Merck KGaA Axes SpringWorks Pipeline Assets Amid Pipeline Clear-Out While Pursuing M&A for External Innovation
Merck KGaA is dropping clinical-stage cancer candidates SW-682 (from $3.9B SpringWorks acquisition) and M9466 (licensed from Hengrui for $169M)
SpringWorks deal focused on FDA-approved Ogsiveo ($235M sales in 2025) and Gomekli (sales grew to $31M in Q4 2025)
No further pursuit of Ogsiveo in ovarian granulosa cell tumors
EMD Serono president targets smaller M&A deals and external innovation to generate 50% of future launch assets, up from 10-15%
Predicts challenging 2026 due to generic pressures on Mavenclad