Ann: Successful Meeting with FDA on Phase III Design in NSCLC, page-6

Howdy Oldbull n Joe, suggest you both express entirely reasonable slants on the goings-on and potential ways forward. Guess my ramblings were pondering the whether as yet IMM has reached a point of creating real and meaningful leverage in the crazy game of product development. Agree if Merck was the only game in town then they could sit and wait. Obviously they have a good enough relationship with IMM to continue to supply the Keytruda so understand in a calm world, we would just sit and wait for the final results. IMM however also have some other irons in the fire that could be interesting to other BP. Are pther BP's willing to just sit by in an orderly manner and wait for the game to evolve. Would Merck be willing to deal with another BP should they be successful in taking out IMM as we know it or, would it potentially kick a bidding war into gear. Personally I have absolutely no doubt in Marc and team having the ability to negotiate a solid outcome. I just don't get that Merck would allow a target to get to the point of having a position of absolute leverage prior to sitting at the big table. Not intending to ramp but if I did not already have my cup full I would very much be looking to buy more at this point in time.