Merck’s first-in-human Phase I/II data at AACR suggest its PD-1/VEGF bispecific MK-2010 can hold its own in advanced solid tumors, with unconfirmed ORRs of 30% and 28% in a 72-patient NSCLC backfill cohort and stronger first-line activity of 55% and 44% by dose. In the AACR study, analysts said the early dataset looks competitive with other PD-(L)1/VEGF contenders, including ivonescimab, despite much shorter follow-up of 3.3 months.

Why It Matters To Oncology

• Merck is under pressure to build a post-Keytruda growth engine, and MK-2010 is one of its most closely watched internalized oncology assets.

• The NSCLC signal is the main readout so far: first-line ORRs reached 55% at 20 mg/kg and 44% at 30 mg/kg, versus 18% and 22% in later-line patients.

• Jefferies said the efficacy appears directionally competitive with Summit/Akeso’s ivonescimab, which posted a 50% ORR in the China-only Phase III HARMONi-2 trial, though cross-trial comparisons remain highly tentative.

The Financials

• Merck licensed MK-2010, then called LM-299, from LaNova Medicines in 2024 for $588 million upfront.

• The deal also included up to $2.7 billion in potential milestones, underscoring how strategically important the asset could become.

• LaNova has since been acquired by Sino Biopharmaceutical.

What They're Saying

• Jefferies called the dataset “competitive” and said the early results at least directionally support the view that MK-2010 efficacy may be as good as ivonescimab.

• Safety looked broadly in line with the PD-(L)1/VEGF class: grade 3/4 treatment-emergent adverse events were 17% and 27% in the low- and high-dose NSCLC cohorts, with serious treatment-related adverse events of 6% and 8%.

• VEGF-related toxicities included hypertension, bleeding events and proteinuria, but there were no deaths.

What's Next

• Longer follow-up will be critical, given MK-2010’s current median follow-up of just 3.3 months.

• Merck may need to move faster and more aggressively in development if it wants to keep pace with more advanced PD-1/VEGF rivals.

• Analysts said combination strategies could be one path forward, including pairing MK-2010 with Merck’s TROP2 ADC sacituzumab tirumotecan in selected first-line NSCLC settings.