And if that's the case here then Merck's ABX mistake combined with all other factors to result in a 25% market cap increase over six years. Any spending mistake on Cubist, if there was one, can just be used as a tax write off for the 10s of billions Keytruda raked in over the years.
CTIX's ABX mistake however combined with all other factors to result in a 90% loss over six years.
If they indeed made a mistake, it's clear Merck could handle it. The same can't be said for CTIX.