Merck Strengthens Immunology Pipeline with Acquisition of Prometheus Biosciences
Monday, April 17, 2023
Merck and Prometheus Biosciences announced that the companies have entered into a definitive agreement under which Merck, through a subsidiary, has agreed to acquire Prometheus for $200.00 per share in cash for a total equity value of approximately $10.8 billion.
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. The closing of the proposed transaction will be subject to certain 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.
This agreement with Merck, allows Prometheus to maximise the potential for PRA023, while continuing to apply technology and expertise to fuel further discoveries to address the needs of patients with immune disorders.
The agreement with Prometheus will accelerate the growing presence in immunology where there remains substantial unmet patient need. This transaction adds diversity to overall portfolio and is an important building block to strengthen the sustainable innovation engine that drives the growth well into the next decade.
