How has the fund changed Merck & Co, and, particularly given the length of time you have been there, what changes have you found rewarding?

Not a lot has change with the fund since we started in 2010. The subtle change to the fund is around our strategy. When we first launched, the goal was to provide Merck optionality around M&A as they looked to enter new businesses. Though this remit is still there, we have begun to…

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