Aprice tag of $10.8bn would look hefty for most acquisitions of smallish and newish companies. But for Merck, a drugs giant known as msd outside America, the money it is spending to buy Prometheus Biosciences, a biotech firm based in California, is relatively small change. In the world of big pharma such deals have the potential to generate enormous returns.
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Even though Prometheus makes no profits to speak of and has no approved drugs on its slate, the big prize for Merck is
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