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Poor Man -

11/20/22 4:51 PM

#536223 RE: W_W #536211

Not sure the collapse of the Seagen deal has any direct bearing or significance for Merck entering into a partnership with NWBO. But it does underscore the importance of Keytruda to their business and contribution to revenue, and the need for Merck to address the risk from the drug’s patent cliff.

Seagen may have over played their hand. And perhaps that’s the best take away from the negotiations between the two companies.