This cake is baked, page-9

Just to clarify, Merck are collaborating on the STORM/KEYNOTE trial only. BMS & Merck had no direct involvement in the CAPRA & MITCI melanoma trials & would not have been aware of the latest results from these trials until this week. Although the CROs used their checkpoint inhibitors, they would never had direct access to the results. VLA does not leak sensitive information & it would be illegal & unethical for the CROs also ... they have reputations to protect & they'd never get any future business from big pharma if it did occur.

So Merck & BMS would be studying the data this week & deciding a course of action which will take some time. It was interesting that ROTH said "we think the MITCI results will not escape the attention of Bristol-Myers Squibb (BMY-NC), which may be looking to reinvigorate its Yervoy franchise in the wake of competition from anti-PD1 MAbs. "

I'm certain that there will be a "last right of refusal" clause in the Merck collaboration agreement to protect Merck's investment in the trial .... if BMS or anyone else makes a commercial offer to the company for the technology (partnership, licensing, IP purchase) then Merck will have the option to outbid the competitor, which is a nice advantage.

Interesting times ahead ....

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