RE:Merck USA (MSD) acquires Phase 2 biotech for US$ 10.8 Bln.As Merck's acquisition pf Prometheus Biosciences demonstrates, Big Pharma is increasingly moving on Phase 2 biotech assets in the US$ 10 -15 Billion range, for reasons already described including BPs looming patent cliff, increased competition for de-risked I/O biological assets, and approximately US$1.5 Trillion in M&A firepower that Big Pharma is seeking to deploy in near term M&A activities.