Fast News
Merck’s monetary outcomes had been higher than anticipated within the fourth quarter of 2022 thanks partially to sturdy gross sales of its most cancers medicine, and regardless of a decline in its anti-Covid therapy molnupiravir.
(AP Archive)
Pharmaceutical large Merck has introduced the acquisition of California-based biotech firm Prometheus Biosciences for practically $11 billion.
The two firms “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 mentioned in a press release on Sunday.
Prometheus’s share value was at $114.01 when the New York Stock Exchange closed on Friday.
The firm is growing a therapy for autoimmune ailments, together with ulcerative colitis and Crohn’s illness, dubbed PRA023.
“The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need,” mentioned Merck chairman and CEO Robert Davis, in line with the assertion.
READ MORE: US well being panel endorses Merck’s Covid tablet
The transaction diversifies Merck’s portfolio and can assist drive its “growth well into the next decade,” he added.
Merck’s monetary outcomes had been higher than anticipated within the fourth quarter of 2022 thanks partially to sturdy gross sales of its most cancers medicine, and regardless of a decline in its anti-Covid therapy molnupiravir.
From September to December, gross sales on the firm, generally known as MSD exterior the United States and Canada, had been $13.8 billion, up two p.c year-on-year.
READ MORE:
Everything you should learn about anti-Covid capsules
Source: AFP
Source: www.trtworld.com
