Merck to Join Rivals on Immune Cancer Drug Development
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Merck & Co., the second-biggest U.S. drugmaker by sales, will work with three other drugmakers to find the most-promising combination treatments for its top pipeline prospect, an immune system-based cancer medicine.
The collaboration boosted Merck’s shares after the company reported fourth-quarter earnings that fell short of estimates. Earnings excluding certain items were 88 cents a share, 1 cent below the average of 15 analysts’ estimates compiled by Bloomberg. The Whitehouse, New Jersey-based company also forecast 2014 profit of $3.35 a share to $3.53 a share, compared with $3.48 projected by analysts.