Merck to purchase Chron's, colitis treatment from Prometheus

NEW YORK CITY, New York: Merck & Co have announced that they will purchase California-based biotechnology company Prometheus Biosciences for some $10.8 billion, in a bid to enlarge its presence in the immunology field.

The deal will enhance Merck's presence in immunology and enable it to acquire a promising experimental treatment for ulcerative colitis and Crohn's disease.

Merck will pay $200 per share fo