US Pharmaceutical Companies would have known for the last 12...

US Pharmaceutical Companies would have known for the last 12 months that major tax reforms were on the table and if passed this would increase their cash holdings significantly.  Merck would not be making any acquisitions until they knew the money was going to be in the bank.  The tax laws were only signed off two weeks ago.  Now Merck can start the VLA acquisition process knowing they are going to be cashed up to the hilt.

https://hotcopper.com.au/threads/new-us-tax-laws-and-big-pharmas-cashed-up.3924239/?post_id=29789231

I am punting that Merck has bought a 5% or greater holding at a significant premium to the current share price and it will be announced in line with conference opening.  This will give Merck a position in the company awaiting the next round of highly significant trial results in June which if positive will be a game changer.