Merck to buy Prometheus Biosciences for about $11 billion

To increase the company’s’s presence in immunology,( Reuters )- Merck & Co has agreed to purchase Prometheus Biosciences Inc. for about$ 10.8 billion, the companies announced on Sunday.

According to the joint statement, Merck will pay$ 200 per share for the biotechnology company that specializes in products for treating immunological diseases through one of its subsidiaries. That equates to a 75 % increase over Friday’s’s closing price of Prometheus shares, which was$ 114.01.

At the end of Friday, Prometheus had a market capitalization of$ 5.42 billion.

As inventions on Merck’s’s cancer immunotherapy Keytruda start to disappear toward the end of the decade, the company has been looking for offers to shield itself from potential sales losses.

The partnership with Prometheus will hasten our expansion in immunology, where there is still a sizable unfulfilled patient need. According to Merck Chairman and Chief Executive Robert Davis, this deal” adds richness to our general resume.”

According to the business, the price, which was first reported by the Wall Street Journal, is anticipated to around in the second quarter of the year.

Merck predicted 2023 earnings below Wall Street projections and a sharp decline in COVID-19 antimicrobial therapy sales.

( Reporting from Bengaluru by Kanjyik Ghosh and Akanksha Khushi; editing by David Goodman and Tom Hogue )

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