FILE - In this Friday, July 13, 2012 file photo, Merck CEO Kenneth Frazier speaks at a news conference after a meeting at Penn State University's Worthington Scranton campus in Dunmore,

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FILE - In this Friday, July 13, 2012 file photo, Merck CEO Kenneth Frazier speaks at a news conference after a meeting at Penn State University's Worthington Scranton campus in Dunmore, Pa. Frazier is convinced nearly everyone, from patients to long-term investors, wants the world's third-largest drugmaker to take big risks. One of Merck's biggest gambles is the tens of millions it's pouring into an experimental treatment for a new type of Alzheimer's drug. (AP Photo/Matt Rourke, File) less