ASCO, page-18

BMS - i/o-i/o combo - Opdivo/Yervov has gained FDA approval in first line NSCLC (15 May).
Bristol’s duo, cut the risk of death among PD-L1 positive patients by just 21% in Part 1 of the phase 3 Checkmate-227 trial.

BMS - i/o-i/o/chemo combo - cut the risk of death by 38%. Safety data to be released at ASCO.

Merck - Keytruda/chemo combo - PD-L1 all comers NSCLC - reduced risk of death by 51% (irrespective of PD-L1 status).

Merck - i/o-i/o combo Keytruda/Efti - PD-L1 al lcomers - RRD 53%. Low toxiticy - possible increase in OS (late responders).

If positive NSCLC (and HNSCC) phase 2 data continues at or around the same levels, assuming no DLT's then it I would suggest Merck may make a play for Efti in these settings. Licensing option - up front $m, development milestones and eventually royalties.