CEO

Summary Box: CEO sees better year for Merck

AP News
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Posted: Jan 05, 2012 2:00 PM
Summary Box: CEO sees better year for Merck

ROUGH START: Merck CEO Kenneth Frazier tells analysts at a conference that setbacks in drug testing made his first year difficult, but he foresees better news this year.

ON DECK: Merck plans to seek U.S. approval in 2012 for experimental medicines including an insomnia drug without next-morning sleepiness and a drug for reversing anesthesia after surgery.

SHIFTING STRATEGY: Frazier says Merck is doing fewer deals for the rights to drugs in early testing, instead favoring those in late development, when they cost far more but are more likely to get approved.