Merck & Co. (MSD) makes Keytruda, the world's best-selling cancer drug, and is now building the next act around TROP2 ADCs and personalised vaccines.
Pembrolizumab anchors >40 indications. Post-2028 patent-cliff strategy: sacituzumab tirumotecan (Kelun licence, >10 phase 3 trials), ifinatamab/patritumab/raludotatug deruxtecan (Daiichi Sankyo alliance, up to $22B), intismeran autogene (Moderna), zilovertamab vedotin, belzutifan, and a PD-1×VEGF bispecific (LaNova).
| Date | Deal | Type | Upfront | Total | Source |
|---|---|---|---|---|---|
| 2024-11-14 | LaNova Medicines to Merck & Co. (MSD) LM-299, PD-1 x VEGF bispecific antibody | Licence | $588m | up to $3.3bn | source |
| 2023-10-20 | Daiichi Sankyo to Merck & Co. (MSD) Patritumab deruxtecan (HER3), ifinatamab deruxtecan (B7-H3) and raludotatug deruxtecan (CDH6) | Co-development | $4.0bn (plus $1.5bn in continuation payments over 24 months) | up to $22bn | source |
| 2022-12 | Sichuan Kelun-Biotech to Merck & Co. (MSD) Up to seven preclinical ADCs | Licence | $175m | up to $9.3bn | source |
| 2022-05 | Sichuan Kelun-Biotech to Merck & Co. (MSD) Sacituzumab tirumotecan (SKB264, MK-2870), TROP2 ADC | Licence | $47m | up to $1.4bn | source |
| 2020-11-05 | VelosBio to Merck & Co. (MSD) VLS-101, later zilovertamab vedotin (MK-2140), ROR1 ADC | Acquisition | not disclosed | $2.75bn | source |
Pivotal phase 3 for the B7-H3 ADC from the Merck and Daiichi Sankyo collaboration. Timing is a registry-based estimate. Source
Phase 2/3 for the CDH6 ADC. Timing is a registry-based estimate. Source
The sponsors said filings would follow the positive topline result of August 2026 and the full data presentation. Timing is our estimate. Source
Pembrolizumab is a PD-1 blocking antibody approved in more than 40 settings, from melanoma and lung cancer to the first tumour-agnostic approval for mismatch-repair-deficient tumours in 2017, and before and after surgery in triple-negative breast cancer. A subcutaneous form arrived in 2025, and it is the backbone partner for ADCs and personalised neoantigen vaccines.
Sacituzumab tirumotecan is Kelun-Biotech's TROP2 ADC, approved in China in 2024 for pretreated triple-negative breast cancer and then EGFR-mutant lung cancer. Merck holds rights outside Greater China and runs the TroFuse programme of more than ten phase 3 trials across breast, lung, endometrial and cervical cancer; in the US it holds a priority voucher but no approval yet.
Belzutifan is the first HIF-2α inhibitor, born from Nobel-winning biology, and is now approved after kidney cancer surgery with pembrolizumab.
A custom mRNA vaccine encoding up to 34 of a patient's own tumour mutations. In August 2026 it became the first personalised cancer vaccine to win a phase 3 trial.
Olaparib was the first PARP inhibitor, and turned an inherited BRCA mutation from a risk factor into a drug target, including after surgery in breast cancer.
A HER3-directed ADC with Enhertu's payload, active in lung and all subtypes of breast cancer, but with a bumpy regulatory road.
Ifinatamab deruxtecan is a B7-H3 ADC showing some of the best response rates ever seen in relapsed small-cell lung cancer.
Raludotatug deruxtecan is a CDH6 ADC in phase 3 for platinum-resistant ovarian cancer.
Zilovertamab vedotin is a ROR1-directed ADC in phase 3 for large B-cell lymphoma.
Calderasib is an experimental small-molecule drug from Merck Sharp & Dohme in phase 3 trials for non-small-cell lung cancer and colorectal cancer, aimed at KRAS.
Zanzalintinib is an experimental small-molecule drug from Exelixis in phase 3 trials for neuroendocrine tumours, head and neck squamous cell carcinoma and renal cell carcinoma, aimed at VEGF / VEGFR and MET.
Opevesostat is an experimental small-molecule drug from Merck Sharp & Dohme in phase 3 trials for prostate cancer, with its target not yet stated publicly.
MK-1045 is an experimental investigational agent whose form is not stated in the registry from Merck Sharp & Dohme in phase 3 trials for acute lymphoblastic leukaemia, follicular lymphoma and hodgkin lymphoma, aimed at CD19.
Bomedemstat is an experimental small-molecule drug from Merck Sharp & Dohme in phase 3 trials for myeloproliferative neoplasms, with its target not yet stated publicly.
Vibostolimab is a monoclonal antibody from Merck Sharp & Dohme LLC, in registered phase 2 trials for non-small-cell lung cancer.
Boserolimab is a monoclonal antibody from Merck Sharp & Dohme LLC, in registered phase 2 trials for non-small-cell lung cancer.
Favezelimab is Merck's LAG-3 antibody, tested with pembrolizumab in phase 3 trials in colorectal cancer and classical Hodgkin lymphoma; the colorectal trial did not succeed.
The only chemotherapy proven to extend life in glioblastoma, given during and after radiation. It works best when the tumour has switched off a repair gene called MGMT.
Interferon alfa was the first biologic cancer drug (1986). It treated hairy cell leukaemia, CML, melanoma, kidney cancer and Kaposi sarcoma, and has been replaced almost everywhere by better-tolerated agents.
Peginterferon alfa-2b, a long-acting interferon, was approved in 2011 as Sylatron for melanoma that had spread to lymph nodes and been removed, to delay recurrence; checkpoint inhibitors have since replaced it in that role.
Flutamide was the first tablet to block testosterone at the prostate cancer cell. It is taken with an injection that stops testosterone production, but newer drugs have largely replaced it.
Aprepitant (Emend) was the first of a new class of anti-sickness drugs. Taken with a 5-HT3 blocker and dexamethasone, it prevents the delayed nausea and vomiting that follow strongly emetogenic chemotherapy such as cisplatin.
Capmatinib and tepotinib are two pills for the roughly 3% of lung cancers with a MET exon 14 skipping mutation.
Cetuximab is a chimeric antibody that blocks the EGFR growth receptor. It is used with FOLFIRI or FOLFOX in RAS wild-type, left-sided bowel cancer, with encorafenib in BRAF V600E disease, with KRAS G12C inhibitors, and with radiation or chemotherapy in head and neck cancer; RAS-mutant tumours gain nothing and may be harmed, so RAS testing comes first.
An enzyme blocker meant to stop tumours starving T cells of tryptophan. Its 2018 phase 3 failure ended an entire class overnight.
Gardasil was the first HPV vaccine, licensed in 2006 to prevent cervical and other genital cancers and genital warts. It has been replaced in most countries by the nine-type version, Gardasil 9.
A weakened tuberculosis vaccine put directly into the bladder. Since 1976 it has been the most effective treatment for early bladder cancer, and it remains in chronic short supply.
Ivermectin is a worm and parasite medicine that is being tested as an add-on to immunotherapy in two small early trials. No trial has shown that it treats any cancer, and people who have dosed themselves outside a trial have ended up in hospital with seizures or liver damage.
An oral anti-angiogenic pill that matched sorafenib in liver cancer with higher response rates, and partners with pembrolizumab in kidney and endometrial cancer.
Nemtabrutinib is Merck's reversible BTK blocker, active against the C481S escape mutation, being tested against ibrutinib and acalabrutinib in first-line CLL.
A vaccine against nine HPV types that prevents about 90% of cervical cancers, and now works with a single dose.
Selumetinib (Koselugo) is the first medicine for children and adults with neurofibromatosis type 1 whose plexiform neurofibromas, benign but disfiguring and painful nerve tumours, cannot be removed by surgery.
Vorinostat (Zolinza) was the first drug of its kind, a capsule that loosens the chemical packaging of DNA. It treats the skin disease of cutaneous T-cell lymphoma after two other treatments have failed.
There has been no clear standard for clear-cell kidney cancer that progresses after immunotherapy; this is the first phase 3 to show a HIF-2 alpha inhibitor combination beating a standard tyrosine kinase inhibitor on progression-free survival in that setting. Whether it changes practice depends on the final overall survival analysis and on regulators, since the interim survival difference did not reach significance and the combination brings the toxicity of two drugs.
Answers the two questions that hung over adjuvant olaparib, durability and late leukaemia, in its favour; the remaining question is whether carriers who also received pembrolizumab or capecitabine, whom the trial did not study, get the same benefit.
For the first time a new drug has beaten pembrolizumab, the global first-line standard, in a randomised lung cancer trial, and it did so by combining checkpoint blockade with anti-angiogenesis in one molecule. For patients outside China nothing changes yet: the drug is not approved in the West, the trial was single-country, and survival benefit has not been shown. If confirmed in the global HARMONi-3 and HARMONi-7 trials, PD-1 x VEGF bispecifics could replace PD-1 antibodies as the immunotherapy backbone.
Almost every patient newly diagnosed with advanced bladder or urothelial cancer should now be offered enfortumab vedotin plus pembrolizumab rather than chemotherapy, with median survival extended from about 16 months to over two and a half years. Neuropathy and skin toxicity need monitoring and dose adjustment, and patients with severe diabetes or pre-existing neuropathy need care. Platinum chemotherapy remains an option for those who cannot receive the combination.
For the first time a randomised trial suggests that a vaccine tailored to an individual's tumour can reduce relapse when combined with immunotherapy, which is a proof of concept for a field that had failed for decades. Nothing changes for patients yet: the trial was small, the confidence interval crossed one, and the phase 3 trial in melanoma (and parallel trials in lung and other cancers) must confirm it. If it does, personalised mRNA vaccines could become a routine adjunct to checkpoint inhibitors after surgery.
The survival gain turns the earlier progression-free survival result into a clear reason to offer pembrolizumab with and after chemoradiotherapy to women with node-positive or stage III-IVA cervical cancer. Because cervical cancer is concentrated in low- and middle-income countries, the benefit reaches most women only if pricing and access follow.
Women with locally advanced cervical cancer that is node-positive or stage III-IVA can be offered pembrolizumab alongside and after chemoradiotherapy to lower the chance of relapse. The result matters most in countries where cervical cancer is common but immunotherapy access is poorest, so its global impact depends on pricing and health-system capacity. It does not apply to early-stage disease treated with surgery or to lower-risk locally advanced disease without nodal involvement.
The first United States approval of a HER2-directed regimen in colorectal cancer, and the basis for MOUNTAINEER-03, which is testing the combination with chemotherapy in the first line.
Shares A Clinical Trial of Ifinatamab Deruxtecan in People With Advanced Esophageal Cancer (MK-3475-06F), A Study of Ifinatamab Deruxtecan in Pediatric Participants With Relapsed or Refractory Solid Tumors (MK-9999-01D/LIGHTBEAM-U01), A Study of Investigational Agents in Participants With Previously Treated Stage IV Nonsquamous Non-small Cell Lung Cancer (NSCLC) (MK-3475-01H/KEYMAKER-U01), A Study of Patritumab Deruxtecan in Pediatric Participants With Relapsed or Refractory Solid Tumors (MK-9999-01C/LIGHTBEAM-U01).
Shares KEYNOTE-170, KEYNOTE-006, KEYNOTE-590, KEYNOTE-859.
Shares A Phase I/II, Open-label Study to Investigate the Safety, Tolerability, PK, and Preliminary Efficacy of FB849, A Study of Pembrolizumab (+) Berahyaluronidase Alfa (MK-3475A) (Pembrolizumab Formulated With Berahyaluronidase Alfa (MK-5180)) in Japanese Participants With Recurrent or Metastatic Cutaneous Squamous Cell Carcinoma (R/M cSCC) or Locally Advanced (LA) Unresectable cSCC (MK-3475A-E39), ABL103 in Combination With Pembrolizumab, With or Without Taxane in Advanced or Metastatic Solid Tumors, BC3195 in Combination With Pembrolizumab in Participants With Locally Advanced or Metastatic Solid Tumors.
Shares A Study of Ifinatamab Deruxtecan in Pediatric Participants With Relapsed or Refractory Solid Tumors (MK-9999-01D/LIGHTBEAM-U01), A Study of Patritumab Deruxtecan in Pediatric Participants With Relapsed or Refractory Solid Tumors (MK-9999-01C/LIGHTBEAM-U01), A Study of Raludotatug Deruxtecan (R-DXd) in People With Gastrointestinal Cancers (MK-5909-005), A Study of Raludotatug Deruxtecan in Participants With Advanced/Metastatic Solid Tumors (REJOICE-PanTumor01).
Shares A Clinical Study of Gocatamig (MK-6070) and Infinatamab Deruxtecan (MK-2400) in People With Small Cell Lung Cancer (MK-6070-003), Study of Pembrolizumab (MK-3475) in Combination With Adjuvant Chemotherapy With or Without Radiotherapy in Participants With Newly Diagnosed Endometrial Cancer After Surgery With Curative Intent (MK-3475-B21 / KEYNOTE-B21 / ENGOT-en11 / GOG-3053), A Study of Intismeran Autogene (V940)/Placebo + Pembrolizumab and Chemotherapy in Metastatic Squamous Non-Small Cell Lung Cancer (V940-013), A Study of Pembrolizumab With or Without Chemotherapy in Combination With Additional Treatments for Advanced Non-Small Cell Lung Cancer (NSCLC) (MK-34.
Shares KEYNOTE-590, KEYNOTE-859, KEYNOTE-B96 / ENGOT-ov65, KEYNOTE-119.
Shares KEYNOTE-170, KEYNOTE-B96 / ENGOT-ov65, KEYNOTE-001 (Garon 2015): pembrolizumab in non-small-cell lung cancer and the 50% PD-L1 cut-off, KEYNOTE-010.
Shares A Clinical Study of Sacituzumab Tirumotecan (MK-2870) in Patients With Bladder Cancer (MK-2870-027), Sacituzumab Tirumotecan (MK-2870) in Post Platinum and Post Immunotherapy Endometrial Cancer (MK-2870-005), A Clinical Trial of Sac-TMT in People With Non-HRD Positive Advanced Ovarian Cancer (MK-2870-021), A Clinical Trial of Sacituzumab Tirumotecan (Sac-TMT, MK-2870) to Treat Urothelial Cancer (MK-2870-031).