RE:RE:RE:Good times ahead Big pharmas CEO all have stock options as an incentive to grow their market shares over competition. So one of them will make a move faster than its competitors. #1 will want to stay #1 and #2 will want to shift #1, etc ... That's a natural economic law.
All industries have evolved, over the risk of disappearing, shifted by competition.
LASIK didn't killed the eyeglasses industry and not even 50% of the population 20y later opt for LASIK. So it will take years for TLT to maximize market penetration and jv with a big pharma is usually the fastest way to get there, in exchange of upfront payment and royalty, given big pharmas resources (task force, marketing, etc ...). Clinical trials for other indications like NSCLC will easily take 7-8 years to FDA approval despite not having to do a Ph. 3.
Merck did a 40G$ move on SEAGEN weeks ago to plan for the aftermath of Keytruda in 2028. Imagine ROCHE deciding to go full speed with PDT in similar markets. Merck's investment could be in jeopardy.