Merck & Co., Inc.

# Signal Note: Driehaus Initiates MRK Position Growth-focused Driehaus's entry into MRK likely reflects conviction in near-term catalysts, potentially including Keytruda label expansions (lung cancer, melanoma) or positive data from the V934/9vHPV cervical cancer vaccine program. The $553K position size suggests opportunistic entry, possibly ahead of upcoming ASCO/oncology conference presentations or FDA decisions in 2024-2025. This move is atypical for Driehaus' growth mandate, indicating MRK may be viewed as a compound play—defensive cash flows funding oncology pipeline advancement.