Karl Thiel

Yes, it helps fill the gap.

The Keytruda patent cliff is a major, major deal for Merck, and it's no mystery to anybody who invests in the stock.

Is it the reason the premium is so big?

Not necessarily.

I actually don't think that Merck is paying an outrageous amount for the company, given that this could be not only a broader drug than that.

This was initially looked at as something that's just for very high-risk influenza patients.

patients, FDA has actually come back and given them the green light to make it potentially a slightly broader drug.

Then you could turn around and use this same platform and plug it into other infectious disease agents like fungal disease and things like that.

I don't think they're paying an outrageous amount, actually.

It's a little different than, say, another $10 billion deal that just closed last week, which is Pfizer-Metzera, where I think they paid a huge premium.

I think I'm okay.

I think I'm a buy on Merck, just because I think Merck is attractively priced relative to the rest of the market.

As to whether this deal comes out a winner, obviously, that depends on a lot of things.

But the data has looked good for this approach, and so I'm modestly bullish on this.

It is possible that this specific deal will end up being a disappointment, but I still think it's not an unreasonable move by Merck, looking to shore things up.

No, Play-Doh has been a thing for a long time.

I'm going to say Bennett for 2026.

I hope they don't, honestly, increase the dividend.

They already pay something like a 3.6% yield.

It's not a terrible yield on this stock.