NEW YORK -Pharmaceutical giant Merck announced Sunday the purchase of California-based biotech company Prometheus Biosciences for nearly $11 billion. The two companies 'have entered into a definitive agreement under which Merck, through a subsidiary, has agreed to acquire Prometheus for $200.00 per share in cash for a total equity value of approximately $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.

https://business.inquirer.net/396265/drugmaker-merck-acquires-prometheus-for-nearly-11b

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