Merck paying $10.8B for San Diego biotech that focuses on Crohn’s disease, colitis

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Merck paying $10.8B for San Diego biotech that focuses on Crohn’s disease, colitis
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The deal comes after young biotech reported positive results last year in a mid-stage trial for treatments targeting ulcerative colitis and Crohn's disease.

Prometheus Biosciences, which has been on a roll since last fall’s positive results in a Phase 2 trial for treatments for ulcerative colitis and Crohn’s disease, is being gobbled up by Merck for $10.8 billion.

Prometheus went public in February 2021 at $19 a share. Merck swooped in for the acquisition to bulk up its immunology pipeline where there remains a significant unmet need, said Robert Davis, chairman and chief executive of Merck, in a statement.“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,” he said.

The same monoclonal antibody therapy, called PRA023, was also studied for Crohn’s disease in a separate clinical trial with 55 patients. It showed significant benefits on biomarkers associated with inflammation and fibrosis. The study also achieved a 49 percent remission rate, compared with a pre-determined historical remission rate of 16 percent.

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