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Drug maker Merck & Co. Inc. introduced Sunday a deal to acquire Prometheus Biosciences Inc. for $200 a share, or about $10.8 billion.
Prometheus is a clinical-stage biotechnology enterprise concentrating on autoimmune solutions, these kinds of as PRA023, a treatment beneath advancement for sicknesses these kinds of as ulcerative colitis and Crohn’s ailment.
“The arrangement with Prometheus will speed up our increasing presence in immunology exactly where there remains significant unmet affected person will need,” Merck Chief Govt Robert M. Davis said in a assertion. “This transaction provides range to our overall portfolio and is an significant creating block as we fortify the sustainable innovation motor that will travel our development nicely into the upcoming decade.”
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The offer is anticipated to shut in the 3rd quarter of 2023.
Prometheus
RXDX,
had a sector cap of about $5.42 billion as of Friday’s shut. Its inventory is up 3.7% yr to day, but has skyrocketed 225% above the earlier 12 months, with considerably of the gains coming after PRA023 innovative to Stage 3 clinical trials in December.
Merck shares
MRK,
are up 3.9% calendar year to day, and up 33% in excess of the previous calendar year.
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