The New Jersey pharma has been under investor pressure to diversify its portfolio beyond what’s soon to be the world’s best-selling drug—its immuno-oncology therapy Keytruda. The company did strike several deals recently when incoming CEO Rob Davis was behind the M&A wheel as chief financial officer. It unveiled just two months ago a $1.85 billion transaction for Pandion Therapeutics.
During the company’s fourth-quarter earnings call, Davis said the company would still be looking at “smaller opportunities where we can find great science earlier in its life” and will not rule out larger-scale deals.