# Who does Merck & Co. pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/merck-co · Facet: suppliers · Updated: 2026-09-11T15:35:54.858698+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Merck & Co.'s confirmed suppliers/cost counterparties include Alteogen, Daiichi Sankyo (ADC co-development), Moderna (V940 individualized cancer vaccine co-development). Per the valuechain.wiki graph: 3 cost edges, backed by 3 dated sources, 2 of them primary filings (as of 2026-09-11).

### 베로나 파마 인수 (COPD·Ohtuvayre, 2025) (high)
- metric: Amount $10.4B · 2025 · Verona Pharma acquisition cash consideration
- note: In October 2025 Merck acquired respiratory biotech Verona Pharma for $10.4B in cash, gaining the COPD drug Ohtuvayre (ensifentrine) — the flagship 2025 M&A of its post-Keytruda diversification. Beyond this, Merck fills the cliff by buying pipeline via bolt-ons (EyeBio, Harpoon, Prometheus) and licenses (Daiichi, Moderna).
- [confirms] Merck & Co. (SEC EDGAR) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm: "The Company used net proceeds to fund a portion of the $10.4 billion cash consideration for the October 2025 acquisition of Verona Pharma; cash flow: Acquisition of Verona Pharma, net of cash acquired ($10,042M)."

### 알테오젠 (high)  → /alteogen.md
- metric: Amount $4.3B · 최대 총 계약금액(로열티 별도) · DART filings
- note: Licenses Alteogen's ALT-B4 exclusively to convert Keytruda into subcutaneous pembrolizumab (Keytruda SC); pays Alteogen upfronts, milestones (US$25M FDA and US$15M EU in 2025) and a 2% net-sales royalty.
- [confirms] BigGo Finance (EN, news, published 2026-01-22) https://finance.biggo.com/news/nXU945sBXdIeighIpkwS: "Merck's Keytruda SC royalty to Alteogen confirmed at 2%."
- [confirms] DART (FSS) (KO, filing, published 2025-10-01) https://opendart.fss.or.kr/api/document.xml?rcept_no=20251001900011: "MSD pays US$25M ALT-B4 milestone on Keytruda SC US FDA approval."

### 다이이치산쿄 (ADC 공동개발) (high)  → /daiichi-sankyo.md
- note: Co-develops three antibody-drug conjugates (ADCs) with Daiichi Sankyo aimed at the post-Keytruda era — patritumab deruxtecan (MK-1022), ifinatamab deruxtecan (MK-2400) and raludotatug deruxtecan (MK-5909). Merck funds upfronts/milestones and shares development and commercialization, a key upstream dependence for the pipeline meant to fill the 2028 cliff.
- [confirms] Merck & Co. (SEC EDGAR) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm: "Patritumab deruxtecan, ifinatamab deruxtecan and raludotatug deruxtecan are being developed as part of a collaboration with Daiichi Sankyo."

### 모더나 (V940 개인맞춤 암백신 공동개발) (high)  → /moderna.md
- note: Co-develops the individualized neoantigen cancer vaccine V940 (intismeran autogene, mRNA-4157) with Moderna — in Phase 3 as adjuvant therapy with Keytruda for melanoma and NSCLC. Merck exercised its option and shares development costs and economics, a pipeline bet attaching an mRNA platform to the defense of the Keytruda franchise.
- [confirms] Merck & Co. (SEC EDGAR) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm: "V940 (mRNA-4157), intismeran autogene, is being developed as part of a collaboration with Moderna, Inc., evaluated in combination with Keytruda."

Reverse side: https://valuechain.wiki/merck-co/customers.md · Ripple: https://valuechain.wiki/merck-co/ripple.md

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