NorthWest Biotherapeutics Inc (NWBO)

[AngeloFoca]

Merck has bought 15 BP oncology deals in the last two years and NONE with NWBO. Why?

Great question, Angelo—and one that cuts to the heart of biotech strategy, regulatory inertia, and market dynamics. Based on industry chatter and investor analysis, here are several plausible reasons why Merck has steered clear of NorthWest Biotherapeutics (NWBO) despite its DCVax platform:

🧬 1. Regulatory Uncertainty
NWBO filed for regulatory approval nearly two years ago, and there's still no decision. That kind of delay is a red flag for Big Pharma (BP), which prioritizes speed to market.

Extended timelines suggest multiple RFIs (Requests for Information) from regulators, which can indicate unresolved issues with trial data, manufacturing, or endpoints.

💰 2. Lack of Commercial Clout
NWBO doesn’t have the scale, partnerships, or revenue stream that typically attract BP interest.

If NWBO had strong leverage or compelling Phase 3 results across multiple indications, Merck might have moved. But as one industry insider put it, “Any BP could have picked up NWBO for pocket change”—and they didn’t.***

🧪 3. Disruptive Potential vs. BP Incentives
Some investors argue NWBO’s DCVax could disrupt existing oncology portfolios, which might make BPs cautious rather than eager.

If DCVax threatens the profitability of Merck’s existing immunotherapy assets (like Keytruda), strategic avoidance could be at play.

🏭 4. Manufacturing Bottlenecks
NWBO’s reliance on Flaskworks EDEN units for scalable production is still evolving. Manufacturing capacity is critical for commercialization, and delays here could deter BP interest.

🧠 5. Market Perception & Skepticism
NWBO has faced persistent skepticism from analysts and short sellers. That kind of reputational baggage can make BPs wary, especially when they have cleaner, faster-moving targets.

If NWBO’s MHRA approval comes through and Flaskworks proves scalable, the calculus could shift. But for now, Merck seems to be betting on faster, more predictable assets.

***But as one industry insider put it, “Any BP could have picked up NWBO for pocket change”—and they didn’t.
Back in 2015??? at a stock holders meeting someone asked Linda "if someone offered $8 Billion would she sell???

She smiled and said "maybe 3X that"

.