Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Merck & Co Inc and Prometheus Biosciences Inc said that they had entered into a definitive agreement under which Merck, through a subsidiary, will acquire Prometheus for $200.00 per share in a $10.8 billion all-cash deal.

Prometheus is a clinical-stage biotechnology firm pioneering a precision medicine approach for the discovery, development and commercialization of novel therapeutic and companion diagnostic products for the treatment of immune-mediated diseases.

Prometheus is developing PRA023 for the treatment of immune-mediated diseases such as ulcerative colitis, Crohn’s disease as well as other autoimmune conditions.

“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,” Mark McKenna, Chairman and Chief Executive Officer of Prometheus Biosciences, said in a press release.

“By applying a portfolio of powerful analytic tools to a comprehensive collection of IBD samples, Prometheus identified important disease insights that have now yielded a promising late-stage candidate,” Dean Y. Li, President, Merck Research Laboratories, said.

The deal is expected to be finalized during the third quarter of 2023.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Washington Trust Bancorp announces $0.56 quarterly dividendWashington Trust Bancorp announces $0.56 quarterly dividend Washington Trust Bancorp (NASDAQ: WASH) said on Thursday that its Board of Directors had authorized a regular quarterly cash dividend of $0.56 per share of common stock.The dividend was kept unchanged from the previous quarterly […]
  • Gold trading outlook: futures remain near one-week highs in thin trade, soft US employment report supportsGold trading outlook: futures remain near one-week highs in thin trade, soft US employment report supports On Friday (in GMT terms) gold for delivery in December traded within the range of $1,307.4-$1,334.0. Futures closed at $1,326.7, rising 0.73% compared to Thursday’s close. It has been the 157th gain in the past 330 trading days and also a […]
  • AUD/USD loses ground after Chinese manufacturing dataAUD/USD loses ground after Chinese manufacturing data Australian dollar traded lower against its US counterpart on Thursday, after a report showed that the final reading of HSBC manufacturing PMI for China was unchanged from the preliminary value in December.AUD/USD touched a session low at […]
  • Forex Market: EUR/USD daily forecastForex Market: EUR/USD daily forecast During yesterday’s trading session EUR/USD traded within the range of 1.3689-1.3772 and closed at 1.3708.At 6:50 GMT today EUR/USD was adding 0.12% for the day to trade at 1.3717. The pair touched a daily high at 1.3723 at 6:25 […]
  • Forex Market: USD/JPY daily trading forecastForex Market: USD/JPY daily trading forecast Friday’s trade saw USD/JPY within the range of 120.63-121.73. The pair closed at 121.72, soaring 0.57% on a daily basis and marking the fourth consecutive trading day of gains. The daily high has been the highest level since August 24th, when […]
  • Forex Market: GBP/USD daily trading outlookForex Market: GBP/USD daily trading outlook Yesterday’s trade saw GBP/USD within the range of 1.3289-1.3533. The pair closed at 1.3430, rising 0.66% compared to Tuesdays close. It has been the 130th gain in the past 283 trading days and also a second consecutive one. The cross has […]