Merck has been at this with the company for a long time. Anything short of a joint venture for L or buyout would be a major disappointment.
Why would a company withhold publication for its ground breaking JAMA article for three months and not proceed with the process and application for listing if the next step is just a collaboration for some combo trial? That would be an extremely weak outcome, and very poor planning. That’s like just sucking on a marshmallow without actually chewing.
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