BioCentury
ARTICLE | Financial News

Merck CEO not interested in inversion deals

July 30, 2014 1:12 AM UTC

Merck & Co. Inc. (NYSE:MRK) is not interested in pursuing deals "solely or primarily for the specific purpose of tax inversion," said CEO and Chairman Kenneth Frazier during a conference call to discuss the pharma's 2Q14 financial results. Frazier said Merck's strategy is focused on pipeline innovation, but that the pharma will "continue to look for value-added bolt-on opportunities" such as the pending acquisition of HCV company Idenix Pharmaceuticals Inc. (NASDAQ:IDIX), which complements its HCV portfolio. The Idenix deal is slated to close this quarter (see BioCentury, June 16).

Merck also disclosed in its earnings that FDA issued a complete response letter for corifollitropin alfa for controlled ovarian stimulation to treat infertility in women participating in assisted reproductive technology (ART). The pharma declined to disclose details about the letter or a timeline for resubmission. ...