Mer­ck her­alds a rare Big Phar­ma suc­cess for an­tibi­ot­ic PhI­II, but it’s al­so a cau­tion­ary tale about the mar­ket

When Mer­ck $MRK bought out Cu­bist close to 5 years ago for $9.5 bil­lion, the sell-side crowd stoked con­sid­er­able en­thu­si­asm for Zer­baxa, a late-stage an­tibi­ot­ic …

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