WSJ: Merck in Advanced Discussions to Purchase Prometheus Biosciences
According to insiders, Merck & Co is currently in advanced discussions to acquire Prometheus Biosciences Inc, as it seeks to gain access to promising immune disease treatments. Although a deal could be announced imminently, those familiar with the matter caution that the talks may still collapse.
Prometheus Biosciences is a clinical-stage biotech firm that specializes in developing therapeutic products for the treatment of immune-mediated diseases. As of Friday’s close, it had a market capitalization of $5.42 billion.
Merck is reportedly seeking deals to safeguard itself from potential revenue losses, as its cancer immunotherapy Keytruda patents begin to expire towards the end of the decade. In February, Merck projected 2023 earnings below Wall Street estimates and a sharp decrease in sales of its COVID-19 antiviral treatment.
Neither Merck nor Prometheus has responded immediately to requests for comment from Reuters.