Merck is acquiring San Diego-based Prometheus Biosciences in a $10.8 billion deal.
"The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need," said Robert M. Davis, Merck's chairman and chief executive officer. "This transaction adds diversity to our overall portfolio and is an important building block as we strengthen the sustainable innovation engine that will drive our growth well into the next decade.
Prometheus had a market cap of $5.4 billion as of Friday’s market close. Its shares are up about 4% year-to-date. Merck is looking to add new products to its pipeline as its top-selling drug cancer therapy Keytruda, is expected to lose patent protection this decade.
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