Ann: Termination of Supply Agreement, page-262

The collaboration agreement between IMU and Merck was only announced in March 2022, few weeks ago. It seemed like clinical study partnership primarily led by IMU where Merck would supply Pembrolizumab. The study will be led by IMU and paid for with their current budget.

A clinical study takes a long time to get started, to write a protocol, think about study design and then Ethics submission process. Given the timeline between two announcements I don't think it's a negative issue. It could be that the two companies have felt timing is not right to start the study, cannot come to a middle ground regarding publication rights, cannot decide on study design or could be other factors. But I strongly believe that this clinical study never started.

Also IMU could be getting very positive data from other studies hence may not have to do this one at all. This is purely my personal opinion.