In fact, betting on patients with expression PD L1 >5%, BMS was taking a huge risk, whereas Merck turned to patients with PD L1 >50%. The reason was simple, BMS aimed at a greater number of potential patients, while Merck was focused on a smaller number of patients (only one in 4 has an expression of >50%), but with a better chance of success. With the failure of Checkmate 026, Merck gained a considerable advantage in the head to head with BMS, whose shares went from $75 to $60 instantly, and then in the following weeks slipped to $55.
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