According to the Wall Street Journal, Merck & Co. has terminated its acquisition discussions with Revolution Medicines, a cancer drug developer that had been valued at approximately $30 billion in preliminary talks. Insiders indicate that strategic differences over valuation and development timelines for Revolution’s KRAS inhibitor pipeline led Merck to step back. The decision removes what would have been one of the largest biotech takeovers of the year and signals a more cautious M&A stance under Merck’s current leadership.

In its latest SEC filing, Cullen Frost Bankers Inc. disclosed that it sold 17,082 shares of Merck during the third quarter, reducing its position to 225,581 shares. The remaining stake was valued at $18.93 million as of the end of the period. This reduction follows a broader trend of selective portfolio rebalancing among regional banks, though the firm still maintains a top-30 institutional position in Merck shares.

Several large investors adjusted their holdings in Merck during Q2. Charles Schwab Investment Management increased its stake by 9.4% to 53.87 million shares (worth roughly $4.26 billion). New positions were established by DLD Asset Management LP and Norges Bank, each investing about $2.89 billion and $2.86 billion, respectively. Franklin Resources added 5.14 million shares (+23.5%), bringing its total to 27.03 million shares, while Fisher Asset Management grew its position by 2.3% to 25.01 million shares. Overall, institutional and hedge fund ownership now stands at 76.07%.

Merck reported Q4 EPS of $1.94, missing consensus by $0.14, with a return on equity of 44.54% and a net margin of 29.63%. The company raised its quarterly dividend to $0.85 per share from $0.81, resulting in an annualized payout of $3.40 and a yield near 3.1%, with a payout ratio of 44.91%. Analyst surveys show eight Buy ratings, seven Hold ratings and two Sell ratings, with a consensus “Hold” recommendation and an average price target of $114.20.