Merck & Co. To Acquire Prometheus Biosciences for $10.8-BnBy
Merck & Co. has agreed to acquire Prometheus Biosciences, a San Diego, California-based bio/pharmaceutical company, for approximately $10.8 billion.
Prometheus is focused on the development of precision medicines for treating immune-mediated diseases and companion diagnostics. Its lead drug candidate is PRA023, which is being evaluated for various autoimmune conditions that include ulcerative colitis, Crohn’s disease, and systemic sclerosis-associated interstitial lung disease. PRA023 is a humanized monoclonal antibody directed to tumor necrosis factor (TNF)-like ligand 1A (TL1A), a target associated with both intestinal inflammation and fibrosis.
Prometheus also has a precision medicine platform, Prometheus360, which combines machine learning-based analytical approaches with a gastrointestinal bioinformatics database to identify therapeutic targets and develop therapeutic candidates to engage those targets.
Under the terms of the acquisition agreement, Merck, through a subsidiary, will acquire all of the outstanding shares of Prometheus. The acquisition is subject to Prometheus Biosciences’ shareholder approval and certain closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. The transaction is expected to close in the third quarter of 2023.
Source: Merck & Co. and Prometheus Biosciences