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Though ivonescimab reduced the risk of death by one-third compared to chemotherapy in a China-based study, the total survival benefit of four months stirred debate and pressured company shares.

Highly anticipated data presented at ASCO confirmed what’s been heralded as a medical breakthrough against a historically tough-to-treat tumor.

Study results accrued so far are giving Merck greater conviction that the therapy, licensed from a China-based biotech, was worth placing into a sprawling Phase 3 program.