Correct me if I am wrong but doesn't Nivo work well when the tumors express PDL-1? Maybe Cabo will extend PFS and OS in PDL-1 positive and negative patients. There's a decent chance it will improve PFS and OS in the PDL-1 neg patients. I think that is the opportunity for EXEL.
It will be interesting to see the data from the Cobimetinib/PDL-1 combination. If Cobi really does increase MHC Class I expression the Cobi/PDL-1 combo might allow Roche to steal the entire lung cancer market from BMY (while also saving EXEL from oblivion if METEOR should fail).