Prometheus’ share price was at $114.01 at the close of the New York Stock Exchange on Friday.
In particular, Prometheus is developing a treatment for autoimmune diseases, including ulcerative colitis and Crohn’s disease, called PRA023.
“The agreement with Prometheus will accelerate our growing presence in the field of immunology, where there continue to be significant unmet needs for patients,” said Merck Chairman and CEO Robert Davis.
This transaction diversifies Merck’s portfolio and will help fuel its “growth well into the next decade,” he added.
Merck’s financial results came in better than expected in the fourth quarter of 2022 thanks in part to strong sales of its cancer drugs and despite a decline in its Covid treatment molnupiravir.
From September to December, the company, known as MSD outside the United States and Canada, posted revenue of $13.8 billion, an increase of 2%.
With information from AFP.