Merck & Co (MRK.N) said on Sunday it will buy Prometheus Biosciences Inc (RXDX.O) for about $10.8 billion, picking up a promising experimental treatment for ulcerative colitis and Crohn’s disease and building up its presence in immunology. Merck will pay $200 per share for the California-based biotechnology company that specializes in treatments for autoimmune diseases. That represents a 75% premium to the $114.01 closing price for Prometheus shares on Friday. “This is allowing us to move into immunology in a strong way and will allow us sustainable growth, we think, well into the 2030s given the long patent life,” Merck Chief Executive Robert Davis said in an interview.
Read the full article: Merck to Buy Prometheus Biosciences for about $11B //
Source: https://www.reuters.com/markets/deals/merck-late-stage-talks-acquire-prometheus-biosciences-wsj-2023-04-16