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INDUSTRY NEWS

Merck & Co: Merck to buy Prometheus Biosciences for about $11 bln, ET HealthWorld

Prometheus had a market capitalisation of $5.42 billion at Friday's close. Merck Merck has been looking for deals to protect itself from eventul revenue loss as patents on its cancer immunotherapy keytruda begin to expire towards the end of the decade.

 

Bengaluru: 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.

The joint statement said that Merck, through one of its subsidiaries, will pay $$200 per share for the biotechnology company that specializes in product for treatment of immunological diseases. That represents a 75 per cent premium to the $114.01 closing price for Prometheus shares on Friday.

Source: indiatimes.com