It makes sense. A failed trial that clearly identifies a very large subgroup benefiting by 50% over control arm is absolutely huge. Merck will not abandon this with that data in their arsenal. I suspect they will act fast to design another PIII based on that subgroup. That news will take this up fast. ONTY is cash rich, it ain't going anywhere. We'll see.
As you expect I am convinced merk will start a new PIII trail but I would not be surprised if based on all the data of the subset of patients which formed the majority of the total patients group in this trial, the co will get fast track or maybe even breakthrough designation. It's an UNMET disease.
Cash per share is around $ 1.35.