Prometheus Biosciences soars after Merck's $11 bln buyout

Prometheus Biosciences

17/04/2023 09:52

** Shares of Prometheus Biosciences Inc  RXDX.O  surge 70.2%
to $194.01 premarket 
    ** Merck & Co Inc  MRK.N  will buy RXDX for about $10.8 bln,
the drugmaker said on Sunday, as builds up its presence in the
market for therapies targeting disease of the immune system 
    ** MRK to pay $200/shr, a 75% premium to Prometheus' last
closing price
    ** Through the deal, MRK gains access to RXDX's experimental
drug PRA023, which is being tested to treat ulcerative colitis
and Crohn's disease
    ** RXDX shares have more than tripled since co reported
positive data from two mid-stage studies of PRA023 in December 

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;))