In the top April M&A by deal value, Merck entered into a definitive agreement to acquire Prometheus Biosciences for $200 per share (representing an 80% premium to the 10-day volume-weighted average price) in cash for a total equity value of approximately $10.8bn. Founded in 2016, Prometheus is a biotechnology company pioneering a precision medicine approach for 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 directed to tumor necrosis factor-like ligand 1A. Prometheus is developing PRA023 for the treatment of immune-mediated diseases including ulcerative colitis, Crohn’s disease, and other autoimmune conditions. Financing reached $4.8bn in biopharma, $978m in device, and $183m in diagnostics.
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