Biopharma merger and acquisition value for the second quarter of 2023 reached $29bn from 40 transactions, half of which had disclosed values. Making up about 37% of that total is Merck’s $10.8bn buy of Prometheus Biosciences. This deal and six other transactions were the only M&As to hit or exceed the billion-dollar mark during Q2 (see Exhibit 1).
The Merck/Prometheus deal was the largest M&A of the quarter. Founded in 2016, Prometheus is pioneering a precision medicine approach...
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