Merck has agreed to acquire Prometheus Biosciences for about $10.8 billion to bolster the company's presence in immunology, the companies said on Sunday.
for about $10.8 billion to bolster the company's presence in immunology, the companies said on Sunday.
The joint statement said that Merck, through one of its subsidiaries, will pay $200 per share for the biotechnology company that specializes in products for the treatment of immunological diseases. That represents a 75% premium to the $114.01 closing price for Prometheus shares on Friday.Merck has been looking for deals to protect itself from eventual revenue loss as patents on its cancer immunotherapy Keytruda begin to expire towards the end of the decade.
"The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need. This transaction adds diversity to our overall portfolio," said Merck Chairman and Chief Executive Robert Davis. The deal, which was first reported by the Wall Street Journal, is expected to close in the third quarter of the year, the companies said.
Merck in February forecasted 2023 earnings below Wall Street estimates and an expected steep decline in sales of its Covid-19 antiviral treatment.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Merck to buy Prometheus Biosciences for about $11 blnMerck & Co has agreed to acquire Prometheus Biosciences Inc for about $10.8 billion to bolster the company's presence in immunology, the companies said on Sunday.
Read more »
Merck in late-stage talks to acquire Prometheus Biosciences -WSJMerck & Co is in late-stage talks to acquire Prometheus Biosciences Inc to get its hands on promising immune disease treatments, the Wall Street Journal reported on Sunday citing people familiar with the matter.
Read more »
Merck in talks to acquire Prometheus Biosciences: reportMerck is reportedly in talks to buy the San Diego-based Prometheus Biosciences in a promising deal that could be announced as early as Sunday.
Read more »
Logan Webb, Giants agree to $90M, 5-year dealRight-hander Logan Webb and the San Francisco Giants agreed Friday to a $90 million, five-year contract covering 2024-28.
Read more »
Giants Lock in Logan Webb, Agree to Five-Year, $90M Contract ExtensionNEW: Logan Webb and the SFGiants agree to a five-year, $90 million extension that should keep the Rocklin native in the rotation through at least 2028.
Read more »