By Colin Kellaher
Shares of Prometheus Biosciences Inc. jumped 70% in premarket trading Monday after the biopharmaceutical company agreed to be acquired by drug giant Merck & Co. for about $10.8 billion.
Merck said it would pay $200 a share in cash for Prometheus, a premium of more than 75% to Friday's closing price of $114.01 for the San Diego company.
Merck, based in Kenilworth, N.J., expects to complete the acquisition in the third quarter.
Prometheus shares were recently up 70% to $194 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
04-17-23 0611ET