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Deals In Depth: April 2023

 
• By Deanna Kamienski and Maureen Riordan

Six $1bn+ alliances were penned in April. Topping the list was a potential $2.55bn multi-year deal between Proxygen and Merck to jointly identify and develop molecular glue degraders against multiple therapeutic targets. The collaboration will allow Proxygen to leverage its platform and advance Merck's understanding in molecular glue degraders to open new avenues in the pursuit of novel therapeutics.

Deals In Depth

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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