Core Viewpoint - The recent financing move by Merck for the drug sac-TMT indicates a strong commitment to its development, highlighting its potential in the oncology market and the strategic partnership with Blackstone [1] Company Summary - Kolon Biotech (06990) saw its stock price increase by over 5%, closing at 431.2 HKD with a trading volume of 106 million HKD [1] - Merck has initiated a rare financing round of 700 million USD from Blackstone specifically for the global development of sac-TMT, which Kolon Biotech licensed to Merck in 2022 [1] Industry Summary - The financing reflects Merck's high regard for sac-TMT, which is positioned as a significant ADC (antibody-drug conjugate) in the oncology sector [1] - Key clinical trial data for sac-TMT is expected to be disclosed between 2027 and 2029, which will further validate its market potential and solidify its role in Merck's global pipeline [1] - The collaboration with Blackstone demonstrates a deep insight into sac-TMT's potential, aiming to accelerate its global development process [1]