The stock price is being held back by the company's balance sheet along with 1) uncertainty around the MRK relationship and 2) uncertainty around the timing of a AP534 partnership. My guess is MRK is playing hardball in order to also partner 534. Novartis has gleevec and tasigna while BMS has sprycel so it seems like it would be a good fit for MRK. btw, I agree that Berger leaves a lot to be desired...last December was just a train wreck.
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