Finally got around to listening to the analyst day presentation. It is clear that Vintafolide, which Merck committed $1B of upfront & milestone money toward, is not even the most valuable part of the pipeline. As "jazzed up" as they are about tubulysin's potential (which will enter the clinic this year), they also have an early-stage "DNA crosslinking agent" that generated cures in the mouse cancer models with a single dose. The markets they are pursuing in cancer alone are blockbusters (NSCLC, prostate, breast) and they are matched by the markets that their inflammation program could pursue in the next decade. The potential value here is mind-boggling - hold for the long term.