Merck & Co. Inc. announced Sunday a deal to acquire Prometheus Biosciences Inc. for $200 a share, or about $10.8 billion.
Prometheus is a clinical-stage biotechnology company focusing on autoimmune treatments, such as PRA023, a treatment under development for illnesses such as ulcerative colitis and Crohn’s disease.Prometheus is a clinical-stage biotechnology company focusing on autoimmune treatments, such as PRA023, a treatment under development for illnesses such as ulcerative colitis and Crohn’s disease.
“The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need,” Merck Chief Executive Robert M. Davis said in a statement. “This transaction adds diversity to our overall portfolio and is an important building block as we strengthen the sustainable innovation engine that will drive our growth well into the next decade.”Prometheus RXDX had a market cap of about $5.42 billion as of Friday’s close. Its stock is up 3.
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