[Kelun-Biotech] Merck Registers Global Phase 2 Clinical for Bispecific + TROP2 ADC, sac-TMT Backbone Position Further Solidified!

English summary

Event: Recently, Merck updated its official website with two new clinical trial registrations for MK-2010 (i.e., LaNova Medicines LM-299) - MK-2010-002 and MK-2010-003. 002 is monotherapy, 003 is combination with sac-TMT. Investment logic: 1. Certainty: BD already done, 17 MRCTs show Merck's optimistic expectations. Data-wise, domestic registrational Phase III OptiTROP-Lung05 (Trop2 + K vs K) combination showed significant PFS benefit and meaningful OS benefit trend. 2. Endometrial cancer already prepared for FDA submission this year, likely using accelerated approval voucher, revenue as early as 2027, meaning royalty begins to realize, first company able to deliver BD overseas narrative to earnings. 3. ...