Merck & 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.
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 treatment of immunological diseases. That represents a 75% premium to the $114.01 closing price for Prometheus shares on Friday.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.2023 earnings below Wall Street estimates and an expected steep decline in sales of its COVID-19 antiviral treatment.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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 »
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 »
Giants, pitcher Logan Webb reportedly agree on five-year, $90 million extensionThe San Franciso Giants reportedly secured ace Logan Webb for the next five years after signing the pitcher for a $90 million extension, according to ESPN's Jeff Passan.
Read more »
Logan Webb, Giants agree to $90M, 5-year deal for 2024-28Right-hander Logan Webb and the San Francisco Giants agreed Friday to a $90 million, five-year contract covering 2024-28.
Read more »