Merck, a pharmaceutical company, has announced that it will acquire Prometheus Biosciences for $1.85 billion. Prometheus Biosciences is a biotechnology company that focuses on developing therapies for inflammatory bowel disease (IBD) and other gastrointestinal disorders. The acquisition will provide Merck with access to a portfolio of IBD drugs, including a drug called Prometheus Anser, which has already been approved by the FDA. The deal is expected to close in the second half of 2023, subject to regulatory approval.
“The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need,” said Merck CEO Robert Davis. “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 had a market cap of $5.4 billion as of Friday’s market close. Its shares are up about 4% year to date.
Merck is looking to add new products to its pipeline as its top-selling drug cancer therapy, Keytruda, is expected to lose patent protection this decade.
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Source: FoxBusiness