Merck closed its $10.8 billion acquisition of Prometheus Biosciences, setting the stage for the drugmaker’s pursuit of an immunology blockbuster.
In a news release on Friday, the company said Prometheus will now operate as a wholly-owned subsidiary. Its lead candidate, which is being tested as a treatment for ulcerative colitis and Crohn’s disease, has been renamed MK-7240. It’s the addition of this therapy that firmly moves the company into immunology, an area where Merck hasn’t had a major presence.
Read more: Merck To Buy Prometheus Biosciences In $11B Deal
Prometheus focuses on developing treatments for immune-mediated diseases, including its lead candidate, PRA-023 – which will now be known as MK-7240 – intended for patients with ulcerative colitis, Crohn’s disease and other autoimmune conditions.
The Prometheus acquisition accelerates our growing presence in immunology, augments our diverse pipeline and increases our ability to deliver patient value,” Robert Davis, Merck’s chairman and chief executive officer, said in a statement. “Prometheus brings us a potential best-in-class candidate that creates an opportunity for us to transform treatment for patients with immune-mediated diseases. We are excited to welcome our Prometheus colleagues to Merck and we look forward to working together, driven by our common purpose of saving and improving lives.”
