PRA023 is a novel candidate for late-stage ulcerative colitis and Crohn’s disease and other autoimmune diseases

Prometheus Biosciences’ comprehensive data set enables target discovery and a precision medicine approach in the fields of inflammation and immunology

RAHWAY, NJ and SAN DIEGO, April 16, 2023 (GLOBE NEWSWIRE) — Merck MRKknown as MSD outside the United States and Canada, and Prometheus Biosciences, Inc. (“Prometheus”) RXDX announced today that the companies have entered into a definitive agreement whereby Merck, through a subsidiary, has agreed to acquire Prometheus for $200.00 per share in cash for an aggregate net present value of approximately $10.8 billion.

“At Merck, we are committed to achieving our goal of saving and improving lives and continuing to identify and secure opportunities where compelling science and value creation meet,” said Robert M. Davis, Merck chairman and chief executive officer . “The agreement with Prometheus will accelerate our growing footprint in immunology, where there is significant unmet patient need. This transaction adds diversity to our overall portfolio and is a key building block as we strengthen the sustainable innovation engine that will drive our growth well into the next decade.”

Prometheus is a clinical-stage biotechnology company pioneering a precision medicine approach to the discovery, development and commercialization of novel therapeutic and companion diagnostic products for the treatment of immune-mediated diseases. The company’s lead candidate, PRA023, is a humanized monoclonal antibody (mAb) directed against tumor necrosis factor (TNF)-like ligand 1A (TL1A), a target implicated in both intestinal inflammation and fibrosis.

“Prometheus was founded to revolutionize the treatment of immune-mediated diseases through the application of a powerful approach to precision medicine,” said Mark McKenna, chairman and chief executive officer of Prometheus Biosciences. “This agreement with Merck, a leading provider of…