Merck in late-stage talks to acquire Prometheus Biosciences - WSJ (updated)

Prometheus Biosciences

16/04/2023 06:23

(Adds details and background)
       April 16 (Reuters) - Merck & Co  MRK.N  is in late-stage
talks to acquire Prometheus Biosciences Inc  RXDX.O  to get its
hands on promising immune disease treatments, the Wall Street
Journal reported on Sunday citing people familiar with the
matter. 
     A deal could be announced as soon as Sunday, the people
quoted said, though cautioning the talks could still fall apart.
    Prometheus, a clinical-stage biotechnology company
specializing in therapeutic products for the treatment of
immune-mediated diseases, had a market capitalization of $5.42
billion as of the close on Friday. 
    Merck has been looking for deals to protect itself from
eventual revenue loss as its cancer immunotherapy Keytruda
patents begin to expire toward the end of the decade. 
    Merck in February forecast 2023 earnings below Wall Street
estimates and an expected steep decline in sales of its COVID-19
antiviral treatment. 
    Merck and Prometheus did not immediately respond to a
Reuters request for comment. 
        
  

 (Reporting by Kanjyik Ghosh in Bengaluru; Editing by Tom Hogue)
 ((Kanjyik.Ghosh@thomsonreuters.com;))