Last Updated: April 17, 2023, 05:47 IST
Merck’s monetary outcomes have been higher than anticipated within the fourth quarter of 2022 thanks partially to sturdy gross sales of its most cancers medicine. (Image: Reuters)
Prometheus’s share value was at $114.01 when the New York Stock Exchange closed on Friday
Pharmaceutical big Merck introduced Sunday the acquisition of California-based biotech firm Prometheus Biosciences for practically $11 billion.
The two firms “have entered right into a definitive settlement beneath which Merck, via a subsidiary, has agreed to amass Prometheus for $200.00 per share in money for a complete fairness worth of roughly $10.8 billion,” Merck said in a statement.
Prometheus’s share price was at $114.01 when the New York Stock Exchange closed on Friday.
The company is developing a treatment for autoimmune diseases, including ulcerative colitis and Crohn’s disease, dubbed PRA023.
“The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need,” stated Merck chairman and CEO Robert Davis, in response to the assertion.
The transaction diversifies Merck’s portfolio and can assist drive its “development nicely into the following decade,” he added.
Merck’s financial results were better than expected in the fourth quarter of 2022 thanks in part to strong sales of its cancer drugs, and despite a decline in its anti-Covid treatment molnupiravir.
From September to December, sales at the company, known as MSD outside the United States and Canada, were $13.8 billion, up two percent year-on-year.
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