ESMO: Pfizer, Merck KGaA's Bavencio comes up short against placebo in risky head and neck cancer trial

Sometimes in oncology, where both the unmet need and the level of competition are high, when you see a signal, you go for it. Taking on a bit more risk to head into phase 3 can make sense "because the patients are waiting and the business opportunity is in front of you,” as one Pfizer exec put it.