Biotech Values

[DewDiligence]

Re: PFE-BMY hypothetical

I bet [PFE] wouldn't need to divest this program [to acquire BMY]. There are plenty of PD-1/PD-L1s out there, and some companies are pursuing both PD-1 and PD-L1.

You and jq1234 could be right with respect to government regulators; however, the PFE-Merck KG PD-L1 collaboration may have a provision that forces PFE’s hand if it acquires another PD-1/PD-L1 program.

In any event, I don’t see PFE’s PD-L1 program precluding a PFE-BMY deal from happening. One could even argue that the synergy with respect to Eliquis makes PFE the prospective buyer with the most to gain.