Peloton Therapeutics

The company's primary business was the discovery and clinical development of first-in-class oral medications. Its lead product candidate, PT2977, is an oral, small molecule inhibitor designed to block the activity of HIF-2α. This protein is abnormally activated in over 90% of ccRCC cases due to the inactivation of the VHL tumor suppressor gene, making it a critical therapeutic target. By inhibiting HIF-2α, Peloton's therapy could disrupt multiple pathways that contribute to cancer progression. The company's business model was centered on advancing its drug candidates through rigorous clinical trials to prove their safety and efficacy, with the ultimate goal of obtaining regulatory approval and commercializing the treatments. Its primary market was oncology, serving patients with advanced cancers who had limited treatment options.

A significant milestone for Peloton Therapeutics was its acquisition by Merck & Co. in May 2019, just one day before its planned initial public offering (IPO). The deal involved an upfront payment of $1.05 billion in cash, with an additional $1.15 billion contingent on achieving specific regulatory and sales milestones, bringing the total potential value to $2.2 billion. This acquisition provided Merck with Peloton's promising late-stage asset, PT2977, which had already demonstrated encouraging anti-tumor activity in Phase 1/2 clinical trials for advanced RCC. At the time of the acquisition, PT2977 was also being investigated for von Hippel-Lindau (VHL) disease-associated RCC and glioblastoma. Following the acquisition, Peloton Therapeutics became a subsidiary of Merck, which continued the development of these therapeutic candidates.