Absolutely Titan. Merck is a much more cautious company after the massacre that was Vioxx. Under the leadership of Ken Frazier, he has been navigating Merck into steadier waters with acquisitions, partnerships, and collaborations. Immunotherapy has a century long history that is only starting to take root. Merck is most likely waiting on the combo results just like us all before making any more commitment just yet. If the results are good and the share price starts to shoot up then Merck will pay more for a therapy that has a great chance to make it to market. I think the mindset might be like this: Why risk wasting 100-500 million dollars now before results or spend 1+ Billion dollars later for an approved therapy that can be expanded exponentially later with little risk. From the viewpoint of a CEO you have to be watching where those millions of dollars are going because you have many many institutional investors to answer to.
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