• Markets: Stocks snapped their three-day losing streak like a graham cracker being prepared for s’mores yesterday, after the Treasury Department moved to shore up the bond market (more on that below). Moderna was the day’s biggest winner (we’ll get to that below too). Marvell also jumped on the news of a deal that would let Google buy up to $12.2 billion in shares of the chipmaker.

MRNA BREAKTHROUGH

Niv Bavarsky

Moderna and Merck announced a breakthrough in late-stage trials of their jointly developed, personalized cancer vaccine yesterday, giving hope to melanoma patients living in fear of a recurrence and sending each company’s stock soaring.

The announcement pushed Moderna’s stock up 177% to $174 as of yesterday’s closing bell. It’s a shot (get it?) of good news for a company that has seen sales dwindle since it created an mRNA Covid-19 vaccine at warp speed under the direction of President Trump nearly six years ago. Meanwhile, Merck’s shares jumped 13%.

How the vaccine/drug combo works

In the trials, the mRNA injection coupled with Merck’s immunotherapy medication Keytruda gave patients a longer window before their melanoma returned after surgery. It also reduced the risk of the cancer spreading to other parts of the body.

But the bespoke nature of the treatment—as opposed to a one-size-fits-all approach—makes it expensive to produce:

• After removing a melanoma tumor, scientists used a biopsy and blood sample to create a genetic profile of the cancer.
• They found unique mutations likely to attack the immune system, encoded them into an mRNA, and created a vaccine that worked with Keytruda to keep the cancer in remission.

Big potential: Moderna and Merck are studying the treatment’s effect on other tumors, including lung cancer, bladder cancer, and renal cell carcinoma.

The positive results come as mRNA vaccines need a boost. Last year, Health Secretary Robert F. Kennedy Jr. canceled 22 government mRNA vaccine development contracts worth $500 million, arguing that “broader vaccine platforms” are more effective.

Looking ahead…The test results have yet to be independently reviewed—the drugmakers plan to present the data at an upcoming international medical meeting. Dr. Dean Li, president of Merck Research Laboratories, told CNBC the companies will speak to regulatory agencies “in the next few months.” Moderna CEO Stéphane Bancel hopes to have the treatment available by 2027.—DL

      

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