Precision IBD Rebrands as Prometheus and Strikes R&D Deal With Takeda
Summary
Precision IBD Rebrands as Prometheus and Strikes R&D Deal With Takeda This summer Nestlé Health Science sold Prometheus Laboratories, a gastrointestinal disease diagnostics unit it had acquired eight years prior, to a low-profile San Diego biotech called Precision IBD. About a month ago, Precision—a drug and diagnostic developer that’s focused, as its name suggests, on inflammatory bowel disease (IBD)—changed its name to Prometheus Biosciences and tapped a former Salix Pharmaceuticals executive as its new CEO. Now the San Diego company has a deal with Japan’s Takeda Pharmaceutical (NYSE: TAK) to use its bioinformatics tools, plus diagnostics know-how it acquired from Prometheus Labs, to find up to three potential therapies for IBD, as well as companion diagnostics—tests that can indicate how well a patient is likely to respond to a certain treatment. It received an undisclosed amount of money up front and, under the deal terms, could get up to $420 million in payments tied to potential milestones. Early next year, it’s hoping to add millions more to continue funding its work; the company is eyeing a 2020 public market debut, according to the release.
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