Merck announced the purchase of California-based biotech business Prometheus Biosciences for about $11 billion on Sunday.
Merck and Prometheus “have entered into a definitive agreement under which Merck, through a subsidiary, has agreed to acquire Prometheus for $200.00 per share in cash for a total equity value of approximately $10.8 billion,” according to a statement from Merck.
When the New York Stock Exchange closed on Friday, the share price of Prometheus was $114.01.
PRA023, a therapy for autoimmune illnesses such as ulcerative colitis and Crohn’s disease, is being developed by the business.
When the New York Stock Exchange closed on Friday, the share price of Prometheus was $114.01.
PRA023, a therapy for autoimmune illnesses such as ulcerative colitis and Crohn’s disease, is being developed by the business.
The agreement with Prometheus will accelerate our growing presence in immunology, where there remains substantial unmet patient need,” said Merck chairman and CEO Robert Davis in a statement.
Merck’s financial performance in the fourth quarter of 2022 were better than predicted, mainly in part to increased sales of its cancer treatments and despite a dip in its anti-Covid therapy molnupiravir.
Sales at the corporation, known as MSD outside the United States and Canada, were $13.8 billion from September to December, a 2% increase year on year.
