Merck to buy Prometheus Biosciences for about $11 billion

Merck & Co (MRK.N) has agreed to acquire Prometheus Biosciences Inc (RXDX.O) for about $10.8 billion to bolster the company's presence in immunology, the companies said on Sunday.

The joint statement said that Merck, through one of its subsidiaries, will pay $200 per share for the biotechnology company that specializes in products for treatment of immunological diseases. That represents a 75% premium to the $114.01 closing price for Prometheus shares on Friday.