
NYSE:MRK
Just announced that Merck will buy Prometheus Biosciences for $10.8 billion. He's been keen on Prometheus ever since they announced phase-2 results of their main drug drug, which treats inflammatory bowel disease. Merck is eager to diversify away from their anti-cancer drug. PB has almost no revenues, but he feels this will be one of the greatest buys in pharma history.
Drugs are coming off-patent, so they bought a biotech at a big price to get that drug pipeline growth. Wait and see if that pipeline works.