Bayer’s new CEO was dealt a duo of ‘clearing events.’ Tough choices lie ahead

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Good morning, everyone. Damian here with a look at an ambitious genomics startup, some cautious optimism on Wall Street, and a rough day for an American in Germany.

The need-to-know this morning
• MorphoSys said its experimental treatment for myelofibrosis, a rare type of bone marrow cancer, achieved the primary efficacy goal in a pivotal trial. But the drug faltered in addressing patient symptoms, raising questions about its chances for approval and causing the German company’s stock to fall in early Tuesday trading.
• Merck said it will acquire Caraway Therapeutics, a privately held developer of drugs for genetically defined, neurodegenerative diseases, for $610 million. Caraway’s drug candidates, targeting Parkinson’s disease, are in preclinical development.

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