Whilst I hope you are right Montrachet, that management believe...

Whilst I hope you are right Montrachet, that management believe they have something valuable, that they do not wish to dilute future earnings by giving away too much too early to any big pharma that provides financial support, there is another interpretation. Namely that Merck have lots of drugs been trailed all over the world, that this to them may merely be a cheap way of attaining more data points. After all, all they are doing is supplying the drug, there is no cash! It sort of gives Merck a free option as if things work out well then they have found a way of improving outcomes from all perspectives without having to fork out any cash. All that said, my hunch is that it is more in line with your post, that they have something valuable, and that they should continue to go it alone for as long as they can before they formally engage big pharma from a financial perspective.