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Merck & Co., Inc. was first revealed to be in the last phase of talks to acquire Prometheus Biosciences Inc., a California-based biotech company. Now, the deal was already confirmed by the company.
Reuters previously reported that sources said the acquisition could be announced on Sunday, April 16. At that time, they were cautious about sharing any other details because there was still a possibility for the talks to fall apart.
But indeed, the deal pushed through, and Merck & Co. has officially acquired Prometheus Biosciences, which specializes in the development and production of therapeutic products for the treatment of immune-mediated diseases. The company’s market capitalization was said to be $5.42 billion at Friday’s closing.
In any case, Merck & Co. was said to be hunting for deals to shield the company from eventual revenue loss because its Keytruda cancer immunotherapy patents are set to expire at the end of the decade. It has also released its 2023 earnings estimates that showed a huge decline in sales of its COVID-19 antiviral treatment.
“At Merck, we are committed to delivering on our purpose to save and improve lives and continue to identify and secure opportunities where compelling science and value creation align,” Merck & Co. chairman and chief executive officer, Robert M. Davis, said in a press release. “The agreement with Prometheus will accelerate our growing presence in immunology where there remains a substantial unmet patient need.”
He added that its acquisition of Prometheus Biosciences “adds diversity to our overall portfolio and is an important building block as we strengthen the sustainable innovation engine that will drive our growth well into the next decade.”
Mark McKenna, the chairman and CEO of Prometheus Biosciences, also commented, “Prometheus was established to revolutionize the treatment of immune-mediated diseases through the application of a powerful precision medicine approach, and this agreement with Merck, a leader in biopharmaceutical research and development, allows Prometheus to maximize the potential for PRA023 while continuing to apply our technology and expertise to fuel further discoveries to address the needs of patients with immune disorders.”
