Possible Acquisition as Early as Sunday
An announcement regarding the deal could be made as soon as Sunday, the sources said, while also cautioning that the talks could still fall apart at this stage.
Clinical-stage Biotech Company Worth $5.42 Billion
Prometheus, a clinical-stage biotechnology firm focused on developing therapeutic products for immune-mediated diseases, had a market capitalization of $5.42 billion as of Friday's close.
Preparing for Keytruda Patent Expiration
Merck has been actively seeking deals to safeguard itself from potential revenue losses as its cancer immunotherapy Keytruda patents expire toward the end of the decade.
Merck Predicts Lower 2023 Earnings and Declining Sales
In February, Merck projected its 2023 earnings to be below Wall Street estimates, accompanied by an anticipated sharp drop in sales for its COVID-19 antiviral treatment.
Merck and Prometheus have Yet to Respond
Merck and Prometheus have not immediately responded to a Reuters request for comment.