(CercleFinance.com) – Merck announced on Friday that it has completed the acquisition of Prometheus Biosciences, this structure now becoming a wholly owned subsidiary of Merck.
Under the terms of the acquisition agreement, Merck, through a subsidiary, acquired all of the outstanding shares of Prometheus for $200.00 per share in cash, for an aggregate net worth of approximately 10 .8 billion dollars.
“The acquisition of Prometheus accelerates our growing presence in the field of immunology, increases our diverse pipeline and increases our ability to deliver value to patients,” said Robert M. Davis, President and CEO of Merck.
“Prometheus brings us a potential first-in-class candidate that offers us the opportunity to transform the treatment of patients with immune-mediated diseases,” he added.
Merck says Prometheus’ lead clinical candidate, PRA-023, which will be known as MK-7240, is a humanized monoclonal antibody (mAb) against tumor necrosis factor (TNF)-like ligand 1A (TL1A) , a target associated with both intestinal inflammation and fibrosis.
“By combining their strengths, Merck and Prometheus are well positioned to advance MK-7240 and other pipeline candidates,” said Dr. Dean Y. Li, President of Merck Research Laboratories.
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