road

Kenilworth, NJ 07033 U.S.A.

T: 908-740-4000

merck.com

 

 

 

 

	
 
	
 
	
 
	
 
	
 

	
Very truly yours,

	
 
	
 

	
 
	
 
	
MERCK SHARP & DOHME CORP.

	
 
	
 

	
 
	
 
	
/s/ Mark Stencik

	
 
	
 
	
Name:
	
 
	
Mark Stencik

	
 
	
 
	
Title:
	
 
	
Executive Director BD&L

 

	
 
	
 
	
 

	
Agreed and accepted:

	
 

	
PANDION THERAPEUTICS, INC.

	
 

	
/s/ Vikas Goyal

	
Name:
	
 
	
Vikas Goyal

	
Title:
	
 
	
SVP Business Development

	
 
	
 

	
Date:
	
 
	
February 12, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Confidentiality Agreement Amendment]pand-ex1026_277.htm

Exhibit 10.26

 

	
 
	
 
	
 

	
Sunil A. Patel
	
  
	
Merck

	
Senior Vice President and
	
  
	
2000 Galloping Hill Road

	
Head of Corporate Development
	
  
	
Kenilworth, NJ 07033

	
 
	
  
	
merck.com

	
 
	
 

	
 
	
  
	

 

STRICTLY PRIVATE & CONFIDENTIAL

February 9, 2021

Dr. Rahul Kakkar

Chief Executive Officer

Pandion Therapeutics, Inc.

134 Coolidge Avenue

Watertown, Massachusetts 02472

Dear Dr. Kakkar,

Reference is made to our discussions regarding the proposed acquisition (the “Proposed Transaction”) of all of the issued and outstanding equity interests of Pandion Therapeutics, Inc. (the “Company”) by Merck Sharp & Dohme Corp. or one of its designated affiliates (collectively, “Merck”). In order to facilitate and expedite continued discussions between the Company and Merck with respect to the Proposed Transaction, and understanding that Merck has devoted and intends to continue to devote substantial time and effort to the evaluation and documentation of the Proposed Transaction, the parties hereto hereby agree as set forth below.

	
1.
	
Exclusivity. During the Exclusivity Period (as defined below), the Company shall not, and shall cause its subsidiaries not to, and shall not authorize or permit their respective Representatives (as defined below) to (other than with respect to Merck or any of its Representatives), directly or indirectly, (i) solicit, initiate, seek, propose, knowingly encourage (including by way of furnishing information) or knowingly take any action designed to facilitate any inquiry regarding, or the making of any inquiry, proposal or offer that constitutes, or could lead to, an Acquisition Proposal, (ii) engage in, continue or otherwise participate in any discussions or negotiations relating to, enter into any agreement, arrangement or understanding (whether or not binding) relating to, or otherwise cooperate in any way with, any Acquisition Proposal or any inquiry, proposal or offer that could lead to an Acquisition Proposal, (iii) furnish any information relating to the Company or any of its subsidiaries or any Company Product or the Company Platform (each as defined below) or afford access to the business, properties, assets, books or records of the Company or any of its subsidiaries to any person in connection with any Acquisition Proposal or any inquiry, proposal or offer that constitutes, or could lead to, an Acquisition Proposal, (iv) grant any waiver, amendment or release of or under, or fail to enforce, any confidentiality, standstill or similar agreement with respect to the Company or any of its subsidiaries, (v) otherwise knowingly facilitate any effort or attempt to make an

Acquisition Proposal or any inquiry, proposal or offer that could lead to an Acquisition Proposal, (vi) take any action or exempt any person from the restriction on “business combinations” or any similar provision contained in applicable anti-takeover laws or the Company’s organizational documents or grant a waiver under Section 203 of the Delaware General Corporation Law, or (vii) resolve, propose or agree to do any of the foregoing. If, at any time The Company shall, and shall cause its subsidiaries and its and their respective Representatives to, immediately terminate any and all discussions or negotiations with any party other than Merck (and its Representatives) with respect to any Acquisition Proposal or any inquiry, proposal or offer that constitutes, or could lead to, an Acquisition Proposal.

If, at any time prior to the expiration of the Exclusivity Period, the Company or any of its Representatives is approached in any manner by a person other than Merck or any of its Representatives with respect to an Acquisition Proposal or any inquiry, proposal or offer that constitutes, or could lead to, an Acquisition Proposal, the Company shall promptly (and in any event within 24 hours of such approach) inform Merck of such contact 

 

 

and furnish Merck with the proposed purchase price (or other transaction consideration) and other material terms of such Acquisition Proposal or inquiry, proposal or offer.

	
2.
	
Certain Definitions. For purposes of this letter agreement, the following terms shall have the following meanings:

	
 
	
a.
	
“Acquisition Proposal” means any inquiry, offer, proposal or indication of interest (in writing or otherwise) from any third party relating to any transaction or series of related transactions involving (i) any acquisition or purchase by any third party, directly or indirectly, of 15% or more of any class of outstanding voting or equity securities of the Company, or any tender offer or exchange offer that, if consummated, would result in any third party beneficially owning 15% or more of any class of outstanding voting or equity securities of the Company, (ii) any merger, amalgamation, consolidation, share exchange, business combination, asset acquisition, sale, joint venture, license, collaboration, research and development or other similar transaction involving assets or businesses that constitute or represent 15% or more of the consolidated revenue, net income or assets of the Company and its subsidiaries, taken as a whole, (iii) any sale or license of (other than any non-exclusive license and non-material license granted by the Company in the ordinary course of business consistent with past practice), or joint venture, partnership or collaboration with respect to the Company Platform or any Company Product or (iv) any liquidation, dissolution, recapitalization, extraordinary dividend or other significant corporate reorganization of the Company, the business of which constitutes 15% or more of the consolidated revenue, net income or assets of the Company and its subsidiaries, taken as a whole.

	
 
	
b.
	
“Company Platform” means the platform employed by the Company or its subsidiaries to design and develop immune modulator proteins targeting immune control nodes (including regulatory T cells and inhibitory checkpoints) known as the TALON (Therapeutic Autoimmune reguLatOry proteiN) platform, including all processes involved in the use of such platform, as well as all modifications thereto.

	
 
	
c.
	
“Company Product” means any product subject to a preclinical or clinical trial, or being researched, tested, developed, manufactured, or otherwise exploited by or on behalf of the Company or its subsidiaries and all products with respect to which the Company or its subsidiaries has royalty rights, including PT001, PT002, PT101, or PT627, in each case, in any dosage form or formulation.

	
 
	
d.
	
“Exclusivity Period” means the period commencing upon the Company’s execution and delivery of this letter agreement and ending at 11:59 p.m. New York City Time on February 19, 2021; provided, that if, at such time, Merck is working in good faith toward finalizing the Proposed Transaction, the Exclusivity Period shall be extended automatically for an additional 10 days.

	
 
	
e.
	
“Representatives” of a person means, such person’s respective affiliates and each of such person’s and such affiliates’ respective officers, directors and employees, agents, advisors (including legal counsel and financial advisors), consultants, and any other persons acting under their direction, and the representatives of any of the foregoing.

	
3.
	
Definitive Agreements. The parties hereto agree that unless and until a definitive written agreement with respect to the Proposed Transaction has been executed and delivered (and in that case, subject to the terms, conditions and limitations set forth therein), neither Merck nor the Company will be under any legal obligation of any kind whatsoever with respect to the Proposed Transaction by virtue of this letter agreement or any written or oral expression with respect to the Proposed Transaction by any of the respective Representatives of either Merck or the Company, in each case except for the following (which shall constitute binding and legally enforceable obligations of the applicable parties): (a) the express undertakings of the Company pursuant to Section 1 above and (b) the obligations of the parties set forth in the Confidential Disclosure-In Agreement, dated as of April 9, 2018, as subsequently amended by Amendment No. 1 to Confidential Disclosure-In Agreement, dated December 19, 2019 and Amendment No. 2 to the Confidential Disclosure-In Agreement, dated December 18, 2020, in each case, by and between the Company and Merck (the “Confidentiality Agreement”).

	
4.
	
Representatives; No Conflicts. The Company shall (a) ensure that its Representatives are aware of the provisions of this letter agreement, and (b) be responsible for any breaches by any such parties of this letter 

 

 

		
agreement. The Company represents and warrants to Merck that it is free to enter into this letter agreement and that the entry by the Company into this letter agreement will not conflict with the rights of any other person or entity.

	
5.
	
Confidentiality. The Company and its Representatives will not in any manner disclose or permit the disclosure of, and will keep strictly confidential, the existence and contents of this letter, the fact that a Proposed Transaction is being pursued, and that discussions or negotiations may be taking place between the Company and Merck, and the identity of Merck in connection with the Proposed Transaction.

	
6.
	
Remedies. Each party hereto agrees that irreparable harm would occur as a result of, and that monetary damages would not be a sufficient remedy for, any breach of this letter agreement and that the non-breaching party shall be entitled to equitable relief, including

an injunction or injunctions and specific performance, as a remedy for any such breach (in any case without any requirement to prove damages or securing or posting any bond in connection with such remedy), and that such remedy shall not be deemed to be the exclusive remedy for a breach by any party of this letter agreement but shall be in addition to all other remedies available at law or in equity. No failure or delay by either party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

	
7.
	
Miscellaneous. The parties hereto acknowledge and agree that the mutual covenants contained in this letter agreement, and other good and valuable consideration provided by Merck contemplated herein, constitute good and sufficient consideration for the grant by the Company of the rights and obligations set forth in this letter agreement. This letter agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to conflicts of law principles or rules (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware. This letter agreement may be executed in any number of counterparts, including by .pdf transmission, each of which shall be deemed an original and all of which together shall constitute one agreement. This letter agreement may be amended, modified or extended only by a written agreement signed by each of the parties hereto.

[Remainder of the page intentionally left blank.]

 

 

 

 

 

 

 

 

 

	
Very truly yours,

	
 

	
MERCK SHARP & DOHME CORP.

	
 

	
/s/ Sunil A. Patel

	
Name:
	
 
	
Sunil A. Patel

	
Title:
	
 
	
Senior Vice President and Head of Corporate Development

	
 

	
Agreed and accepted:

	
 

	
PANDION THERAPEUTICS, INC.

	
 

	
/s/ Rahul Kakkar, MD

	
Name:
	
 
	
Rahul Kakkar, MD

	
Title:
	
 
	
CEO

	
 
	
 

	
Date:
	
 
	
9 Feb 2021

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]