<SEC-DOCUMENT>0001214659-23-005649.txt : 20230419
<SEC-HEADER>0001214659-23-005649.hdr.sgml : 20230419
<ACCEPTANCE-DATETIME>20230419160417
ACCESSION NUMBER:		0001214659-23-005649
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230419
DATE AS OF CHANGE:		20230419
EFFECTIVENESS DATE:		20230419

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merck & Co., Inc.
		CENTRAL INDEX KEY:			0000310158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				221918501
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06571
		FILM NUMBER:		23830063

	BUSINESS ADDRESS:	
		STREET 1:		2000 GALLOPING HILL ROAD
		CITY:			KENILWORTH
		STATE:			NJ
		ZIP:			07033
		BUSINESS PHONE:		908-740-4000

	MAIL ADDRESS:	
		STREET 1:		2000 GALLOPING HILL ROAD
		CITY:			KENILWORTH
		STATE:			NJ
		ZIP:			07033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Merck & Co. Inc.
		DATE OF NAME CHANGE:	20091103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHERING PLOUGH CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oxfam America, Inc.
		CENTRAL INDEX KEY:			0001764188
		IRS NUMBER:				237069110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0319

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		8007769326

	MAIL ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o419233px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="oxfamlogo.jpg" ALT=""><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Notice
of Exempt Solicitation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Name of Registrant:</B></FONT>
Merck</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Name of Person Relying on
Exempt Solicitation:</B></FONT> Oxfam America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Address of Person Relying
on Exempt Solicitation:</B></FONT> <FONT STYLE="font-size: 10pt">77 North Washington Street, Suite 5-1, Boston, MA 02114&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Written materials are submitted pursuant to
Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the
Rule, but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oxfam America urges you to vote <B>FOR Proposal
6 </B>on the feasibility of transferring intellectual property at Merck&rsquo;s annual meeting of shareholders on May 23, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>I.</B></TD><TD STYLE="text-align: justify"><B><U>SUMMARY OF RESOLUTION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: Black 1pt solid">RESOLVED: shareholders
of Merck &amp; Co, Inc. (&ldquo;Merck&rdquo;) ask the Board of Directors to report to shareholders, at reasonable expense and omitting
confidential and proprietary information, on whether and how the direct and indirect receipt of public financial support for development
and manufacture of a therapeutic for COVID-19 is being, or will be, taken into account when making decisions that affect access to such
products, such as sharing intellectual property through voluntary licenses or setting prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merck&rsquo;s antiviral medicine, molnupiravir
(LAGEVRIO), is approved on an emergency basis for use as a treatment against COVID-19.<SUP>1</SUP> Molnupiravir, which was initially developed
in the labs of Emory University, received $35 million in US government funding, before being further developed by Ridgeback and Merck.<SUP>2,3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the persistence of both the COVID-19 pandemic
and vaccine inequity, treatment for COVID-19 remains a critical element to avert further global morbidity and mortality. According to
the US National Institutes of Health, molnupiravir is authorized for people with COVID-19 &ldquo;<FONT STYLE="background-color: white">who
are at high risk of progressing to severe disease, and for whom alternative antiviral therapies are not accessible or clinically appropriate</FONT>.&rdquo;<SUP>4</SUP>
Merck brought in more than $5.68 billion from sales of this publicly funded treatment in 2022, making it Merck&rsquo;s third highest revenue
product.<SUP>5</SUP> However, the company has not been transparent about whether and how public investment in this medicine has factored
into the company&rsquo;s access considerations, such as pricing and licensing decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.who.int/publications/i/item/WHO-2019-nCoV-therapeutics-2022.4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.wabe.org/emory-researchers-think-they-have-a-drug-to-fight-the-new-coronavirus/;
<BR>
https://www.washingtonpost.com/business/2020/06/11/coronavirus-drug-ridgeback-biotherapeutics/; https://www.keionline.org/36648</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.businesswire.com/news/home/20200526005229/en/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.covid19treatmentguidelines.nih.gov/therapies/antiviral-therapy/molnupiravir/#:~:<BR>
text=In%20nonhospitalized%20patients%20aged%20%E2%89%A5,(Paxlovid)%2C%20sotrovimab%2C%20or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.merck.com/news/merck-announces-fourth-quarter-and-full-year-2022-financial-results/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2022, Merck announced its commitment
to make the medicine more widely available and stated that &ldquo;global access has been a priority,&rdquo;<SUP>6</SUP> but Merck has
not disclosed how the US government&rsquo;s funding of the product factors into decisions that affect access. Setting inaccessible prices
or otherwise failing to deliver equitable access to this publicly funded treatment poses both public health and financial risks. It jeopardizes
the company&rsquo;s reputation and invites risks of increased regulation and oversight, ultimately harming investor returns. This Proposal
addresses these risks by asking Merck to explain whether and how public contributions to its products affect how Merck considers access,
for example in setting prices or deciding the scope of voluntary licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>II. ARGUMENTS IN FAVOR OF A &ldquo;FOR&rdquo; VOTE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Merck&rsquo;s access strategy for molnupiravir creates reputational risk for the company and its investors.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merck&rsquo;s uneven licensing and pricing strategies
of its treatment could cause reputational harm to the company.<SUP>7</SUP> The company&rsquo;s &ldquo;access&rdquo; strategy for molnupiravir
centers on voluntary licenses &ndash; through bilateral agreements and with the Medicines Patent Pool (MPP) &ndash; that leave approximately
half of the world&rsquo;s population without affordable access to the medicine.<SUP>8</SUP> Competitor Shiongi has since signed an MPP
agreement for their candidate oral COVID-19 treatment that includes more countries than Merck&rsquo;s license.<SUP>9</SUP> The countries
Merck&rsquo;s license excludes, including developing middle-income countries, are subject to the company&rsquo;s opaque and non-transparent
tiered pricing strategy.<SUP>10</SUP> Tiered pricing often results in unaffordable prices for medicines.<SUP>11</SUP> The fact that tiered
pricing can result in unaffordable prices for LMICs is evidenced by the high prices documented across a range of countries for other products
from Merck, including its human papillomavirus (HPV) vaccine<SUP>12</SUP> and its antiretroviral medicines, such as raltegravir.<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.merck.com/news/merck-and-ridgeback-statement-on-positive-fda-advisory-committee-vote-for-investigational-<BR>
oral-antiviral-molnupiravir-for-treatment-of-mild-to-moderate-covid-19-in-high-risk-adults/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.nytimes.com/2021/10/17/health/covid-treatment-access-molnupiravir.html;
<BR>
https://www.nytimes.com/2022/05/08/us/politics/covid-pills-global-aids-hiv.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://msfaccess.org/license-between-merck-and-medicines-patent-pool-global-production-promising-new-covid-19-drug</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.shionogi.com/global/en/news/2022/10/20221004.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.merck.com/news/merck-announces-supply-agreement-with-u-s-government-for-molnupiravir-an-investigational-<BR>
oral-antiviral-candidate-for-treatment-of-mild-to-moderate-covid-19/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://globalizationandhealth.biomedcentral.com/articles/10.1186/1744-8603-7-39</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://msfaccess.org/right-shot-bringing-down-barriers-affordable-and-adapted-vaccines-2nd-ed-2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://msfaccess.org/sites/default/files/MSF_UTW_17th_Edition_4_b.pdf;
https://ihsmarkit.com/country-industry-forecasting.html?ID=10659116816</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merck&rsquo;s uneven access strategy attracted
public criticism.<SUP>14</SUP> The World Health Organization (WHO) reportedly &ldquo;acknowledge[d] that cost and availability issues
associated with molnupiravir may make access to low- and middle-income countries challenging and exacerbate health inequity.&rdquo;<SUP>15</SUP>
The report of the WHO&rsquo;s ACT-Accelerator&rsquo;s Working Group on COVID-19 Diagnostics and Therapeutics similarly noted that affordability
challenges for oral antivirals persist for LMICs &ldquo;as a result of high prices on originator products and limited opportunities to
negotiate prices.&rdquo;<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, Merck is charging high prices in
high-income countries, such as the United States, even though the US government contributed to research and development for the medicine.<SUP>17</SUP>
In particular, Merck&rsquo;s price in the United States is at a price per course that is more than 35 times the estimated sustainable
generic price.<SUP>18</SUP> For the 3.1 million doses the US government purchased,<SUP>19</SUP> that represents an estimated markup of
over $2.1 billion on a treatment developed with public funding. Merck anticipates generating more than $7.6 billion in cumulative molnupiravir
sales globally by the end of 2023.<SUP>20</SUP> Previously Merck has attracted negative public attention due to the high prices the company
has charged for its HPV<SUP>21</SUP> and HIV/AIDS<SUP>22</SUP> products (including price hikes for its HPV vaccine). The company could
face criticism and reputational damage if high prices for molnupiravir are shifted to US patients via the private market despite prior
US government R&amp;D investment.<SUP>23</SUP> Merck&rsquo;s pricing also faces questions in other high-income countries with the UK&rsquo;s
agency responsible for recommendations on drug coverage recommending against the use of molnupiravir due to a lack of cost effectiveness.<SUP>24</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Merck faces increased regulatory risks during and after the COVID-19 pandemic due to its failure to be transparent about the role
of public funding in treatment access. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merck&rsquo;s lack of pricing transparency for
molnupiravir risks potential increased regulation and oversight from governments. As demonstrated by the Inflation Reduction Act,<SUP>25</SUP>
the Pandemic Preparedness Treaty negotiations,<SUP>26</SUP> and the TRIPS Agreement COVID-19 Decision deliberations,<SUP>27</SUP> if corporations
do not voluntarily cooperate with governments to make their life-saving products sustainable, equitable, and timely in access, mandatory
government regulation may be more likely and potentially more costly to implement. For example, in response to public outcry over the
high prices of medicines, Congress passed the Inflation Reduction Act enabling price negotiations for certain medicines under Medicare.
Moody&rsquo;s warns that the $100 billion in savings the US government will generate over 10 years by negotiating prices will be &ldquo;generally
borne by the industry.&rdquo;<SUP>28</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://msfaccess.org/license-between-merck-and-medicines-patent-pool-global-production-promising-new-covid-19-drug;
<BR>
https://www.nytimes.com/2021/10/17/health/covid-treatment-access-molnupiravir.html; https://www.nytimes.com/2022/05/08/us/politics/covid-pills-global-aids-hiv.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.bmj.com/company/newsroom/who-recommends-antiviral-drug-for-patients-with-non-severe-covid-19-at-highest-risk-of-hospital-admission/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.who.int/publications/m/item/act-accelerator-facilitation-council-working-group-report-on-diagnostics-and-therapeutics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://theintercept.com/2021/10/05/covid-pill-drug-pricing-merck-ridgeback/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://scholar.harvard.edu/files/melissabarber/files/estimated_cost-based_generic_prices_for_molnupiravir_for_the_treatment_of_covid-19_infection.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.merck.com/news/merck-and-ridgeback-announce-u-s-government-to-purchase-1-4-million-additional-courses-of-molnupiravir-an-investigational<BR>
-oral-antiviral-medicine-for-the-treatment-of-mild-to-moderate-covid-19-in-a/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.merck.com/news/merck-announces-fourth-quarter-and-full-year-2022-financial-results/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.fiercepharma.com/pharma/merck-amgen-adopt-double-digit-price-hikes-test-to-pharma-s-drug-cost-limits-analysts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.fiercebiotech.com/biotech/merck-rewrites-history-on-pricing-top-aids-drug-isentress-says-ahf;
<BR>
https://www.cbsnews.com/news/how-mercks-price-freeze-on-hiv-drugs-kept-prices-red-hot/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.washingtonpost.com/health/2022/03/10/congress-covid-funding/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.nice.org.uk/news/article/nice-recommends-3-treatments-for-covid-19-in-draft-guidance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.kff.org/medicare/issue-brief/explaining-the-prescription-drug-provisions-in-the-inflation-reduction-act/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.reuters.com/business/healthcare-pharmaceuticals/big-pharma-may-have-reveal-government-deals-whos-draft-pandemic-rules-2022-11-17/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.reuters.com/business/healthcare-pharmaceuticals/exclusive-wto-faces-new-battle-over-covid-tests-drugs-2022-07-07/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.fiercepharma.com/pharma/us-drug-pricing-reform-here-effects-wont-be-felt-some-time-analysts</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The US government has the option to intervene
on the pricing of molnupiravir by practicing its march-in rights under the Bayh-Dole Act. Under this provision of the law, the US government
has the ability to &ldquo;march-in&rdquo; and license patents for products, over a company&rsquo;s objections.<SUP>29</SUP> In recent
years, policymakers have increased their scrutiny of the role of public funding in medicine pricing throughout the development pipeline
domestically.<SUP>30</SUP> Public funding is already a factor in the government&rsquo;s price negotiation process under the Inflation
Reduction Act.<SUP>31</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">International stakeholders are also seeking more
information on the role of public funding and considering measures to improve access to current and future pandemic tools. The World Trade
Organization continues to deliberate on extending a temporary relaxation of intellectual property (IP) rules under the TRIPS Agreement
to enable governments to take steps to improve access to COVID-19 treatments with or without cooperation from companies. The US government
has launched its own investigation on the value of such an extension.<SUP>32</SUP> The &ldquo;zero draft&rdquo; of the WHO&rsquo;s &ldquo;Convention,
Agreement or Other International Instrument on Pandemic Prevention, Preparedness and Response&rdquo; also proposes greater transparency
of public funding of pandemic response products, measures to promote access to the results of publicly funded research, and other measures
to improve access to pandemic products, including consideration of more flexible IP rules.<SUP>33</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By acting proactively, Merck can be a leader in
modeling transparency and may help to prevent a situation in which governments regulate and oversee the company in a manner that affords
the company less independence and control and threatens shareholder interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>II.</B></TD><TD STYLE="text-align: justify"><B><U>CONCLUSION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merck&rsquo;s development of a drug that received
$35 million in federal funding should be accompanied by transparency, so that investors can gauge the risks that accompany receiving significant
public investment while failing to ensure global access. Instead, Merck has pursued a strategy that leaves this publicly funded product
out of reach for many and threatens to drain already stretched public health resources. Investors have voiced these reputational and regulatory
concerns to the company for several years, and have yet to receive commitments to increase transparency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We urge shareholders to vote <B>&ldquo;For&rdquo;
Proposal 6</B> to ask Merck for greater transparency on whether and how R&amp;D funding from the US government was accounted for in its
access strategy.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.keionline.org/36648</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://oversight.house.gov/sites/democrats.oversight.house.gov/files/DRUG%20PRICING%20REPORT%20WITH%20APPENDIX%20v3.pdf;
<BR>
https://aspe.hhs.gov/sites/default/files/private/aspe-files/263451/2020-drug-pricing-report-congress-final.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.congress.gov/bill/117th-congress/house-bill/5376/text</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://ustr.gov/about-us/policy-offices/press-office/press-releases/2022/december/us-support-extension-deadline-wto-trips-ministerial-decision-requests-usitc-investigation-provide-0</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.keionline.org/wp-content/uploads/WHO-zero-draft-pandemic-treaty-1Feb2023.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For more information, please contact Jennifer
Reid at jennifer.reid@oxfam.org.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>oxfamlogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 oxfamlogo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0!F17AI9@  34T *@    @ ! $:  4
M   !    /@$;  4    !    1@$H  ,    !  (   $Q  (    0    3@
M      !@     0   &     !<&%I;G0N;F5T(#0N,"XU /_; $,  @$! @$!
M @(" @(" @(#!0,# P,#!@0$ P4'!@<'!P8'!P@)"PD(" H(!P<*#0H*"PP,
M# P'"0X/#0P."PP,#/_; $,! @(" P,#!@,#!@P(!P@,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#/_  !$( 'H
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MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$
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M9TU+,JRMS*T?3J_GLOGT9]!PSE\H)XJHM]%Z=7_D%%%%?JA]<%%%% !1110
M4444 ?)O[9__  3"TCXYWMUXE\&RVOA_Q5-F2X@==MEJ;]RP S'(?[P!![C/
M-?GI\7/@)XQ^!.KM9^+/#^H:.P8JDTD>ZWF]TE7*,/H:_;VJ^IZ5:ZW8R6MY
M;6]Y;2C#Q31B2-Q[J>#7PN><!X+'S=:B_9S>]E=/U6FOHU\SY_,.'J&(DZD/
M=E^#^7^1^#8.117[(^*/V$/@_P",+EYKSP!H"RR'+-;1-:Y_[]%:H:3_ ,$[
M/@OHTXDB\ Z7(RG(^T2S3K^3N17QLO#/,.:RJPM_V]^5OU/#?"N)OI.-OG_D
M?D;X5\):KXZUF/3M$TV_U>_F.$M[.!II&_!0:^T/V3?^"2&HZQ>VNN?% C3[
M!")$T*"4-/<=\3R+PB^JJ2Q[E:^]/!_P^T'X>Z?]ET'1=+T:WZ>796J0*?J%
M S^-;%?39/X=87#S57&2]HUTM:/SZO\ !=T>M@>&:-)\]=\S[;+_ ()5T/0[
M/PSH]KI^G6MO8V-G&L,%O @2.% ,!54< "K5%%?HL8I*R/IMM$%%%%, HHHH
M **Y;XV?%>P^!WPHUWQ9J2O)::':M<&-#AIFX"1@^K,57/;-?F'J?[5'Q\_:
MS\;7G_"-WWBAO+!E&F>'0\,-E'GC<4P3Z;G8DGIZ5\WGO$V'RR<*,HRG4EM&
M.]N_^6YY>89M3PLE!IRD]DC]9:*_,7]F7_@H5\1O@5\7;;PW\1KS5M4T:2Z6
MSU"#5T/V[2RQ \Q68!_ER"5;(*],<&O1O^"GOCOXJ?L__$K3]<\-^--?L?"?
MB6+9'##(OE65R@&Y!D'AUPX]]_I7!#C;"SP,\;"G)\C2E'2\;[-Z[7T_0YXY
M]2EAW7C%^Z[-=5?]#[THKY1U#_@H+"/^"?:^/H[B%?%D\7]B+#QE=3V[2^/0
M+^^],8%<%_P2Z\:?%/X^>/=2\0>)O&6OZAX5\/Q^0+>:0>7>W3CA3@#(1<L?
M<I7;_K1A9XJAA*"<Y54I*UK)/6[U[7=CH_M:DZU.C33DYJ^G1>9]UT5^5?Q_
M_:T^+]G^TWXP\.^'O&'B;9#KUS9:?86>'; D(2-%"DGT &359_BE^U4%/[SX
ML9Q_T"IO_C5>-+Q PZJ2A&A4ERMIV2>WS.&7$=/F<53D[.VB1^KM%?.O[<OQ
MUUKX'_L70ZG9WUUIWBC54LK""X^[/%,X#RM@C[P5).W!-?+G[ 7[;?COQ#^U
M'X?T7Q;XLU36='UQ9;'R;IU94F9"T3# '.Y0O_ J]?'<687"XZG@*D7S3Y==
M++F=E?6YV8C.*5'$1P\D[RM\K]S]+:*\[_:V\4:AX*_9G\;ZMI-Y-8:EI^DS
M3VUQ$</"X'##W%?"?[!_[?WC)?VA])TKQQXHU#6M#\1?\2[_ $QU*VD[D>5(
M#@8RP"'MA\]JVS3B7#8#&4L'73O4M9Z65W;77N:8K-*6'KPH5$_>Z]%K;4_3
M"BOEO_@J)^U7J'P ^&.FZ-X;U&33O%'B.?<EQ"1YMI;1D%W&>A9BJ ^A;TKD
M?^"2_P >_&?QIU?QQ'XL\1ZEKR:?%9M;"Z<-Y)8S;L8 Z[1^5%3B7#1S6.4I
M-S?72RT;L];[+\12S2DL6L&D^;OT6ES[2HHHKZ(],\!_X*>?\F4>,/\ MU_]
M*HJ\<_X(E(H\"^/VVC<=1M1G'./*;BO9_P#@IM;R7'[%'C+RU9O+6V=L#HHN
M8LFOG_\ X(Q_$70O#NC>-](U#5K"QU*ZNK>Z@@N)EB::-8V5F7<1NP>H'3(K
M\]S"<8\6X=S=OW;W_P"WSYO$R2SFFW_+_P#)'D?_  5>14_;5OBJA=VG6!.!
MU.TC/Z#\J_07]I#X"6O[2?[-]]X7F\M;N>S2?3YF'_'O=(N8V^A/RG_99J_.
MC_@I=XRTOXA?MDZE<:'?6^JV\-O9V1EMG$D;2J/F4,.#@D#COD5]T?MZ_M&M
M^S9^S&YM9O)\2:]"-+TU<X>)RG[R7_MFN3G^\5]:\[**V%CB,VJXC6G?7S5Y
MZ+S>R\SEP=2DJF,G5UC?7\3\IX-.U:[U*/PTIF,S:AY*V1E_=_:B1%G&=N[.
M%W>GM7[,?LP? NS_ &<O@CH?A6UV/-9P^9>S*/\ CYN7^:5_Q;@?[(4=J_'<
M_"K7X?A5'XX^R3+X??4SI2W@//V@)YG^6_O CK7ZM?L _M(C]I']GS3[V[F6
M3Q!HN-.U89^9I4 VR_21<-]=P[5YOAQ*C3QE2%9-5)13A?\ EZV]='Z)G+PO
MR1KR4U[S6E^W7]#\[_B+\0X?A+_P4)USQ1<6TMY!H/C*>]D@B8*\H2=B5!/
M)]Z^OOAW_P %?O#GQ$^(&A^'X?!NN6TVN7\%A',]U$5B:614#$#G W9XKY/U
MSP;IWQ$_X*6:AH.KV_VK2]7\;S6MU#O*>9&T[ C*D$?4'-??WA?_ ()Q_!_P
M;XFT_6-.\+-;ZAI=S'=VTG]H7+>7+&P96P7(." <'BM.&*.<3JUY9?4C&'M'
MS*6[UZ>Z^GFB\IIXV4ZCPTDH\SO?_AGT/FG_ (+5_$O[3XH\&^$8Y/ELK>75
MKE0?XG/EQY^@23_OJOG/XL?"_4OV2?B%\/\ 5%:1;JXTG3O$L9/\$V[>Z?\
M 67'XU>_;V^);?$_]L'Q=?Q8N+?3KT:;;+C<K); 1GCN"ZN?QK#_ &B?VG/%
MG[2\NCS>*K?34?0XG@M7M+(V^$?;E6Y.0-HQZ9/K7S.?9A0Q&.Q6(DWS\R4+
M;6B[/TT2:/*S#$TZM>M4?Q77+\M/R/U _:X\06_BS]B'QGJEHV^UU+PV]U"W
MJCQAE_0BOR#LM#OI=#N-6MXY?LNGSQ12SI_RPD<,T?TSY;8/J*_0SX4?$O\
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0Z4Z\<1+XHZ(****],ZC_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
