Merck said Sunday that it will acquire Prometheus Biosciences for $10.8 billion, adding a pipeline of experimental drugs to treat immune-related diseases.
The deal values Prometheus at $200 per share, or a 75% premium to Friday’s closing stock price. The company went public in March 2021 at $19 per share.
For Merck, acquiring Prometheus, a biotech company based in San Diego, is part of a corporate strategy to bolster its research pipeline and introduce new medicines before its blockbuster cancer therapy Keytruda loses patent protection in 2028. Talks between the two companies was reported first by the Wall Street Journal on Saturday night.
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