Merck announced that it will acquire immune-focused Prometheus Biosciences for approximately $10.8 billion, scoring five clinical and pre-clinical candidates for inflammatory bowel and immune-mediated diseases. According to terms of the all-cash agreement, Merck will buy all of Prometheus’ outstanding shares for $200 a piece, representing a 75% premium to Prometheus’ Friday closing price of $114. The companies expect to close the deal in the third quarter of 2023. At the center of the tran...