The daily business briefing: April 17, 2023

Merck reaches a deal to buy Prometheus Biosciences for $10.8 billion, G-7 ministers agree to speed up the shift to clean energy, and more

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1. Merck buying Prometheus Biosciences for $10.8 billion

Merck & Co. said Sunday it had reached a deal to buy Prometheus Biosciences for about $10.8 billion. The acquisition will give the giant drug maker a promising experimental treatment, PRA023, that is being developed to treat ulcerative colitis and Crohn's disease, two inflammatory bowel diseases. "This is allowing us to move into immunology in a strong way and will allow us sustainable growth, we think, well into the 2030s given the long patent life," Merck CEO Robert Davis told Reuters. Merck is paying $200 per share for the California-based biotechnology company, which amounts to a 75.4 percent premium over the stock's latest closing price.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.