Illustration: Lazaro Gamio/Axios

Merck (NYSE: MRK) agreed to buy Peloton Therapeutics, a Dallas-based developer of oral oncology drugs. The deal is valued at upwards of $2.25 billion, including $1.05 billion upfront in cash.

Why it matters: This reflects how Big Pharma is seeking to bolster oncology pipelines via M&A, including recent mega-deals like BSM/Celgene and Eli Lilly/Loxo Oncology. It also pulls an IPO off the board, as Peloton had been scheduled to list later this week.

  • ROI: Peloton Therapeutics had raised around $270 million from firms like The Column Group (19.6% pre-IPO stake), Remeditex Ventures (14.7%), Topspin Partners (11.3%), RA Capital (7.5%), UC Regents (6.9%) and Nextech Invest (5.8%). Its post recent post-money valuation was around $711 million.

The bottom line: "Peloton was due to go public this week and raise $150 million or more to bankroll a late-phase trial of HIF-2α inhibitor in metastatic renal cell carcinoma patients previously treated with at least one checkpoint inhibitor, such as Merck’s Keytruda. But a late offer from Merck has persuaded the biotech to switch lanes, taking a buyout that represents a premium on the IPO terms even before milestones are factored in."— Nick Paul Taylor, FierceBiotech

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Illustration: Annelise Capossela/Axios

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Ilhan Omar wins Minnesota primary

Photo: Stephen Maturen/Getty Images

Rep. Ilhan Omar (D-Minn.) won the Democratic primary against lawyer Antone Melton-Meaux on Tuesday evening, AP reports.

Why it matters: The race is one that's played out across the U.S. as progressives continue to sweep party nominations. Omar's win officially means all four progressive members of "The Squad" have won their primary elections.

Updated 3 hours ago - Politics & Policy

25 face felony charges after downtown Chicago hit by looters

Police officers inspect a damaged Best Buy in Chicago that was looted and vandalized. Photo: Scott Olson/Getty Images

Local police officers are seeking felony charges in 25 cases following the arrest of 100 people in the wake of widespread looting and property damage in Chicago on Monday, per the Washington Post.

Driving the news: Law enforcement said the event involving hundreds of people was a coordinated response after an officer shot a suspect Sunday evening, according to CBS Chicago.